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

Shares of Maplebear Inc. (NASDAQ:CART) have been given a consensus recommendation of “Moderate Buy” by the twenty-eight research firms that are currently covering the firm, MarketBeat reports. One analyst has rated the stock with a sell rating, twelve have given a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating on the company. The average 12 month price target among brokers that have covered the stock in the last year is $52.12.

Several analysts recently commented on the company. Citigroup lifted their price objective on Maplebear from $57.00 to $65.00 and gave the stock a “buy” rating in a report on Friday, August 8th. Guggenheim assumed coverage on Maplebear in a report on Wednesday, October 15th. They issued a “neutral” rating and a $40.00 price objective for the company. Wedbush reissued an “underperform” rating and set a $42.00 price target (down previously from $55.00) on shares of Maplebear in a report on Thursday, August 21st. Morgan Stanley boosted their price target on Maplebear from $45.00 to $48.00 and gave the company an “equal weight” rating in a report on Friday, August 15th. Finally, Benchmark raised Maplebear from a “hold” rating to a “buy” rating and set a $67.00 price target for the company in a report on Friday, August 8th.

Maplebear Price Performance

Shares of CART opened at $37.44 on Tuesday. Maplebear has a one year low of $34.87 and a one year high of $53.50. The firm has a market capitalization of $9.86 billion, a P/E ratio of 21.64, a PEG ratio of 1.13 and a beta of 1.10. The business has a fifty day moving average of $41.20 and a 200 day moving average of $44.16.

Maplebear (NASDAQ:CART) last issued its quarterly earnings data on Thursday, August 7th. The company reported $0.41 EPS for the quarter, topping the consensus estimate of $0.39 by $0.02. Maplebear had a return on equity of 15.69% and a net margin of 13.76%.The company had revenue of $914.00 million during the quarter, compared to analyst estimates of $896.55 million. During the same quarter in the previous year, the company posted $0.20 earnings per share. Maplebear’s revenue was up 11.1% compared to the same quarter last year. Analysts expect that Maplebear will post 1.43 EPS for the current fiscal year.

Insider Buying and Selling at Maplebear

In other Maplebear news, General Counsel Morgan Fong sold 3,546 shares of the business’s stock in a transaction dated Monday, October 20th. The stock was sold at an average price of $38.85, for a total transaction of $137,762.10. Following the completion of the sale, the general counsel owned 427,523 shares of the company’s stock, valued at approximately $16,609,268.55. The trade was a 0.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Chris Rogers sold 9,259 shares of the business’s stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of $42.37, for a total value of $392,303.83. Following the sale, the chief executive officer directly owned 739,880 shares of the company’s stock, valued at $31,348,715.60. This represents a 1.24% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 27,556 shares of company stock valued at $1,179,482. Company insiders own 26.00% of the company’s stock.

Hedge Funds Weigh In On Maplebear

A number of hedge funds have recently made changes to their positions in CART. GAMMA Investing LLC boosted its stake in shares of Maplebear by 87.1% in the first quarter. GAMMA Investing LLC now owns 1,334 shares of the company’s stock worth $53,000 after acquiring an additional 621 shares during the period. Cambridge Investment Research Advisors Inc. boosted its stake in shares of Maplebear by 7.6% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 6,166 shares of the company’s stock worth $246,000 after acquiring an additional 433 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Maplebear by 18.6% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,056 shares of the company’s stock worth $82,000 after acquiring an additional 322 shares during the period. New York State Teachers Retirement System boosted its stake in shares of Maplebear by 542.8% in the first quarter. New York State Teachers Retirement System now owns 101,720 shares of the company’s stock worth $4,058,000 after acquiring an additional 85,896 shares during the period. Finally, Teacher Retirement System of Texas boosted its stake in shares of Maplebear by 15.4% in the first quarter. Teacher Retirement System of Texas now owns 44,231 shares of the company’s stock worth $1,764,000 after acquiring an additional 5,913 shares during the period. Institutional investors own 63.09% of the company’s stock.

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.