Analysts Set Maplebear Inc. (NASDAQ:CART) PT at $47.14

Shares of Maplebear Inc. (NASDAQ:CART) have received a consensus recommendation of “Hold” from the twenty-seven ratings firms that are covering the firm, Marketbeat Ratings reports. Fourteen research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $47.13.

CART has been the subject of several research reports. Barclays raised their price target on Maplebear from $48.00 to $56.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Cantor Fitzgerald restated an “overweight” rating and set a $45.00 price objective on shares of Maplebear in a research report on Monday, October 7th. Morgan Stanley reduced their price objective on Maplebear from $45.00 to $41.00 and set an “equal weight” rating for the company in a report on Tuesday, September 24th. Wells Fargo & Company began coverage on Maplebear in a research note on Friday. They set an “equal weight” rating and a $47.00 target price on the stock. Finally, BMO Capital Markets boosted their price target on Maplebear from $39.00 to $48.00 and gave the company a “market perform” rating in a research note on Wednesday, November 13th.

Insider Activity at Maplebear

In other news, CAO Alan Ramsay sold 2,247 shares of Maplebear stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $41.06, for a total transaction of $92,261.82. Following the transaction, the chief accounting officer now owns 89,982 shares in the company, valued at approximately $3,694,660.92. The trade was a 2.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Morgan Fong sold 29,253 shares of the business’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $48.03, for a total transaction of $1,405,021.59. Following the completion of the sale, the general counsel now directly owns 258,406 shares in the company, valued at approximately $12,411,240.18. This represents a 10.17 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 112,128 shares of company stock valued at $4,980,404 in the last 90 days. 36.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Pacer Advisors Inc. acquired a new stake in shares of Maplebear in the third quarter valued at about $158,701,000. Sculptor Capital LP bought a new stake in Maplebear in the second quarter valued at approximately $77,361,000. Geode Capital Management LLC increased its position in Maplebear by 151.7% during the 3rd quarter. Geode Capital Management LLC now owns 2,732,738 shares of the company’s stock valued at $111,361,000 after purchasing an additional 1,647,081 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Maplebear by 5,191.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,489,655 shares of the company’s stock worth $60,689,000 after purchasing an additional 1,461,501 shares during the last quarter. Finally, Southpoint Capital Advisors LP lifted its position in shares of Maplebear by 56.3% in the 3rd quarter. Southpoint Capital Advisors LP now owns 2,500,000 shares of the company’s stock worth $101,850,000 after purchasing an additional 900,000 shares during the period. 63.09% of the stock is owned by institutional investors and hedge funds.

Maplebear Trading Down 1.3 %

Shares of CART opened at $44.23 on Wednesday. The company has a market cap of $11.36 billion, a price-to-earnings ratio of 29.68, a PEG ratio of 1.08 and a beta of 1.04. The company’s fifty day simple moving average is $43.59 and its 200 day simple moving average is $39.38. Maplebear has a 1-year low of $22.60 and a 1-year high of $50.01.

Maplebear (NASDAQ:CART) last issued its earnings results on Tuesday, November 12th. The company reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.20. The company had revenue of $852.00 million for the quarter, compared to analysts’ expectations of $844.03 million. Maplebear had a net margin of 13.37% and a return on equity of 13.78%. Maplebear’s quarterly revenue was up 11.5% compared to the same quarter last year. During the same period in the prior year, the firm earned ($20.86) EPS. As a group, research analysts forecast that Maplebear will post 1.4 earnings per share for the current year.

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.