Maplebear Inc. (NASDAQ:CART) Given Average Recommendation of “Moderate Buy” by Brokerages

Maplebear Inc. (NASDAQ:CART) has been assigned an average rating of “Moderate Buy” from the twenty-nine research firms that are presently covering the stock, MarketBeat Ratings reports. Thirteen research analysts have rated the stock with a hold recommendation and sixteen have given a buy recommendation to the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $48.31.

CART has been the topic of a number of research analyst reports. Stifel Nicolaus increased their price objective on shares of Maplebear from $52.00 to $55.00 and gave the company a “buy” rating in a research note on Monday, October 28th. Mizuho started coverage on Maplebear in a research note on Tuesday. They issued an “outperform” rating and a $55.00 price target for the company. BMO Capital Markets boosted their price objective on Maplebear from $39.00 to $48.00 and gave the company a “market perform” rating in a report on Wednesday, November 13th. Raymond James assumed coverage on Maplebear in a report on Tuesday, September 24th. They set a “market perform” rating on the stock. Finally, Bank of America boosted their price target on Maplebear from $50.00 to $51.00 and gave the company a “neutral” rating in a report on Wednesday, November 13th.

Insiders Place Their Bets

In other Maplebear news, General Counsel Morgan Fong sold 11,325 shares of the business’s stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $42.97, for a total value of $486,635.25. Following the sale, the general counsel now directly owns 287,659 shares in the company, valued at approximately $12,360,707.23. The trade was a 3.79 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Alan Ramsay sold 2,247 shares of the firm’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $42.14, for a total transaction of $94,688.58. Following the transaction, the chief accounting officer now owns 87,735 shares of the company’s stock, valued at approximately $3,697,152.90. This trade represents a 2.50 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 112,128 shares of company stock worth $4,980,404. 36.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Pacer Advisors Inc. acquired a new stake in shares of Maplebear during the 3rd quarter valued at $158,701,000. Geode Capital Management LLC grew its holdings in shares of Maplebear by 151.7% in the 3rd quarter. Geode Capital Management LLC now owns 2,732,738 shares of the company’s stock worth $111,361,000 after acquiring an additional 1,647,081 shares during the last quarter. Maverick Capital Ltd. lifted its holdings in shares of Maplebear by 19.7% during the third quarter. Maverick Capital Ltd. now owns 2,684,425 shares of the company’s stock valued at $109,363,000 after purchasing an additional 441,156 shares during the last quarter. State Street Corp lifted its holdings in shares of Maplebear by 48.3% during the third quarter. State Street Corp now owns 2,552,617 shares of the company’s stock valued at $103,994,000 after purchasing an additional 831,795 shares during the last quarter. Finally, Southpoint Capital Advisors LP boosted its holdings in shares of Maplebear by 56.3% in the third quarter. Southpoint Capital Advisors LP now owns 2,500,000 shares of the company’s stock worth $101,850,000 after buying an additional 900,000 shares during the period. Institutional investors and hedge funds own 63.09% of the company’s stock.

Maplebear Price Performance

Shares of Maplebear stock opened at $46.45 on Wednesday. Maplebear has a 1-year low of $22.70 and a 1-year high of $50.01. The business has a 50-day moving average of $43.61 and a 200-day moving average of $39.57. The company has a market capitalization of $11.93 billion, a PE ratio of 31.17, a P/E/G ratio of 1.08 and a beta of 1.04.

Maplebear (NASDAQ:CART) last announced its earnings results on Tuesday, November 12th. The company reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.20. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. The company had revenue of $852.00 million for the quarter, compared to analyst estimates of $844.03 million. During the same period in the prior year, the company posted ($20.86) EPS. Maplebear’s quarterly revenue was up 11.5% on a year-over-year basis. On average, equities analysts expect that Maplebear will post 1.4 earnings per share for the current fiscal year.

About Maplebear

Maplebear Inc, doing business as Instacart, engages in the provision of online grocery shopping services to households in North America. It sells and delivers grocery products, as well as pickup services through a mobile application and website. It also operates virtual convenience stores; and provides software-as-a-service solutions to retailers.