Maplebear (NASDAQ:CART) Sets New 1-Year High – Time to Buy?

Maplebear Inc. (NASDAQ:CART) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $45.79 and last traded at $45.66, with a volume of 188580 shares. The stock had previously closed at $44.64.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Wedbush increased their price objective on Maplebear from $35.00 to $38.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Raymond James began coverage on Maplebear in a research report on Tuesday, September 24th. They set a “market perform” rating on the stock. Cantor Fitzgerald reissued an “overweight” rating and issued a $45.00 price target on shares of Maplebear in a report on Monday, October 7th. Macquarie upped their price objective on shares of Maplebear from $44.00 to $45.00 and gave the company an “outperform” rating in a report on Thursday, August 8th. Finally, Jefferies Financial Group began coverage on shares of Maplebear in a research note on Wednesday, October 16th. They issued a “hold” rating and a $43.00 target price for the company. Twelve equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $43.90.

Maplebear Stock Up 4.7 %

The business has a 50 day moving average price of $40.40 and a 200 day moving average price of $35.99. The stock has a market cap of $12.45 billion, a PE ratio of -2.41, a P/E/G ratio of 1.39 and a beta of 1.12.

Maplebear (NASDAQ:CART) last released its quarterly earnings data on Tuesday, August 6th. The company reported $0.20 EPS for the quarter, topping the consensus estimate of $0.13 by $0.07. The business had revenue of $823.00 million for the quarter, compared to analyst estimates of $806.35 million. Maplebear had a negative return on equity of 49.98% and a negative net margin of 52.21%. The business’s quarterly revenue was up 14.9% on a year-over-year basis. On average, research analysts predict that Maplebear Inc. will post 1.17 earnings per share for the current fiscal year.

Insider Activity at Maplebear

In related news, CEO Fidji Simo sold 20,750 shares of the firm’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $44.39, for a total transaction of $921,092.50. Following the sale, the chief executive officer now owns 1,803,278 shares in the company, valued at approximately $80,047,510.42. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CAO Alan Ramsay sold 2,486 shares of the business’s stock in a transaction that occurred 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 in the company, valued at $4,106,922.75. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Fidji Simo sold 20,750 shares of the company’s stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $44.39, for a total value of $921,092.50. Following the transaction, the chief executive officer now directly owns 1,803,278 shares of the company’s stock, valued at approximately $80,047,510.42. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 89,457 shares of company stock worth $3,573,142 in the last three months. Company insiders own 36.00% of the company’s stock.

Institutional Investors Weigh In On Maplebear

Several institutional investors and hedge funds have recently added to or reduced their stakes in CART. Sculptor Capital LP purchased a new position in Maplebear during the second quarter valued at $77,361,000. Federated Hermes Inc. raised its position in shares of Maplebear by 102.2% during the 2nd quarter. Federated Hermes Inc. now owns 1,734,264 shares of the company’s stock worth $55,739,000 after purchasing an additional 876,439 shares during the last quarter. SG Americas Securities LLC purchased a new position in Maplebear in the 1st quarter valued at about $31,109,000. Lord Abbett & CO. LLC purchased a new position in Maplebear in the 1st quarter valued at about $28,674,000. Finally, Renaissance Technologies LLC acquired a new stake in Maplebear in the 2nd quarter worth about $22,816,000. Hedge funds and other institutional investors 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.