Maplebear (NASDAQ:CART) Hits New 12-Month High – What’s Next?

Maplebear Inc. (NASDAQ:CART)’s share price hit a new 52-week high during trading on Thursday . The stock traded as high as $51.45 and last traded at $51.3560, with a volume of 727059 shares changing hands. The stock had previously closed at $50.67.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on CART. JPMorgan Chase & Co. upped their price objective on Maplebear from $55.00 to $62.00 and gave the stock an “overweight” rating in a research note on Friday, August 7th. Wedbush assumed coverage on Maplebear in a research note on Thursday, July 16th. They issued an “outperform” rating and a $59.00 price target for the company. Wells Fargo & Company upped their price target on Maplebear from $47.00 to $54.00 and gave the stock an “equal weight” rating in a research note on Friday, August 7th. Citigroup increased their price objective on shares of Maplebear from $50.00 to $58.00 and gave the company a “buy” rating in a report on Monday, August 10th. Finally, BNP Paribas Exane raised shares of Maplebear from an “underperform” rating to a “neutral” rating and set a $56.00 target price on the stock in a report on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat.com, Maplebear presently has a consensus rating of “Moderate Buy” and a consensus target price of $55.90.

Maplebear Price Performance

The stock has a 50-day moving average price of $46.26 and a two-hundred day moving average price of $41.51. The stock has a market cap of $11.93 billion, a PE ratio of 28.16, a price-to-earnings-growth ratio of 0.72 and a beta of 0.78.

Maplebear (NASDAQ:CART) last announced its quarterly earnings results on Thursday, August 6th. The company reported $0.45 EPS for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.09). The firm had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.03 billion. Maplebear had a net margin of 11.97% and a return on equity of 20.19%. Maplebear’s quarterly revenue was up 14.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.41 earnings per share. Equities research analysts expect that Maplebear Inc. will post 2.33 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Ravi Gupta sold 181,000 shares of the business’s stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $41.51, for a total value of $7,513,310.00. Following the sale, the director owned 741,523 shares in the company, valued at approximately $30,780,619.73. The trade was a 19.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 24.00% of the company’s stock.

Hedge Funds Weigh In On Maplebear

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Royal Bank of Canada lifted its holdings in shares of Maplebear by 51.2% in the 1st quarter. Royal Bank of Canada now owns 131,789 shares of the company’s stock valued at $5,256,000 after acquiring an additional 44,642 shares during the last quarter. NewEdge Advisors LLC increased its stake in Maplebear by 71.6% during the first quarter. NewEdge Advisors LLC now owns 1,673 shares of the company’s stock worth $67,000 after acquiring an additional 698 shares during the last quarter. Jones Financial Companies Lllp raised its position in Maplebear by 358.5% during the first quarter. Jones Financial Companies Lllp now owns 3,200 shares of the company’s stock valued at $128,000 after purchasing an additional 2,502 shares during the period. Goldman Sachs Group Inc. raised its position in Maplebear by 17.4% during the first quarter. Goldman Sachs Group Inc. now owns 390,711 shares of the company’s stock valued at $15,585,000 after purchasing an additional 57,879 shares during the period. Finally, Empowered Funds LLC bought a new stake in shares of Maplebear in the 1st quarter valued at approximately $268,000. 63.09% of the stock is owned by hedge funds and other institutional investors.

About Maplebear

Maplebear, Inc, doing business as Instacart, operates a leading online grocery and essentials marketplace that connects consumers, retail partners and personal shoppers through its digital platform. The company enables customers to order groceries, household items and specialty products for same-day or scheduled delivery, as well as in-store pickup. By integrating its technology with retailers’ existing inventory and point-of-sale systems, Maplebear streamlines the shopping experience and provides real-time availability and pricing.

Founded in 2012 and headquartered in San Francisco, Maplebear has grown from a regional startup to a publicly traded company listed on NASDAQ under the ticker CART.