Maplebear Inc. (NASDAQ:CART) Given Average Rating of “Moderate Buy” by Brokerages

Maplebear Inc. (NASDAQ:CART) has been assigned an average recommendation of “Moderate Buy” from the twenty-four brokerages that are covering the company, Marketbeat reports. One analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $51.6667.

CART has been the topic of a number of research analyst reports. Barclays boosted their price target on shares of Maplebear from $65.00 to $69.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Raymond James Financial upgraded shares of Maplebear from a “hold” rating to a “moderate buy” rating in a research report on Thursday, April 9th. Weiss Ratings upgraded shares of Maplebear from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Wells Fargo & Company increased their price target on shares of Maplebear from $45.00 to $47.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 7th. Finally, Needham & Company LLC reissued a “buy” rating and set a $55.00 price objective on shares of Maplebear in a research report on Thursday, May 7th.

Maplebear Trading Down 0.7%

Shares of NASDAQ:CART opened at $45.35 on Thursday. The company has a market capitalization of $10.66 billion, a price-to-earnings ratio of 25.34, a PEG ratio of 0.62 and a beta of 0.78. Maplebear has a 12-month low of $32.73 and a 12-month high of $53.50. The business has a 50-day moving average price of $44.66 and a 200 day moving average price of $40.78.

Maplebear (NASDAQ:CART) last posted its earnings results on Wednesday, May 6th. The company reported $0.57 EPS for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.01). Maplebear had a net margin of 12.50% and a return on equity of 18.67%. The company had revenue of $1.02 billion during the quarter, compared to analyst estimates of $1.01 billion. During the same period in the previous year, the company earned $0.37 EPS. The company’s quarterly revenue was up 13.6% compared to the same quarter last year. As a group, equities research analysts predict that Maplebear will post 2.47 earnings per share for the current fiscal year.

Insider Activity at Maplebear

In other news, Director Ravi Gupta sold 181,000 shares of the stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $41.51, for a total transaction of $7,513,310.00. Following the completion of the sale, the director owned 741,523 shares in the company, valued at approximately $30,780,619.73. This represents a 19.62% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 24.00% of the company’s stock.

Institutional Trading of Maplebear

Hedge funds have recently added to or reduced their stakes in the stock. State Street Corp increased its holdings in shares of Maplebear by 1.0% in the fourth quarter. State Street Corp now owns 5,461,637 shares of the company’s stock valued at $245,664,000 after purchasing an additional 54,872 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Maplebear by 31.4% during the first quarter. Dimensional Fund Advisors LP now owns 4,981,960 shares of the company’s stock worth $186,618,000 after purchasing an additional 1,189,287 shares during the period. Viking Global Investors LP purchased a new position in Maplebear in the 2nd quarter valued at $169,782,000. Geode Capital Management LLC grew its position in Maplebear by 1.6% in the 4th quarter. Geode Capital Management LLC now owns 3,526,124 shares of the company’s stock valued at $158,640,000 after buying an additional 54,010 shares during the last quarter. Finally, Federated Hermes Inc. increased its stake in Maplebear by 3.2% in the 4th quarter. Federated Hermes Inc. now owns 3,287,952 shares of the company’s stock valued at $147,892,000 after buying an additional 101,278 shares during the period. 63.09% of the stock is owned by institutional investors and hedge funds.

Maplebear Company Profile

Maplebear, Inc, doing business as Instacart, operates a leading online grocery and essentials marketplace that connects consumers, retail partners and personal shoppers through its digital platform. The company enables customers to order groceries, household items and specialty products for same-day or scheduled delivery, as well as in-store pickup. By integrating its technology with retailers’ existing inventory and point-of-sale systems, Maplebear streamlines the shopping experience and provides real-time availability and pricing.

Founded in 2012 and headquartered in San Francisco, Maplebear has grown from a regional startup to a publicly traded company listed on NASDAQ under the ticker CART.