Brokerages Set Maplebear Inc. (NASDAQ:CART) Target Price at $50.61

Shares of Maplebear Inc. (NASDAQ:CART) have been assigned an average recommendation of “Moderate Buy” from the twenty-eight research firms that are currently covering the firm, Marketbeat Ratings reports. Twelve investment analysts have rated the stock with a hold recommendation, fifteen have given a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $51.30.

CART has been the subject of a number of recent research reports. Morgan Stanley lifted their price objective on shares of Maplebear from $44.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 26th. Benchmark reissued a “hold” rating on shares of Maplebear in a research note on Wednesday, February 26th. Seaport Res Ptn raised shares of Maplebear to a “strong-buy” rating in a research note on Wednesday, February 12th. Mizuho dropped their price objective on shares of Maplebear from $55.00 to $52.00 and set an “outperform” rating for the company in a research note on Wednesday, February 26th. Finally, Wedbush lowered their target price on shares of Maplebear from $48.00 to $46.00 and set a “neutral” rating for the company in a report on Wednesday, February 26th.

Maplebear Stock Performance

CART opened at $45.94 on Tuesday. The stock has a market capitalization of $12.06 billion, a price-to-earnings ratio of 30.83, a PEG ratio of 1.19 and a beta of 1.19. The company has a fifty day moving average of $41.31 and a 200 day moving average of $43.54. Maplebear has a fifty-two week low of $29.84 and a fifty-two week high of $53.44.

Maplebear (NASDAQ:CART) last posted its earnings results on Thursday, May 1st. The company reported $0.37 earnings per share for the quarter, missing the consensus estimate of $0.38 by ($0.01). The company had revenue of $897.00 million for the quarter, compared to analysts’ expectations of $896.86 million. Maplebear had a net margin of 13.37% and a return on equity of 13.78%. The business’s revenue was up 9.4% on a year-over-year basis. During the same period in the previous year, the business posted $0.43 earnings per share. On average, equities research analysts forecast that Maplebear will post 1.43 earnings per share for the current year.

Insider Activity

In other news, General Counsel Morgan Fong sold 5,249 shares of the business’s stock in a transaction dated Monday, April 21st. The shares were sold at an average price of $42.57, for a total value of $223,449.93. Following the completion of the sale, the general counsel now owns 484,292 shares in the company, valued at approximately $20,616,310.44. The trade was a 1.07% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Fidji Simo sold 20,750 shares of the business’s stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $43.31, for a total transaction of $898,682.50. Following the completion of the sale, the chief executive officer now owns 1,662,692 shares of the company’s stock, valued at approximately $72,011,190.52. This represents a 1.23% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 36,165 shares of company stock worth $1,541,785. 26.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of CART. Proathlete Wealth Management LLC bought a new position in shares of Maplebear during the 1st quarter worth approximately $26,000. Jones Financial Companies Lllp raised its stake in shares of 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 acquiring an additional 222 shares in the last quarter. Allworth Financial LP raised its stake in shares of Maplebear by 101.4% during the 4th quarter. Allworth Financial LP now owns 834 shares of the company’s stock worth $37,000 after acquiring an additional 420 shares in the last quarter. NewEdge Advisors LLC raised its stake in shares of Maplebear by 277.9% during the 4th quarter. NewEdge Advisors LLC now owns 975 shares of the company’s stock worth $40,000 after acquiring an additional 717 shares in the last quarter. Finally, UMB Bank n.a. raised its stake in shares of Maplebear by 914.1% during the 1st quarter. UMB Bank n.a. now owns 1,004 shares of the company’s stock worth $40,000 after acquiring an additional 905 shares in the last quarter. Institutional investors own 63.09% of the company’s stock.

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.