Brokerages Set Maplebear Inc. (NASDAQ:CART) Price Target at $42.70

Maplebear Inc. (NASDAQ:CART) has been assigned a consensus rating of “Moderate Buy” from the twenty-five ratings firms that are presently covering the company, Marketbeat Ratings reports. Eleven analysts have rated the stock with a hold recommendation and fourteen have assigned a buy recommendation to the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $42.81.

Several brokerages recently issued reports on CART. Wolfe Research started coverage on Maplebear in a research report on Tuesday, July 16th. They issued a “peer perform” rating for the company. Piper Sandler increased their price objective on shares of Maplebear from $47.00 to $50.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 7th. Needham & Company LLC reaffirmed a “hold” rating on shares of Maplebear in a research report on Wednesday, August 7th. Gordon Haskett raised shares of Maplebear from a “hold” rating to a “buy” rating and upped their target price for the stock from $37.00 to $45.00 in a research note on Wednesday, June 5th. Finally, KeyCorp started coverage on Maplebear in a research note on Thursday, July 11th. They issued a “sector weight” rating on the stock.

Insider Activity

In other news, CEO Fidji Simo sold 33,000 shares of Maplebear stock in a transaction that occurred on Wednesday, August 28th. The stock was 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 directly owns 1,844,778 shares in the company, valued at approximately $65,065,320.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, General Counsel Morgan Fong sold 9,228 shares of the company’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $33.86, for a total value of $312,460.08. Following the transaction, the general counsel now owns 381,841 shares in the company, valued at approximately $12,929,136.26. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Fidji Simo sold 33,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $35.27, for a total transaction of $1,163,910.00. Following the sale, the chief executive officer now owns 1,844,778 shares of the company’s stock, valued at $65,065,320.06. The disclosure for this sale can be found here. Insiders sold a total of 66,110 shares of company stock valued at $2,292,923 over the last three months. Insiders own 36.00% of the company’s stock.

Hedge Funds Weigh In On Maplebear

A number of large investors have recently made changes to their positions in CART. New York State Common Retirement Fund bought a new position in Maplebear during the 4th quarter worth $293,000. Victory Capital Management Inc. bought a new position in Maplebear during the fourth quarter worth about $440,000. Amalgamated Bank acquired a new stake in Maplebear in the 4th quarter worth about $94,000. EFG Asset Management North America Corp. boosted its holdings in Maplebear by 186.1% in the 4th quarter. EFG Asset Management North America Corp. now owns 25,935 shares of the company’s stock valued at $608,000 after purchasing an additional 16,869 shares during the period. Finally, Norges Bank acquired a new position in shares of Maplebear during the 4th quarter worth approximately $78,674,000. Institutional investors own 63.09% of the company’s stock.

Maplebear Trading Up 0.3 %

CART opened at $35.32 on Thursday. Maplebear has a twelve month low of $22.13 and a twelve month high of $42.95. The firm’s fifty day moving average is $34.08 and its two-hundred day moving average is $34.39.

Maplebear (NASDAQ:CART) last issued 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. 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 for the quarter, compared to the consensus estimate of $806.35 million. The company’s revenue was up 14.9% compared to the same quarter last year. As a group, equities analysts expect that Maplebear will post 1.12 earnings per share for the current year.

About Maplebear

Maplebear Inc, doing business as Instacart, provides online grocery shopping services to households in North America. It sells and delivers grocery products. The company offers its services through a mobile application and website. It also provides software-as-a-service solutions to retailers. The company was incorporated in 2012 and is based in San Francisco, California.