Maplebear (NASDAQ:CART) Sets New 1-Year High at $40.25

Maplebear Inc. (NASDAQ:CART) reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $40.25 and last traded at $40.01, with a volume of 36830 shares changing hands. The stock had previously closed at $39.87.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Wedbush upped their price target on shares of Maplebear from $35.00 to $38.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. KeyCorp started coverage on Maplebear in a report on Thursday, July 11th. They set a “sector weight” rating on the stock. Piper Sandler boosted their price target on Maplebear from $47.00 to $50.00 and gave the company an “overweight” rating in a report on Wednesday, August 7th. Gordon Haskett raised shares of Maplebear from a “hold” rating to a “buy” rating and raised their price objective for the stock from $37.00 to $45.00 in a research note on Wednesday, June 5th. Finally, Benchmark reiterated a “hold” rating on shares of Maplebear in a research note on Wednesday, August 7th. Eleven analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Maplebear presently has a consensus rating of “Moderate Buy” and an average price target of $42.81.

Maplebear Price Performance

The stock has a 50 day moving average price of $34.75 and a 200-day moving average price of $34.70.

Maplebear (NASDAQ:CART) last announced its earnings results on Tuesday, August 6th. The company reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.13 by $0.07. Maplebear had a negative net margin of 52.21% and a negative return on equity of 49.98%. The company had revenue of $823.00 million for the quarter, compared to analysts’ expectations of $806.35 million. The business’s revenue for the quarter was up 14.9% on a year-over-year basis. Research analysts predict that Maplebear Inc. will post 1.12 EPS for the current fiscal year.

Insider Buying and Selling at Maplebear

In other news, CEO Fidji Simo sold 33,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $35.27, for a total transaction of $1,163,910.00. Following the transaction, the chief executive officer now directly owns 1,844,778 shares in the company, valued at approximately $65,065,320.06. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CEO Fidji Simo sold 33,000 shares of the business’s stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $35.27, for a total transaction of $1,163,910.00. Following the transaction, the chief executive officer now owns 1,844,778 shares of the company’s stock, valued at approximately $65,065,320.06. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, General Counsel Morgan Fong sold 10,992 shares of the firm’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $41.38, for a total transaction of $454,848.96. Following the sale, the general counsel now owns 298,984 shares of the company’s stock, valued at $12,371,957.92. The disclosure for this sale can be found here. In the last quarter, insiders sold 73,669 shares of company stock worth $2,682,769. Insiders own 36.00% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Maplebear during the second quarter worth $1,575,000. Quarry LP grew its holdings in shares of Maplebear by 269.5% during the 2nd quarter. Quarry LP now owns 3,928 shares of the company’s stock worth $126,000 after purchasing an additional 2,865 shares during the period. Creative Planning increased its position in shares of Maplebear by 9.5% during the 2nd quarter. Creative Planning now owns 9,566 shares of the company’s stock worth $307,000 after purchasing an additional 831 shares during the last quarter. Algert Global LLC purchased a new stake in Maplebear in the 2nd quarter valued at about $301,000. Finally, Sculptor Capital LP acquired a new position in Maplebear in the second quarter valued at about $77,361,000. 63.09% of the stock is currently owned by institutional investors and hedge funds.

Maplebear Company Profile

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.