Brokerages Set Maplebear Inc. (NASDAQ:CART) Price Target at $47.29

Shares of Maplebear Inc. (NASDAQ:CART) have been given a consensus recommendation of “Moderate Buy” by the twenty-five analysts that are presently covering the firm, MarketBeat.com reports. Twelve investment analysts have rated the stock with a hold recommendation and thirteen have given a buy recommendation to the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $47.29.

Several equities analysts have weighed in on the company. Citigroup raised their price target on Maplebear from $44.00 to $47.00 and gave the company a “buy” rating in a report on Thursday, August 8th. Oppenheimer raised their target price on shares of Maplebear from $55.00 to $60.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. Piper Sandler upped their price target on shares of Maplebear from $50.00 to $58.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Robert W. Baird lifted their price objective on shares of Maplebear from $44.00 to $51.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Maplebear from $47.00 to $52.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th.

Maplebear Stock Performance

CART stock opened at $43.61 on Tuesday. The company’s fifty day moving average price is $42.95 and its 200-day moving average price is $36.88. Maplebear has a one year low of $22.13 and a one year high of $50.01. The company has a market capitalization of $11.20 billion, a PE ratio of 29.27, a price-to-earnings-growth ratio of 1.12 and a beta of 1.12.

Maplebear (NASDAQ:CART) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.22 by $0.20. The business had revenue of $852.00 million for the quarter, compared to analysts’ expectations of $844.03 million. Maplebear had a net margin of 13.37% and a return on equity of 13.78%. The business’s quarterly revenue was up 11.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($20.86) EPS. On average, research analysts predict that Maplebear will post 1.4 EPS for the current fiscal year.

Insider Activity at Maplebear

In other Maplebear news, General Counsel Morgan Fong sold 8,345 shares of Maplebear stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $40.00, for a total transaction of $333,800.00. Following the completion of the sale, the general counsel now directly owns 330,886 shares of the company’s stock, valued at $13,235,440. The trade was a 2.46 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Alan Ramsay sold 2,247 shares of the company’s stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $41.06, for a total value of $92,261.82. Following the completion of the sale, the chief accounting officer now owns 89,982 shares of the company’s stock, valued at $3,694,660.92. This represents a 2.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 123,204 shares of company stock worth $5,162,688 in the last 90 days. 36.00% of the stock is owned by corporate insiders.

Institutional Trading of Maplebear

Institutional investors and hedge funds have recently made changes to their positions in the company. Wilmington Savings Fund Society FSB bought a new position in Maplebear during the 3rd quarter worth about $33,000. Huntington National Bank bought a new position in shares of Maplebear during the third quarter valued at approximately $54,000. nVerses Capital LLC boosted its stake in shares of Maplebear by 1,600.0% during the second quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock valued at $55,000 after purchasing an additional 1,600 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new position in Maplebear during the third quarter valued at approximately $74,000. Finally, Quarry LP raised its stake in Maplebear by 269.5% in the second quarter. Quarry LP now owns 3,928 shares of the company’s stock worth $126,000 after buying an additional 2,865 shares in the last quarter. 63.09% of the stock is currently owned by 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.