Analysts Set Maplebear Inc. (NASDAQ:CART) Price Target at $47.14

Shares of Maplebear Inc. (NASDAQ:CART) have been given an average rating of “Hold” by the twenty-seven brokerages that are presently covering the firm, Marketbeat reports. Fourteen research analysts have rated the stock with a hold recommendation and thirteen have issued a buy recommendation on the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $47.13.

A number of research firms have recently issued reports on CART. Jefferies Financial Group began coverage on shares of Maplebear in a research report on Wednesday, October 16th. They set a “hold” rating and a $43.00 price objective on the stock. JPMorgan Chase & Co. raised their price objective on Maplebear from $47.00 to $52.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. BMO Capital Markets upped their target price on Maplebear from $39.00 to $48.00 and gave the stock a “market perform” rating in a research report on Wednesday, November 13th. Morgan Stanley reduced their price target on shares of Maplebear from $45.00 to $41.00 and set an “equal weight” rating for the company in a research report on Tuesday, September 24th. Finally, Raymond James started coverage on shares of Maplebear in a report on Tuesday, September 24th. They set a “market perform” rating on the stock.

Maplebear Price Performance

Maplebear stock opened at $44.23 on Wednesday. The stock’s 50 day moving average is $43.59 and its 200 day moving average is $39.28. Maplebear has a one year low of $22.60 and a one year high of $50.01. The firm has a market cap of $11.36 billion, a P/E ratio of 29.68, a P/E/G ratio of 1.08 and a beta of 1.04.

Maplebear (NASDAQ:CART) last released its 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. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. The business had revenue of $852.00 million during the quarter, compared to analysts’ expectations of $844.03 million. During the same quarter last year, the firm posted ($20.86) earnings per share. The firm’s revenue was up 11.5% on a year-over-year basis. Equities analysts anticipate that Maplebear will post 1.4 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Maplebear news, General Counsel Morgan Fong sold 29,253 shares of the business’s stock in a transaction 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. The trade was a 10.17 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Alan Ramsay sold 2,559 shares of the stock in a transaction 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 transaction, 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 disclosure for this sale can be found here. In the last ninety days, insiders have sold 112,128 shares of company stock valued at $4,980,404. 36.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Maplebear

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. CIBC Asset Management Inc increased its stake in shares of Maplebear by 3.7% in the third quarter. CIBC Asset Management Inc now owns 8,114 shares of the company’s stock worth $331,000 after purchasing an additional 286 shares in the last quarter. Coldstream Capital Management Inc. grew its stake in Maplebear by 1.6% in the 3rd quarter. Coldstream Capital Management Inc. now owns 31,745 shares of the company’s stock valued at $1,294,000 after buying an additional 490 shares in the last quarter. Oppenheimer & Co. Inc. raised its holdings in Maplebear by 5.1% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 12,090 shares of the company’s stock valued at $493,000 after acquiring an additional 584 shares during the period. Pier Capital LLC lifted its position in shares of Maplebear by 0.4% during the third quarter. Pier Capital LLC now owns 151,604 shares of the company’s stock worth $6,176,000 after acquiring an additional 616 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB bought a new position in shares of Maplebear in the third quarter worth $33,000. 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.