Maplebear (NASDAQ:CART) Reaches New 12-Month High – Still a Buy?

Shares of Maplebear Inc. (NASDAQ:CART) reached a new 52-week high on Thursday . The company traded as high as $51.45 and last traded at $51.3560, with a volume of 727059 shares trading hands. The stock had previously closed at $50.67.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. Guggenheim upped their price objective on Maplebear from $44.00 to $46.00 and gave the stock a “neutral” rating in a research note on Friday, August 7th. Cantor Fitzgerald raised their target price on shares of Maplebear from $56.00 to $63.00 and gave the company an “overweight” rating in a research note on Friday, August 7th. Wall Street Zen downgraded shares of Maplebear from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Needham & Company LLC upped their price target on shares of Maplebear from $55.00 to $63.00 and gave the stock a “buy” rating in a research report on Friday, August 7th. Finally, Benchmark increased their price target on shares of Maplebear from $55.00 to $63.00 and gave the company a “buy” rating in a research note on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $55.90.

Maplebear Price Performance

The business has a 50-day simple moving average of $46.61 and a two-hundred day simple moving average of $41.66. The stock has a market cap of $11.54 billion, a price-to-earnings ratio of 27.23, a P/E/G ratio of 0.75 and a beta of 0.78.

Maplebear (NASDAQ:CART) last released its quarterly earnings data 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 during the quarter, compared to analyst estimates of $1.03 billion. During the same period in the previous year, the business earned $0.41 earnings per share. The business’s quarterly revenue was up 14.1% on a year-over-year basis. As a group, equities analysts anticipate that Maplebear Inc. will post 2.33 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Maplebear news, Director Ravi Gupta sold 150,000 shares of the firm’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $50.61, for a total transaction of $7,591,500.00. Following the completion of the sale, the director owned 591,523 shares of the company’s stock, valued at $29,936,979.03. This trade represents a 20.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 24.00% of the company’s stock.

Hedge Funds Weigh In On Maplebear

Several institutional investors and hedge funds have recently modified their holdings of the stock. Royal Bank of Canada raised its position in shares of Maplebear by 51.2% in the first quarter. Royal Bank of Canada now owns 131,789 shares of the company’s stock valued at $5,256,000 after purchasing an additional 44,642 shares during the period. NewEdge Advisors LLC boosted its holdings in shares of Maplebear by 71.6% during the 1st quarter. NewEdge Advisors LLC now owns 1,673 shares of the company’s stock worth $67,000 after buying an additional 698 shares during the period. Jones Financial Companies Lllp boosted its holdings in shares of Maplebear by 358.5% during the 1st quarter. Jones Financial Companies Lllp now owns 3,200 shares of the company’s stock worth $128,000 after buying an additional 2,502 shares during the period. Goldman Sachs Group Inc. grew its stake in Maplebear by 17.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 390,711 shares of the company’s stock valued at $15,585,000 after buying an additional 57,879 shares during the last quarter. Finally, Empowered Funds LLC acquired a new position in Maplebear in the 1st quarter valued at about $268,000. 63.09% of the stock is currently owned by institutional investors and hedge funds.

Maplebear Company Profile

Maplebear, Inc, doing business as Instacart, operates 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.