Analysts Set Maplebear Inc. (NASDAQ:CART) Target Price at $43.10

Maplebear Inc. (NASDAQ:CART) has received an average recommendation of “Moderate Buy” from the twenty-five analysts that are covering the firm, MarketBeat Ratings reports. Twelve analysts have rated the stock with a hold recommendation and thirteen have given a buy recommendation to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $43.10.

A number of research firms recently weighed in on CART. Jefferies Financial Group began coverage on Maplebear in a research note on Wednesday, October 16th. They issued a “hold” rating and a $43.00 price target on the stock. Benchmark restated a “hold” rating on shares of Maplebear in a research note on Wednesday, August 7th. Piper Sandler lifted their price target on Maplebear from $47.00 to $50.00 and gave the company an “overweight” rating in a research note on Wednesday, August 7th. Raymond James assumed coverage on Maplebear in a report on Tuesday, September 24th. They set a “market perform” rating for the company. Finally, Needham & Company LLC reissued a “hold” rating on shares of Maplebear in a report on Wednesday, August 7th.

Insider Activity at Maplebear

In related news, CEO Fidji Simo sold 33,000 shares of Maplebear stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $35.27, for a total transaction of $1,163,910.00. Following the completion of the sale, the chief executive officer now owns 1,844,778 shares of the company’s stock, valued at approximately $65,065,320.06. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Maplebear news, CEO Fidji Simo sold 33,000 shares of the business’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $35.27, for a total value of $1,163,910.00. Following the completion of the sale, the chief executive officer now owns 1,844,778 shares of the company’s stock, valued at $65,065,320.06. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Morgan Fong sold 11,325 shares of the business’s stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $42.97, for a total value of $486,635.25. Following the completion of the sale, the general counsel now directly owns 287,659 shares of the company’s stock, valued at $12,360,707.23. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 68,707 shares of company stock valued at $2,652,050. Insiders own 36.00% of the company’s stock.

Hedge Funds Weigh In On Maplebear

A number of institutional investors have recently made changes to their positions in the business. New York State Teachers Retirement System increased its stake in shares of Maplebear by 704.1% in the third quarter. New York State Teachers Retirement System now owns 15,824 shares of the company’s stock worth $645,000 after purchasing an additional 13,856 shares during the period. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Maplebear in the third quarter worth about $74,000. Lecap Asset Management Ltd. increased its stake in shares of Maplebear by 65.3% in the third quarter. Lecap Asset Management Ltd. now owns 36,237 shares of the company’s stock worth $1,476,000 after purchasing an additional 14,318 shares during the period. Renaissance Capital LLC increased its stake in Maplebear by 20.0% during the third quarter. Renaissance Capital LLC now owns 185,593 shares of the company’s stock valued at $7,561,000 after acquiring an additional 30,989 shares during the period. Finally, Creative Planning increased its stake in Maplebear by 1,141.9% during the third quarter. Creative Planning now owns 118,802 shares of the company’s stock valued at $4,840,000 after acquiring an additional 109,236 shares during the period. 63.09% of the stock is currently owned by institutional investors.

Maplebear Trading Up 1.7 %

Shares of CART stock opened at $44.54 on Friday. The business’s 50 day moving average is $38.99 and its two-hundred day moving average is $35.61. Maplebear has a twelve month low of $22.13 and a twelve month high of $45.13. The company has a market capitalization of $11.79 billion and a P/E ratio of -2.25.

Maplebear (NASDAQ:CART) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.20 earnings per share for the quarter, beating analysts’ consensus estimates of $0.13 by $0.07. Maplebear had a negative return on equity of 49.98% and a negative net margin of 52.21%. The firm had revenue of $823.00 million for the quarter, compared to the consensus estimate of $806.35 million. Maplebear’s revenue for the quarter was up 14.9% on a year-over-year basis. As a group, equities analysts predict that Maplebear will post 1.14 earnings per share for the current fiscal year.

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.