Maplebear (NASDAQ:CART) Reaches New 12-Month High – Still a Buy?

Maplebear Inc. (NASDAQ:CART) shares reached a new 52-week high on Tuesday . The company traded as high as $45.13 and last traded at $44.73, with a volume of 2054326 shares. The stock had previously closed at $42.93.

Analysts Set New Price Targets

CART has been the subject of a number of recent research reports. Needham & Company LLC restated a “hold” rating on shares of Maplebear in a research note on Wednesday, August 7th. KeyCorp initiated coverage on shares of Maplebear in a research note on Thursday, July 11th. They issued a “sector weight” rating on the stock. Cantor Fitzgerald restated an “overweight” rating and set a $45.00 price target on shares of Maplebear in a research note on Monday, October 7th. Bank of America lifted their price objective on Maplebear from $41.00 to $45.00 and gave the company a “neutral” rating in a report on Tuesday, September 24th. Finally, Raymond James began coverage on Maplebear in a report on Tuesday, September 24th. They issued a “market perform” rating for the company. Twelve investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $43.10.

Maplebear Trading Down 0.3 %

The stock has a market cap of $11.60 billion and a P/E ratio of -2.21. The business’s fifty day simple moving average is $38.51 and its 200 day simple moving average is $35.55.

Maplebear (NASDAQ:CART) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.20 EPS for the quarter, beating the consensus estimate of $0.13 by $0.07. The business had revenue of $823.00 million for the quarter, compared to analysts’ expectations of $806.35 million. Maplebear had a negative net margin of 52.21% and a negative return on equity of 49.98%. Maplebear’s revenue for the quarter was up 14.9% compared to the same quarter last year. On average, analysts predict that Maplebear Inc. will post 1.14 earnings per share for the current fiscal year.

Insider Buying and Selling at Maplebear

In other news, CAO Alan Ramsay sold 2,486 shares of Maplebear stock in a transaction on Friday, September 20th. The stock was sold at an average price of $41.39, for a total value of $102,895.54. Following the completion of the sale, the chief accounting officer now directly owns 99,225 shares of the company’s stock, valued at approximately $4,106,922.75. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, General Counsel Morgan Fong sold 11,325 shares of the business’s stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $42.97, for a total transaction 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. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CAO Alan Ramsay sold 2,486 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $41.39, for a total transaction of $102,895.54. Following the completion of the transaction, the chief accounting officer now owns 99,225 shares in the company, valued at $4,106,922.75. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 68,707 shares of company stock worth $2,652,050. Insiders own 36.00% of the company’s stock.

Institutional Trading of Maplebear

A number of institutional investors have recently bought and sold shares of the business. Sculptor Capital LP acquired a new position in shares of Maplebear in the 2nd quarter valued at $77,361,000. Federated Hermes Inc. boosted its holdings in Maplebear by 102.2% during the second quarter. Federated Hermes Inc. now owns 1,734,264 shares of the company’s stock worth $55,739,000 after buying an additional 876,439 shares during the last quarter. Industry Ventures L.L.C. grew its position in shares of Maplebear by 3.3% during the 2nd quarter. Industry Ventures L.L.C. now owns 980,458 shares of the company’s stock worth $31,512,000 after buying an additional 31,175 shares during the period. SG Americas Securities LLC bought a new stake in shares of Maplebear in the 1st quarter valued at about $31,109,000. Finally, Lord Abbett & CO. LLC bought a new stake in shares of Maplebear in the 1st quarter valued at about $28,674,000. Institutional investors and hedge funds own 63.09% of the company’s stock.

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.