Maplebear Inc. (NASDAQ:CART) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Maplebear Inc. (NASDAQ:CART) have been assigned an average rating of “Moderate Buy” from the twenty-three research firms that are currently covering the company, Marketbeat.com reports. Eight analysts have rated the stock with a hold recommendation, fourteen have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $55.90.

CART has been the topic of several research analyst reports. Weiss Ratings restated a “hold (c)” rating on shares of Maplebear in a report on Friday, August 7th. Citizens Jmp reaffirmed a “market outperform” rating and issued a $60.00 price target on shares of Maplebear in a report on Monday, June 15th. Wall Street Zen downgraded shares of Maplebear from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Guggenheim increased their price objective on shares of Maplebear from $44.00 to $46.00 and gave the stock a “neutral” rating in a report on Friday, August 7th. Finally, Barclays boosted their target price on shares of Maplebear from $69.00 to $77.00 and gave the stock an “overweight” rating in a research note on Friday, August 7th.

Insider Activity at Maplebear

In related news, insider Morgan Fong sold 18,390 shares of the firm’s stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $49.96, for a total value of $918,764.40. Following the completion of the sale, the insider owned 529,911 shares of the company’s stock, valued at $26,474,353.56. This trade represents a 3.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ravi Gupta sold 150,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $50.61, for a total transaction of $7,591,500.00. Following the completion of the transaction, the director owned 591,523 shares of the company’s stock, valued at $29,936,979.03. This trade represents a 20.23% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 349,390 shares of company stock worth $16,023,574 over the last three months. 24.00% of the stock is owned by insiders.

Institutional Trading of Maplebear

Several institutional investors and hedge funds have recently added to or reduced their stakes in CART. BlackRock Inc. bought a new position in shares of Maplebear in the 2nd quarter valued at about $750,477,000. California State Teachers Retirement System lifted its holdings in Maplebear by 4,490.8% in the second quarter. California State Teachers Retirement System now owns 9,115,159 shares of the company’s stock valued at $431,603,000 after buying an additional 8,916,607 shares during the period. State Street Corp boosted its stake in Maplebear by 1.0% in the fourth quarter. State Street Corp now owns 5,461,637 shares of the company’s stock valued at $245,664,000 after acquiring an additional 54,872 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Maplebear by 31.4% in the first quarter. Dimensional Fund Advisors LP now owns 4,981,960 shares of the company’s stock valued at $186,618,000 after acquiring an additional 1,189,287 shares during the last quarter. Finally, Viking Global Investors LP bought a new stake in shares of Maplebear during the 2nd quarter valued at $169,782,000. 63.09% of the stock is owned by institutional investors.

Maplebear Stock Performance

NASDAQ CART opened at $50.54 on Monday. Maplebear has a 1-year low of $32.73 and a 1-year high of $52.05. The company has a 50 day moving average of $47.35 and a 200-day moving average of $42.24. The firm has a market cap of $11.70 billion, a price-to-earnings ratio of 27.62, a PEG ratio of 0.74 and a beta of 0.78.

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

Maplebear Company Profile

Maplebear, Inc, doing business as Instacart, operates a leading online grocery and essentials marketplace that connects consumers, retail partners and personal shoppers through its digital platform. The company enables customers to order groceries, household items and specialty products for same-day or scheduled delivery, as well as in-store pickup. By integrating its technology with retailers’ existing inventory and point-of-sale systems, Maplebear streamlines the shopping experience and provides real-time availability and pricing.

Founded in 2012 and headquartered in San Francisco, Maplebear has grown from a regional startup to a publicly traded company listed on NASDAQ under the ticker CART.