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

Shares of Maplebear Inc. (NASDAQ:CART) have been given a consensus recommendation of “Moderate Buy” by the twenty-eight ratings firms that are presently covering the stock, MarketBeat reports. Twelve analysts have rated the stock with a hold recommendation, fifteen have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $50.61.

CART has been the topic of several research analyst reports. BTIG Research raised Maplebear from a “neutral” rating to a “buy” rating and set a $58.00 price target on the stock in a research note on Tuesday, January 14th. Oppenheimer lowered their target price on Maplebear from $65.00 to $60.00 and set an “outperform” rating on the stock in a report on Wednesday, February 26th. FBN Securities initiated coverage on Maplebear in a research report on Friday, March 28th. They issued a “sector perform” rating and a $44.00 price target for the company. Needham & Company LLC reiterated a “buy” rating and issued a $56.00 price objective on shares of Maplebear in a research report on Wednesday, February 26th. Finally, Morgan Stanley raised their target price on shares of Maplebear from $44.00 to $45.00 and gave the company an “equal weight” rating in a report on Wednesday, February 26th.

Maplebear Price Performance

Maplebear stock opened at $42.99 on Friday. The stock’s 50 day moving average price is $42.12 and its 200 day moving average price is $43.49. The company has a market cap of $11.29 billion, a PE ratio of 28.85, a price-to-earnings-growth ratio of 1.19 and a beta of 1.20. Maplebear has a 1-year low of $29.84 and a 1-year high of $53.44.

Maplebear (NASDAQ:CART) last posted its quarterly earnings results on Tuesday, February 25th. The company reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.16. Maplebear had a net margin of 13.37% and a return on equity of 13.78%. The business had revenue of $883.00 million for the quarter, compared to analysts’ expectations of $889.98 million. On average, equities research analysts anticipate that Maplebear will post 1.43 EPS for the current fiscal year.

Insider Buying and Selling at Maplebear

In other news, CAO Alan Ramsay sold 2,314 shares of the firm’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $46.28, for a total value of $107,091.92. Following the transaction, the chief accounting officer now owns 85,421 shares of the company’s stock, valued at approximately $3,953,283.88. This trade represents a 2.64 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Fidji Simo sold 20,750 shares of Maplebear stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $43.31, for a total transaction of $898,682.50. Following the transaction, the chief executive officer now owns 1,662,692 shares in the company, valued at $72,011,190.52. The trade was a 1.23 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 33,230 shares of company stock valued at $1,425,427. Company insiders own 36.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CART. Victory Capital Management Inc. raised its holdings in shares of Maplebear by 11,501.2% during the 4th quarter. Victory Capital Management Inc. now owns 4,526,673 shares of the company’s stock valued at $187,495,000 after buying an additional 4,487,654 shares during the period. Boston Partners acquired a new stake in Maplebear in the fourth quarter valued at approximately $111,506,000. Altimeter Capital Management LP purchased a new stake in shares of Maplebear during the fourth quarter valued at approximately $105,108,000. Vanguard Group Inc. lifted its position in shares of Maplebear by 16.8% during the fourth quarter. Vanguard Group Inc. now owns 15,968,358 shares of the company’s stock worth $661,409,000 after purchasing an additional 2,300,288 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of Maplebear in the fourth quarter valued at $95,162,000. 63.09% of the stock is owned by hedge funds and other 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.