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

Maplebear Inc. (NASDAQ:CART) has been assigned a consensus recommendation of “Moderate Buy” from the twenty-three research firms that are currently covering the stock, MarketBeat reports. Eight analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $55.90.

CART has been the subject of a number of recent analyst reports. Barclays upped their price objective on shares of Maplebear from $69.00 to $77.00 and gave the company an “overweight” rating in a research report on Friday, August 7th. Wall Street Zen cut Maplebear from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. BNP Paribas Exane upgraded Maplebear from an “underperform” rating to a “neutral” rating and set a $56.00 price target for the company in a report on Friday, August 7th. Wedbush assumed coverage on Maplebear in a research report on Thursday, July 16th. They set an “outperform” rating and a $59.00 price target on the stock. Finally, Oppenheimer lifted their price objective on Maplebear from $60.00 to $65.00 and gave the company an “outperform” rating in a report on Friday, August 7th.

Maplebear Stock Performance

Shares of NASDAQ CART opened at $50.54 on Monday. Maplebear has a 52-week low of $32.73 and a 52-week high of $52.05. The stock has a market cap of $11.70 billion, a P/E ratio of 27.62, a P/E/G ratio of 0.74 and a beta of 0.78. The firm has a 50 day moving average price of $47.35 and a 200 day moving average price of $42.24.

Maplebear (NASDAQ:CART) last posted its earnings results on Thursday, August 6th. The company reported $0.45 earnings per share for the quarter, missing the consensus estimate of $0.54 by ($0.09). The firm had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.03 billion. Maplebear had a return on equity of 20.19% and a net margin of 11.97%.The company’s revenue for the quarter was up 14.1% on a year-over-year basis. During the same quarter last year, the business posted $0.41 earnings per share. Analysts predict that Maplebear will post 2.33 earnings per share for the current fiscal year.

Insider Buying and Selling at Maplebear

In related news, insider Morgan Fong sold 18,390 shares of the company’s stock in a transaction on Monday, August 24th. The shares were sold at an average price of $49.96, for a total value of $918,764.40. Following the completion of the transaction, the insider directly owned 529,911 shares of the company’s stock, valued at approximately $26,474,353.56. This represents a 3.35% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ravi Gupta sold 150,000 shares of the stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $50.61, for a total value of $7,591,500.00. Following the transaction, the director owned 591,523 shares of the company’s stock, valued at approximately $29,936,979.03. This trade represents a 20.23% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 349,390 shares of company stock worth $16,023,574 over the last ninety days. 24.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Maplebear

Hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. acquired a new position in Maplebear during the 2nd quarter worth approximately $750,477,000. California State Teachers Retirement System raised its holdings in shares of Maplebear by 4,490.8% in the second quarter. California State Teachers Retirement System now owns 9,115,159 shares of the company’s stock valued at $431,603,000 after purchasing an additional 8,916,607 shares during the last quarter. State Street Corp lifted its position in shares of Maplebear by 1.0% in the fourth quarter. State Street Corp now owns 5,461,637 shares of the company’s stock worth $245,664,000 after purchasing an additional 54,872 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Maplebear by 31.4% in the first quarter. Dimensional Fund Advisors LP now owns 4,981,960 shares of the company’s stock worth $186,618,000 after purchasing an additional 1,189,287 shares in the last quarter. Finally, Viking Global Investors LP acquired a new position in Maplebear during the second quarter worth $169,782,000. Institutional investors and hedge funds own 63.09% of the company’s stock.

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.