Maplebear (NASDAQ:CART) Reaches New 12-Month High – What’s Next?

Maplebear Inc. (NASDAQ:CART)’s stock price reached a new 52-week high during trading on Wednesday . The company traded as high as $52.05 and last traded at $51.51, with a volume of 2679955 shares. The stock had previously closed at $51.78.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on CART. Wall Street Zen cut Maplebear from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. JPMorgan Chase & Co. upped their target price on Maplebear from $55.00 to $62.00 and gave the company an “overweight” rating in a research report on Friday, August 7th. Wedbush assumed coverage on Maplebear in a report on Thursday, July 16th. They set an “outperform” rating and a $59.00 target price on the stock. Citigroup boosted their price target on Maplebear from $50.00 to $58.00 and gave the company a “buy” rating in a research note on Monday, August 10th. Finally, Benchmark increased their price objective on shares of Maplebear from $55.00 to $63.00 and gave the stock a “buy” rating in a research note on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $55.90.

Maplebear Stock Down 0.5%

The firm has a 50 day simple moving average of $46.95 and a two-hundred day simple moving average of $41.91. The stock has a market capitalization of $11.92 billion, a P/E ratio of 28.15, a PEG ratio of 0.76 and a beta of 0.78.

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

Insiders Place Their Bets

In related news, Director Ravi Gupta sold 150,000 shares of the firm’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $50.61, for a total value of $7,591,500.00. Following the sale, the director directly owned 591,523 shares of the company’s stock, valued at $29,936,979.03. This trade represents a 20.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 24.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. PenderFund Capital Management Ltd. acquired a new stake in shares of Maplebear in the 4th quarter valued at approximately $27,000. Pinnacle Bancorp Inc. acquired a new position in Maplebear during the 1st quarter worth approximately $25,000. Allworth Financial LP lifted its stake in Maplebear by 35.7% in the 3rd quarter. Allworth Financial LP now owns 928 shares of the company’s stock valued at $34,000 after purchasing an additional 244 shares during the last quarter. IFP Advisors Inc lifted its stake in Maplebear by 761.3% in the 4th quarter. IFP Advisors Inc now owns 956 shares of the company’s stock valued at $43,000 after purchasing an additional 845 shares during the last quarter. Finally, Sunbelt Securities Inc. boosted its position in Maplebear by 212.7% in the third quarter. Sunbelt Securities Inc. now owns 1,157 shares of the company’s stock valued at $43,000 after buying an additional 787 shares in the last quarter. Institutional investors own 63.09% of the company’s stock.

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.