Maplebear (NASDAQ:CART) Reaches New 1-Year High – Time to Buy?

Maplebear Inc. (NASDAQ:CART)’s share price reached a new 52-week high on Wednesday . The stock traded as high as $50.91 and last traded at $50.09, with a volume of 525058 shares changing hands. The stock had previously closed at $49.69.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on CART shares. Robert W. Baird increased their price target on shares of Maplebear from $44.00 to $51.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. JPMorgan Chase & Co. raised their target price on shares of Maplebear from $47.00 to $52.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Piper Sandler raised their target price on shares of Maplebear from $50.00 to $58.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Oppenheimer raised their target price on shares of Maplebear from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. Finally, Barclays raised their target price on shares of Maplebear from $48.00 to $56.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Thirteen equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $48.96.

Maplebear Price Performance

The stock has a market cap of $12.84 billion, a price-to-earnings ratio of 33.55, a price-to-earnings-growth ratio of 1.09 and a beta of 1.07. The business’s 50-day simple moving average is $44.96 and its two-hundred day simple moving average is $41.46.

Maplebear (NASDAQ:CART) last issued its earnings results on Tuesday, November 12th. The company reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.22 by $0.20. The firm had revenue of $852.00 million for the quarter, compared to analyst estimates of $844.03 million. Maplebear had a net margin of 13.37% and a return on equity of 13.78%. The company’s quarterly revenue was up 11.5% on a year-over-year basis. During the same quarter last year, the business posted ($20.86) earnings per share. Equities research analysts forecast that Maplebear Inc. will post 1.43 earnings per share for the current year.

Insider Buying and Selling

In related news, CAO Alan Ramsay sold 2,247 shares of Maplebear stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $41.06, for a total transaction of $92,261.82. Following the completion of the transaction, the chief accounting officer now owns 89,982 shares of the company’s stock, valued at $3,694,660.92. This trade represents a 2.44 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Fidji Simo sold 20,750 shares of Maplebear stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $42.74, for a total transaction of $886,855.00. Following the transaction, the chief executive officer now directly owns 1,771,993 shares of the company’s stock, valued at $75,734,980.82. This represents a 1.16 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 50,555 shares of company stock valued at $2,164,787 over the last quarter. Insiders own 36.00% of the company’s stock.

Institutional Investors Weigh In On Maplebear

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its stake in Maplebear by 16.8% in the fourth quarter. Vanguard Group Inc. now owns 15,968,358 shares of the company’s stock valued at $661,409,000 after purchasing an additional 2,300,288 shares in the last quarter. Victory Capital Management Inc. increased its position in shares of Maplebear by 11,501.2% during the fourth quarter. Victory Capital Management Inc. now owns 4,526,673 shares of the company’s stock worth $187,495,000 after acquiring an additional 4,487,654 shares in the last quarter. Pacer Advisors Inc. bought a new stake in shares of Maplebear during the third quarter worth about $158,701,000. Geode Capital Management LLC increased its position in shares of Maplebear by 151.7% during the third 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 in the last quarter. Finally, Boston Partners bought a new stake in shares of Maplebear during the fourth quarter worth about $111,506,000. 63.09% of the stock is owned by institutional investors.

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.