Maplebear Inc. (NASDAQ:CART) Receives $51.29 Consensus PT from Brokerages

Shares of Maplebear Inc. (NASDAQ:CART) have earned a consensus rating of “Moderate Buy” from the twenty-six ratings firms that are presently covering the company, MarketBeat.com reports. Two analysts have rated the stock with a sell recommendation, nine have given a hold recommendation, fourteen have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month target price among analysts that have covered the stock in the last year is $51.2917.

A number of equities research analysts have weighed in on CART shares. Fox Advisors cut shares of Maplebear from a “strong-buy” rating to a “hold” rating in a report on Thursday, December 18th. BNP Paribas Exane initiated coverage on shares of Maplebear in a report on Wednesday, January 14th. They set an “underperform” rating and a $41.00 target price for the company. Needham & Company LLC boosted their price target on Maplebear from $50.00 to $55.00 and gave the stock a “buy” rating in a research report on Friday, February 13th. Wells Fargo & Company upped their price target on Maplebear from $43.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Monday, March 30th. Finally, Stifel Nicolaus reduced their price objective on Maplebear from $49.00 to $46.00 and set a “buy” rating for the company in a research report on Tuesday, January 27th.

Maplebear Price Performance

Shares of Maplebear stock opened at $38.77 on Friday. The company has a 50-day moving average of $36.92 and a 200 day moving average of $39.65. The firm has a market cap of $9.33 billion, a price-to-earnings ratio of 24.38, a PEG ratio of 0.59 and a beta of 0.88. Maplebear has a 1 year low of $32.73 and a 1 year high of $53.50.

Insiders Place Their Bets

In other news, CAO Lisa Blackwood-Kapral sold 9,390 shares of the firm’s stock in a transaction on Monday, March 16th. The stock was sold at an average price of $38.74, for a total transaction of $363,768.60. Following the completion of the transaction, the chief accounting officer directly owned 47,510 shares in the company, valued at $1,840,537.40. This trade represents a 16.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Morgan Fong sold 126,083 shares of Maplebear stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $37.09, for a total value of $4,676,418.47. Following the completion of the transaction, the general counsel directly owned 386,643 shares of the company’s stock, valued at approximately $14,340,588.87. This represents a 24.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 26.00% of the company’s stock.

Institutional Trading of Maplebear

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

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.