Maplebear (NASDAQ:CART) Reaches New 52-Week High – Still a Buy?

Shares of Maplebear Inc. (NASDAQ:CART) hit a new 52-week high on Friday. The company traded as high as $57.98 and last traded at $56.44, with a volume of 15,581,079 shares. The stock had previously closed at $51.68.

Analyst Ratings Changes

A number of equities research analysts have commented on CART shares. Benchmark raised their target price on Maplebear from $55.00 to $63.00 and gave the company a “buy” rating in a report on Friday, August 7th. JPMorgan Chase & Co. boosted their target price on shares of Maplebear from $55.00 to $62.00 and gave the stock an “overweight” rating in a research report on Friday, August 7th. Guggenheim upped their price target on shares of Maplebear from $44.00 to $46.00 and gave the stock a “neutral” rating in a research note on Friday, August 7th. Wedbush initiated coverage on shares of Maplebear in a report on Thursday, July 16th. They issued an “outperform” rating and a $59.00 price target for the company. Finally, Oppenheimer raised their price objective on shares of Maplebear from $60.00 to $65.00 and gave the company an “outperform” rating in a research note on Friday, August 7th. Fourteen equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $58.24.

Maplebear Price Performance

The firm has a 50-day simple moving average of $48.20 and a two-hundred day simple moving average of $45.19. The company has a market cap of $13.07 billion, a PE ratio of 30.84, a P/E/G ratio of 1.10 and a beta of 0.87.

Maplebear (NASDAQ:CART) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.45 earnings per share for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.09). Maplebear had a return on equity of 20.19% and a net margin of 11.97%. The company had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.03 billion. During the same period last year, the firm earned $0.41 earnings per share. The business’s revenue was up 14.1% compared to the same quarter last year. Equities research analysts forecast that Maplebear Inc. will post 2.33 EPS for the current year.

Insider Buying and Selling

In related news, Director Ravi Gupta sold 150,000 shares of the business’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $50.61, for a total value of $7,591,500.00. Following the completion of the transaction, the director owned 591,523 shares of the company’s stock, valued at approximately $29,936,979.03. The trade was a 20.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Lisa Blackwood-Kapral sold 3,016 shares of the business’s stock in a transaction dated Thursday, October 15th. The shares were sold at an average price of $49.58, for a total transaction of $149,533.28. Following the completion of the transaction, the chief accounting officer directly owned 34,699 shares of the company’s stock, valued at $1,720,376.42. The trade was a 8.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 192,813 shares of company stock worth $9,629,020. 24.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Maplebear

A number of hedge funds and other institutional investors have recently modified their holdings of CART. Beacon Pointe Advisors LLC acquired a new stake in Maplebear during the second quarter worth approximately $9,006,000. Bank of America Corp DE grew its stake in Maplebear by 16.5% in the 1st quarter. Bank of America Corp DE now owns 1,562,097 shares of the company’s stock worth $58,516,000 after acquiring an additional 221,036 shares during the period. The Manufacturers Life Insurance Company purchased a new stake in Maplebear in the 2nd quarter worth approximately $6,117,000. Y Intercept Hong Kong Ltd purchased a new stake in Maplebear in the 1st quarter worth approximately $1,210,000. Finally, Bank of New York Mellon Corp acquired a new position in Maplebear in the 2nd quarter valued at $45,239,000. 63.09% of the stock is currently owned by hedge funds and other institutional investors.

About Maplebear

Maplebear Inc, doing business as Instacart, operates a technology-enabled grocery marketplace that connects consumers with retailers and personal shoppers. Through its website and mobile applications, customers can order groceries and other household products for delivery or pickup from participating supermarkets, specialty food stores, convenience retailers and other merchants.

The company also provides retailers with e-commerce, fulfillment and advertising solutions. Its platform supports online storefronts, order management, delivery logistics, customer engagement and data-driven marketing, allowing retail partners to offer digital shopping services and reach consumers through Instacart’s marketplace.

Founded in 2012, Maplebear serves customers across the United States and Canada.