Analysts Set Maplebear Inc. (NASDAQ:CART) Price Target at $48.96

Shares of Maplebear Inc. (NASDAQ:CART) have earned an average recommendation of “Moderate Buy” from the twenty-nine analysts that are presently covering the company, Marketbeat Ratings reports. Thirteen research analysts have rated the stock with a hold recommendation, fifteen have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $48.96.

A number of equities research analysts have recently commented on CART shares. Needham & Company LLC upgraded Maplebear from a “hold” rating to a “buy” rating and set a $56.00 target price on the stock in a research note on Monday, January 13th. Piper Sandler lifted their price objective on shares of Maplebear from $50.00 to $58.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Macquarie increased their target price on shares of Maplebear from $50.00 to $52.00 and gave the company an “outperform” rating in a research report on Thursday, November 14th. Jefferies Financial Group began coverage on shares of Maplebear in a report on Wednesday, October 16th. They issued a “hold” rating and a $43.00 price target on the stock. Finally, JPMorgan Chase & Co. increased their price objective on Maplebear from $47.00 to $52.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th.

Maplebear Stock Performance

Maplebear stock opened at $48.88 on Friday. The stock has a market cap of $12.56 billion, a PE ratio of 32.81, a price-to-earnings-growth ratio of 1.09 and a beta of 1.07. Maplebear has a fifty-two week low of $23.59 and a fifty-two week high of $50.01. The firm’s 50-day simple moving average is $44.19 and its 200 day simple moving average is $40.78.

Maplebear (NASDAQ:CART) last released its earnings results on Tuesday, November 12th. The company reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.20. The company 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 quarterly revenue was up 11.5% on a year-over-year basis. During the same period in the prior year, the company posted ($20.86) earnings per share. As a group, analysts predict that Maplebear will post 1.43 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, General Counsel Morgan Fong sold 29,253 shares of the 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 transaction, the general counsel now owns 258,406 shares of the company’s stock, valued at $12,411,240.18. This represents a 10.17 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Alan Ramsay sold 2,247 shares of the firm’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $41.06, for a total value of $92,261.82. Following the sale, the chief accounting officer now owns 89,982 shares in the company, valued at $3,694,660.92. The trade was a 2.44 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 79,808 shares of company stock worth $3,569,808 in the last ninety days. 36.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Maplebear

Institutional investors have recently modified their holdings of the company. Wilmington Savings Fund Society FSB purchased a new stake in Maplebear in the third quarter worth approximately $33,000. Allworth Financial LP lifted its holdings in shares of Maplebear by 101.4% in the 4th quarter. Allworth Financial LP now owns 834 shares of the company’s stock worth $37,000 after acquiring an additional 420 shares during the last quarter. Huntington National Bank purchased a new stake in shares of Maplebear in the 3rd quarter valued at $54,000. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Maplebear during the 3rd quarter valued at $74,000. Finally, Newbridge Financial Services Group Inc. purchased a new position in Maplebear in the 4th quarter worth $151,000. 63.09% of the stock is currently owned by institutional investors.

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.