Maplebear (NASDAQ:CART) Sets New 12-Month High – Here’s Why

Maplebear Inc. (NASDAQ:CART) shares hit a new 52-week high 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.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Cantor Fitzgerald reissued an “overweight” rating and issued a $45.00 target price on shares of Maplebear in a research note on Monday, October 7th. BMO Capital Markets upped their price objective on Maplebear from $36.00 to $39.00 and gave the company a “market perform” rating in a report on Wednesday, August 7th. Macquarie upped their target price on Maplebear from $44.00 to $45.00 and gave the company an “outperform” rating in a report on Thursday, August 8th. KeyCorp began coverage on shares of Maplebear in a report on Thursday, July 11th. They issued a “sector weight” rating for the company. Finally, Piper Sandler increased their target price on Maplebear from $47.00 to $50.00 and gave the company an “overweight” rating in a research note on Wednesday, August 7th. Twelve research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $43.57.

Maplebear Stock Up 2.7 %

The stock has a market capitalization of $11.96 billion, a PE ratio of -2.26, a PEG ratio of 1.39 and a beta of 1.12. The firm has a 50 day moving average price of $40.20 and a 200-day moving average price of $35.92.

Maplebear (NASDAQ:CART) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.13 by $0.07. Maplebear had a negative return on equity of 49.98% and a negative net margin of 52.21%. The business had revenue of $823.00 million during the quarter, compared to analyst estimates of $806.35 million. The firm’s revenue for the quarter was up 14.9% compared to the same quarter last year. Equities analysts expect that Maplebear Inc. will post 1.17 earnings per share for the current fiscal year.

Insider Activity

In other news, CAO Alan Ramsay sold 2,486 shares of the company’s stock in a transaction dated Friday, September 20th. The shares were 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 represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CAO Alan Ramsay sold 2,486 shares of Maplebear stock in a transaction that occurred on Friday, September 20th. The stock was 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 directly owns 99,225 shares in the company, valued at $4,106,922.75. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Fidji Simo sold 33,000 shares of the company’s stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $35.27, for a total transaction of $1,163,910.00. Following the completion of the transaction, the chief executive officer now owns 1,844,778 shares in the company, valued at approximately $65,065,320.06. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 89,457 shares of company stock worth $3,573,142. 36.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Maplebear

Several institutional investors have recently bought and sold shares of CART. Sculptor Capital LP acquired a new stake in Maplebear in the 2nd quarter valued at $77,361,000. Federated Hermes Inc. increased its stake in 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 buying an additional 876,439 shares during the period. Industry Ventures L.L.C. increased its position in shares of Maplebear by 3.3% during the second quarter. Industry Ventures L.L.C. now owns 980,458 shares of the company’s stock worth $31,512,000 after acquiring an additional 31,175 shares during the last quarter. SG Americas Securities LLC acquired 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 position in Maplebear during the first quarter worth $28,674,000. 63.09% of the stock is currently owned by hedge funds and other institutional investors.

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.