Analysts Set Maplebear Inc. (NASDAQ:CART) PT at $51.09

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

CART has been the topic of several recent research reports. Weiss Ratings raised Maplebear from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. Barclays lifted their target price on Maplebear from $65.00 to $69.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. Wall Street Zen downgraded Maplebear from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Argus raised Maplebear to a “strong-buy” rating in a report on Thursday, March 5th. Finally, 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.

Insider Activity

In other news, Director Ravi Gupta sold 181,000 shares of the business’s stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $41.51, for a total value of $7,513,310.00. Following 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Lisa Blackwood-Kapral sold 9,390 shares of the business’s stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $40.25, for a total value of $377,947.50. Following the completion of the transaction, the chief accounting officer directly owned 58,971 shares in the company, valued at $2,373,582.75. This represents a 13.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 24.00% of the stock is currently owned by insiders.

Institutional Trading of Maplebear

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Viking Global Investors LP bought a new position in shares of Maplebear during the second quarter valued at approximately $169,782,000. Marshall Wace LLP bought a new position in shares of Maplebear during the fourth quarter valued at approximately $126,206,000. Holocene Advisors LP bought a new position in shares of Maplebear during the third quarter valued at approximately $90,167,000. Norges Bank bought a new position in shares of Maplebear during the fourth quarter valued at approximately $97,221,000. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Maplebear by 114.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,792,673 shares of the company’s stock valued at $170,594,000 after purchasing an additional 2,026,567 shares in the last quarter. 63.09% of the stock is owned by institutional investors.

Maplebear Stock Performance

NASDAQ:CART opened at $44.55 on Wednesday. The stock has a market cap of $10.47 billion, a P/E ratio of 24.89, a PEG ratio of 0.61 and a beta of 0.88. The stock has a 50 day simple moving average of $41.36 and a 200 day simple moving average of $40.31. Maplebear has a 1-year low of $32.73 and a 1-year high of $53.50.

Maplebear (NASDAQ:CART) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $0.57 EPS for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.01). Maplebear had a return on equity of 18.67% and a net margin of 12.50%.The company had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter last year, the business earned $0.37 EPS. Maplebear’s revenue was up 13.6% on a year-over-year basis. As a group, sell-side analysts forecast that Maplebear will post 2.45 EPS for the current year.

About Maplebear

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.