Maplebear (NASDAQ:CART) Sets New 52-Week High – Still a Buy?

Maplebear Inc. (NASDAQ:CART) reached a new 52-week high on Tuesday . The stock traded as high as $43.25 and last traded at $43.13, with a volume of 826435 shares. The stock had previously closed at $41.95.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Raymond James started coverage on Maplebear in a report on Tuesday, September 24th. They issued a “market perform” rating on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $45.00 price objective on shares of Maplebear in a research note on Monday. Wedbush boosted their target price on Maplebear from $35.00 to $38.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. BMO Capital Markets raised their price target on shares of Maplebear from $36.00 to $39.00 and gave the company a “market perform” rating in a research note on Wednesday, August 7th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Maplebear in a report on Wednesday, August 7th. Eleven research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Maplebear has a consensus rating of “Moderate Buy” and an average target price of $43.33.

Maplebear Stock Up 3.1 %

The stock has a 50 day moving average of $35.92 and a 200 day moving average of $35.05.

Maplebear (NASDAQ:CART) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $0.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $823.00 million for the quarter, compared to the consensus estimate of $806.35 million. The business’s revenue for the quarter was up 14.9% compared to the same quarter last year. Analysts predict that Maplebear Inc. will post 1.12 EPS for the current year.

Insider Buying and Selling at Maplebear

In other Maplebear news, CAO Alan Ramsay sold 2,626 shares of the stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $35.02, for a total transaction of $91,962.52. Following the completion of the sale, the chief accounting officer now directly owns 107,910 shares in the company, valued at approximately $3,779,008.20. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, General Counsel Morgan Fong sold 10,992 shares of the business’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $41.38, for a total transaction of $454,848.96. Following the transaction, the general counsel now owns 298,984 shares in the company, valued at $12,371,957.92. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Alan Ramsay sold 2,626 shares of the stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $35.02, for a total transaction of $91,962.52. Following the transaction, the chief accounting officer now directly owns 107,910 shares in the company, valued at approximately $3,779,008.20. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 67,655 shares of company stock valued at $2,504,824. 36.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Maplebear

Several institutional investors have recently made changes to their positions in the stock. Sculptor Capital LP acquired a new stake in shares of Maplebear in the 2nd quarter valued at about $77,361,000. Federated Hermes Inc. grew its stake in Maplebear by 102.2% in the second quarter. Federated Hermes Inc. now owns 1,734,264 shares of the company’s stock valued at $55,739,000 after acquiring an additional 876,439 shares during the period. SG Americas Securities LLC bought a new stake in shares of Maplebear during the first quarter valued at approximately $31,109,000. Lord Abbett & CO. LLC acquired a new position in shares of Maplebear during the first quarter worth approximately $28,674,000. Finally, Renaissance Technologies LLC acquired a new position in shares of Maplebear during the second quarter worth approximately $22,816,000. Institutional investors and hedge funds own 63.09% of the company’s stock.

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.