Brokerages Set Maplebear Inc. (NASDAQ:CART) Target Price at $49.80

Maplebear Inc. (NASDAQ:CART) has been assigned a consensus recommendation of “Moderate Buy” from the thirty research firms that are covering the firm, MarketBeat Ratings reports. Thirteen equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $50.38.

A number of research analysts have recently commented on CART shares. Macquarie upped their target price on Maplebear from $52.00 to $55.00 and gave the company an “outperform” rating in a research note on Thursday, February 27th. Piper Sandler upped their target price on Maplebear from $50.00 to $58.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Wells Fargo & Company started coverage on Maplebear in a research note on Friday, January 10th. They set an “equal weight” rating and a $47.00 target price on the stock. Stifel Nicolaus boosted their price target on Maplebear from $56.00 to $57.00 and gave the company a “buy” rating in a report on Wednesday, February 26th. Finally, Wedbush cut their target price on shares of Maplebear from $48.00 to $46.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 26th.

Maplebear Price Performance

Shares of NASDAQ CART opened at $38.59 on Thursday. The business’s 50 day moving average is $46.15 and its two-hundred day moving average is $42.94. Maplebear has a 1-year low of $29.84 and a 1-year high of $53.44. The stock has a market capitalization of $9.91 billion, a P/E ratio of 25.90, a PEG ratio of 1.19 and a beta of 1.34.

Maplebear (NASDAQ:CART) last released its earnings results on Tuesday, February 25th. The company reported $0.53 EPS for the quarter, beating analysts’ consensus estimates of $0.37 by $0.16. The firm had revenue of $883.00 million for the quarter, compared to analysts’ expectations of $889.98 million. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. As a group, equities research analysts anticipate that Maplebear will post 1.43 earnings per share for the current fiscal year.

Insider Activity at Maplebear

In related news, CEO Fidji Simo sold 20,750 shares of the company’s stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $43.31, for a total value of $898,682.50. Following the transaction, the chief executive officer now directly owns 1,662,692 shares of the company’s stock, valued at $72,011,190.52. This represents a 1.23 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Alan Ramsay sold 2,314 shares of the stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $46.28, for a total value of $107,091.92. Following the sale, the chief accounting officer now directly owns 85,421 shares in the company, valued at $3,953,283.88. This represents a 2.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 46,061 shares of company stock valued at $1,987,318 in the last ninety days. Company insiders own 36.00% of the company’s stock.

Institutional Investors Weigh In On Maplebear

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Jones Financial Companies Lllp grew its position in Maplebear by 46.6% during the 4th quarter. Jones Financial Companies Lllp now owns 698 shares of the company’s stock worth $29,000 after purchasing an additional 222 shares during the period. Wilmington Savings Fund Society FSB acquired a new stake in Maplebear during the 3rd quarter worth about $33,000. Allworth Financial LP grew its position in Maplebear by 101.4% during the 4th quarter. Allworth Financial LP now owns 834 shares of the company’s stock worth $37,000 after purchasing an additional 420 shares during the period. NewEdge Advisors LLC grew its position in Maplebear by 277.9% during the 4th quarter. NewEdge Advisors LLC now owns 975 shares of the company’s stock worth $40,000 after purchasing an additional 717 shares during the period. Finally, Anderson Financial Strategies LLC acquired a new stake in Maplebear during the 4th quarter worth about $46,000. 63.09% of the stock is owned by institutional investors and hedge funds.

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.