Maplebear Inc. (NASDAQ:CART) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Maplebear Inc. (NASDAQ:CART) has earned a consensus rating of “Moderate Buy” from the twenty-three analysts that are covering the firm, Marketbeat reports. Nine investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $41.25.

A number of brokerages have commented on CART. Benchmark restated a “hold” rating on shares of Maplebear in a research note on Tuesday, May 7th. Gordon Haskett upgraded Maplebear from a “hold” rating to a “buy” rating and boosted their target price for the company from $37.00 to $45.00 in a research note on Wednesday, June 5th. Fox Advisors downgraded Maplebear from an “overweight” rating to an “equal weight” rating in a research note on Monday, April 1st. Needham & Company LLC reiterated a “hold” rating on shares of Maplebear in a research note on Tuesday, May 7th. Finally, JMP Securities upped their price target on Maplebear from $35.00 to $42.00 and gave the stock a “market outperform” rating in a research note on Thursday, May 9th.

Insider Buying and Selling at Maplebear

In other Maplebear news, CEO Fidji Simo sold 2,500 shares of the company’s stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $33.81, for a total value of $84,525.00. Following the completion of the transaction, the chief executive officer now owns 1,992,667 shares of the company’s stock, valued at approximately $67,372,071.27. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Maplebear news, CEO Fidji Simo sold 2,500 shares of the company’s stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $33.81, for a total value of $84,525.00. Following the completion of the transaction, the chief executive officer now owns 1,992,667 shares of the company’s stock, valued at approximately $67,372,071.27. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, General Counsel Morgan Fong sold 9,228 shares of the company’s stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $33.20, for a total value of $306,369.60. Following the completion of the transaction, the general counsel now directly owns 391,069 shares of the company’s stock, valued at approximately $12,983,490.80. The disclosure for this sale can be found here. Insiders sold a total of 98,335 shares of company stock valued at $3,477,223 in the last quarter. Corporate insiders own 36.00% of the company’s stock.

Hedge Funds Weigh In On Maplebear

A number of hedge funds have recently modified their holdings of the stock. Incline Global Management LLC acquired a new position in shares of Maplebear in the 1st quarter worth approximately $8,661,000. Interval Partners LP acquired a new stake in Maplebear during the 1st quarter valued at $3,729,000. Invenomic Capital Management LP acquired a new stake in Maplebear during the 1st quarter valued at $4,484,000. Jacobs Levy Equity Management Inc. acquired a new stake in Maplebear during the 1st quarter valued at $11,610,000. Finally, Kodai Capital Management LP acquired a new stake in Maplebear during the 1st quarter valued at $8,648,000. 63.09% of the stock is owned by institutional investors and hedge funds.

Maplebear Stock Down 4.7 %

NASDAQ:CART opened at $31.51 on Friday. Maplebear has a 52 week low of $22.13 and a 52 week high of $42.95. The stock has a 50 day moving average of $33.89 and a 200-day moving average of $30.75.

Maplebear (NASDAQ:CART) last issued its quarterly earnings data on Wednesday, May 8th. The company reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.39. The business had revenue of $820.00 million during the quarter, compared to the consensus estimate of $794.08 million. Maplebear’s revenue for the quarter was up 8.0% on a year-over-year basis. As a group, sell-side analysts anticipate that Maplebear will post 1.02 earnings per share for the current fiscal year.

About Maplebear

Maplebear Inc, doing business as Instacart, provides online grocery shopping services to households in North America. It sells and delivers grocery products. The company offers its services through a mobile application and website. It also provides software-as-a-service solutions to retailers. The company was incorporated in 2012 and is based in San Francisco, California.