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

Shares of Maplebear Inc. (NASDAQ:CART) have been given an average recommendation of “Moderate Buy” by the twenty-five brokerages that are currently covering the company, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $51.0909.

A number of research firms have commented on CART. Jefferies Financial Group raised Maplebear from a “hold” rating to a “buy” rating and lifted their target price for the stock from $38.00 to $45.00 in a report on Monday, March 30th. Citizens Jmp reaffirmed a “market outperform” rating and set a $60.00 price target on shares of Maplebear in a report on Monday, June 15th. Wall Street Zen cut Maplebear from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. Raymond James Financial upgraded Maplebear from a “hold” rating to a “moderate buy” rating in a report on Thursday, April 9th. Finally, Barclays boosted their target price on Maplebear from $65.00 to $69.00 and gave the stock an “overweight” rating in a research report on Thursday, May 7th.

Maplebear Stock Performance

Shares of NASDAQ:CART traded up $0.11 during trading on Friday, reaching $48.39. 6,367,810 shares of the stock traded hands, compared to its average volume of 4,100,508. The stock has a market cap of $11.37 billion, a P/E ratio of 27.03, a price-to-earnings-growth ratio of 0.66 and a beta of 0.75. The stock has a 50-day moving average of $42.87 and a two-hundred day moving average of $40.59. Maplebear has a 52-week low of $32.73 and a 52-week high of $53.50.

Maplebear (NASDAQ:CART) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $0.57 earnings per share for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.01). The firm had revenue of $1.02 billion during the quarter, compared to analysts’ expectations of $1.01 billion. Maplebear had a return on equity of 18.67% and a net margin of 12.50%.Maplebear’s revenue was up 13.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.37 earnings per share. Sell-side analysts expect that Maplebear will post 2.45 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Ravi Gupta sold 181,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $41.51, for a total transaction of $7,513,310.00. Following the completion of the transaction, the director directly owned 741,523 shares of the company’s stock, valued at $30,780,619.73. The trade was a 19.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Lisa Blackwood-Kapral sold 9,390 shares of the stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $40.25, for a total transaction of $377,947.50. Following the transaction, the chief accounting officer owned 58,971 shares in the company, valued at approximately $2,373,582.75. This trade represents a 13.74% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 24.00% of the company’s stock.

Institutional Investors Weigh In On Maplebear

A number of hedge funds have recently added to or reduced their stakes in the stock. Kingdon Capital Management L.L.C. raised its position in shares of Maplebear by 40.6% during the 3rd quarter. Kingdon Capital Management L.L.C. now owns 450,000 shares of the company’s stock valued at $16,542,000 after purchasing an additional 130,000 shares during the period. US Bancorp DE boosted its holdings in Maplebear by 17.0% in the 4th quarter. US Bancorp DE now owns 437,658 shares of the company’s stock worth $19,686,000 after buying an additional 63,666 shares during the period. Ruffer LLP bought a new position in Maplebear in the 4th quarter worth $2,567,000. Liontrust Investment Partners LLP purchased a new stake in Maplebear in the 3rd quarter worth $8,703,000. Finally, CWM LLC increased its stake in Maplebear by 1,741.4% in the 4th quarter. CWM LLC now owns 30,088 shares of the company’s stock worth $1,353,000 after buying an additional 28,454 shares in the last quarter. 63.09% of the stock is currently owned by hedge funds and other institutional investors.

Maplebear Company Profile

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.