Maplebear Inc. (NASDAQ:CART) Receives Consensus Rating of “Moderate Buy” from Analysts

Shares of Maplebear Inc. (NASDAQ:CART) have been given an average rating of “Moderate Buy” by the twenty-one analysts that are currently covering the company, MarketBeat.com reports. Seven equities research analysts have rated the stock with a hold recommendation and fourteen have issued a buy recommendation on the company. The average 12 month price objective among analysts that have covered the stock in the last year is $57.17.

Several brokerages have recently issued reports on CART. Cantor Fitzgerald boosted their price objective on Maplebear from $56.00 to $63.00 and gave the company an “overweight” rating in a report on Friday, August 7th. Wedbush started coverage on Maplebear in a research report on Thursday, July 16th. They set an “outperform” rating and a $59.00 price target for the company. Citigroup boosted their price target on Maplebear from $50.00 to $58.00 and gave the company a “buy” rating in a report on Monday, August 10th. Barclays upped their price objective on Maplebear from $69.00 to $77.00 and gave the stock an “overweight” rating in a research report on Friday, August 7th. Finally, Citizens Jmp reaffirmed a “market outperform” rating and set a $60.00 price objective on shares of Maplebear in a research note on Monday, June 15th.

Maplebear Price Performance

CART stock opened at $44.11 on Friday. The company has a market capitalization of $10.21 billion, a P/E ratio of 24.10, a price-to-earnings-growth ratio of 0.84 and a beta of 0.87. Maplebear has a 12 month low of $32.73 and a 12 month high of $52.68. The firm’s fifty day simple moving average is $47.48 and its 200-day simple moving average is $43.96.

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

Insider Activity at Maplebear

In related news, insider Morgan Fong sold 18,390 shares of the stock in a transaction on Monday, August 24th. The shares were sold at an average price of $49.96, for a total transaction of $918,764.40. Following the sale, the insider directly owned 529,911 shares of the company’s stock, valued at approximately $26,474,353.56. This represents a 3.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Lisa Blackwood-Kapral sold 3,017 shares of the firm’s stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $47.08, for a total transaction of $142,040.36. Following the sale, the chief accounting officer owned 37,715 shares in the company, valued at approximately $1,775,622.20. This represents a 7.41% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 189,797 shares of company stock worth $9,479,487 in the last three months. Company insiders own 24.00% of the company’s stock.

Institutional Investors Weigh In On Maplebear

A number of institutional investors have recently modified their holdings of the business. Beacon Pointe Advisors LLC acquired a new stake in Maplebear in the 2nd quarter valued at $9,006,000. Bank of America Corp DE raised its position in Maplebear by 16.5% during the first quarter. Bank of America Corp DE now owns 1,562,097 shares of the company’s stock worth $58,516,000 after acquiring an additional 221,036 shares during the period. Geode Capital Management LLC lifted its holdings in Maplebear by 1.6% during the fourth quarter. Geode Capital Management LLC now owns 3,526,124 shares of the company’s stock valued at $158,640,000 after purchasing an additional 54,010 shares in the last quarter. The Manufacturers Life Insurance Company purchased a new position in Maplebear during the second quarter valued at $6,117,000. Finally, Paragon Capital Management Inc. acquired a new stake in shares of Maplebear in the first quarter valued at about $1,256,000. 63.09% of the stock is currently owned by institutional investors and hedge funds.

Maplebear Company Profile

Maplebear Inc, doing business as Instacart, operates an online grocery technology and delivery marketplace. Its platform connects consumers with retailers and independent personal shoppers, allowing customers to order groceries and other household products for delivery or pickup through Instacart’s website and mobile applications.

Instacart offers retailers digital storefronts, order fulfillment tools, customer engagement capabilities and other technology designed to support online grocery operations.