Maplebear (NASDAQ:CART) Shares Gap Up – What’s Next?

Maplebear Inc. (NASDAQ:CART) shares gapped up prior to trading on Wednesday . The stock had previously closed at $42.91, but opened at $44.96. Maplebear shares last traded at $44.57, with a volume of 1,102,106 shares traded.

Analyst Ratings Changes

A number of research analysts recently weighed in on CART shares. Raymond James started coverage on Maplebear in a research report on Tuesday, September 24th. They set a “market perform” rating for the company. Macquarie raised their price target on Maplebear from $50.00 to $52.00 and gave the company an “outperform” rating in a report on Thursday, November 14th. Oppenheimer upped their price target on shares of Maplebear from $55.00 to $60.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. Loop Capital raised their price objective on shares of Maplebear from $49.00 to $56.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Finally, Robert W. Baird lifted their target price on shares of Maplebear from $44.00 to $51.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. Thirteen research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.14.

Maplebear Price Performance

The firm has a market capitalization of $11.57 billion, a P/E ratio of 30.21, a price-to-earnings-growth ratio of 1.08 and a beta of 1.04. The stock’s 50-day simple moving average is $43.59 and its two-hundred day simple moving average is $39.11.

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

Insider Transactions at Maplebear

In other Maplebear news, CAO Alan Ramsay sold 2,559 shares of Maplebear stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $42.97, for a total value of $109,960.23. Following the sale, the chief accounting officer now owns 96,666 shares of the company’s stock, valued at $4,153,738.02. The trade was a 2.58 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, General Counsel Morgan Fong sold 29,253 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $48.03, for a total value of $1,405,021.59. Following the sale, the general counsel now directly owns 258,406 shares in the company, valued at $12,411,240.18. This trade represents a 10.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 112,128 shares of company stock valued at $4,980,404. 36.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Maplebear

A number of hedge funds have recently bought and sold shares of CART. Principal Financial Group Inc. purchased a new stake in Maplebear during the second quarter valued at approximately $411,000. CIBC Asset Management Inc purchased a new stake in Maplebear during the 2nd quarter valued at $252,000. Rhumbline Advisers lifted its position in Maplebear by 571.0% in the second quarter. Rhumbline Advisers now owns 149,618 shares of the company’s stock worth $4,809,000 after buying an additional 127,319 shares during the last quarter. Victory Capital Management Inc. boosted its stake in Maplebear by 144.7% during the second quarter. Victory Capital Management Inc. now owns 36,785 shares of the company’s stock worth $1,182,000 after buying an additional 21,755 shares during the period. Finally, Arizona State Retirement System bought a new position in Maplebear during the second quarter valued at $838,000. Hedge funds and other institutional investors own 63.09% of the company’s stock.

Maplebear Company Profile

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.