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

Maplebear Inc. (NASDAQ:CART) has earned an average rating of “Moderate Buy” from the twenty-five research firms that are currently covering the firm, MarketBeat Ratings reports. Two analysts have rated the stock with a sell recommendation, nine have assigned a hold recommendation, thirteen have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $51.0909.

Several equities analysts have recently commented on CART shares. Citizens Jmp reaffirmed a “market outperform” rating and set a $60.00 target price on shares of Maplebear in a report on Monday. Argus raised Maplebear to a “strong-buy” rating in a report on Thursday, March 5th. Wall Street Zen lowered Maplebear from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Wells Fargo & Company upped their target price on Maplebear from $45.00 to $47.00 and gave the company an “equal weight” rating in a report on Thursday, May 7th. Finally, Raymond James Financial raised Maplebear from a “hold” rating to a “moderate buy” rating in a report on Thursday, April 9th.

Maplebear Trading Up 4.8%

NASDAQ:CART opened at $44.21 on Wednesday. The firm has a market capitalization of $10.39 billion, a PE ratio of 24.70, a price-to-earnings-growth ratio of 0.58 and a beta of 0.88. The stock has a 50 day moving average of $41.16 and a 200-day moving average of $40.28. Maplebear has a 52 week low of $32.73 and a 52 week high of $53.50.

Maplebear (NASDAQ:CART) last posted its earnings results on Wednesday, May 6th. The company reported $0.57 EPS for the quarter, missing the consensus estimate of $0.58 by ($0.01). The company had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $1.01 billion. Maplebear had a net margin of 12.50% and a return on equity of 18.67%. The firm’s revenue for the quarter was up 13.6% compared to the same quarter last year. During the same period last year, the company posted $0.37 earnings per share. As a group, analysts predict that Maplebear will post 2.45 EPS for the current fiscal year.

Insider Activity at Maplebear

In other news, Director Ravi Gupta sold 181,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $41.51, for a total transaction of $7,513,310.00. Following the completion of the transaction, the director directly owned 741,523 shares of the company’s stock, valued at approximately $30,780,619.73. This represents a 19.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Lisa Blackwood-Kapral sold 9,390 shares of the business’s stock in a transaction that occurred on Wednesday, April 15th. The stock was sold at an average price of $40.25, for a total value of $377,947.50. Following the transaction, the chief accounting officer owned 58,971 shares of the company’s stock, valued at approximately $2,373,582.75. This represents a 13.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 24.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Maplebear

Several hedge funds and other institutional investors have recently made changes to their positions in CART. Royal Bank of Canada boosted its position in shares of Maplebear by 51.2% during the first quarter. Royal Bank of Canada now owns 131,789 shares of the company’s stock worth $5,256,000 after buying an additional 44,642 shares during the period. NewEdge Advisors LLC boosted its position in shares of Maplebear by 71.6% during the first quarter. NewEdge Advisors LLC now owns 1,673 shares of the company’s stock worth $67,000 after buying an additional 698 shares during the period. Jones Financial Companies Lllp boosted its position in shares of Maplebear by 358.5% during the first quarter. Jones Financial Companies Lllp now owns 3,200 shares of the company’s stock worth $128,000 after buying an additional 2,502 shares during the period. Goldman Sachs Group Inc. boosted its position in shares of Maplebear by 17.4% during the first quarter. Goldman Sachs Group Inc. now owns 390,711 shares of the company’s stock worth $15,585,000 after buying an additional 57,879 shares during the period. Finally, Empowered Funds LLC acquired a new position in shares of Maplebear during the first quarter worth approximately $268,000. 63.09% of the stock is currently owned by institutional investors and hedge funds.

About Maplebear

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.