Maplebear (NASDAQ:CART) Sets New 52-Week High – Here’s What Happened

Maplebear Inc. (NASDAQ:CART)’s share price reached a new 52-week high during trading on Tuesday . The company traded as high as $51.94 and last traded at $50.28, with a volume of 7673 shares trading hands. The stock had previously closed at $50.97.

Analyst Ratings Changes

CART has been the subject of a number of research analyst reports. BMO Capital Markets increased their price target on Maplebear from $39.00 to $48.00 and gave the company a “market perform” rating in a research note on Wednesday, November 13th. Macquarie increased their price target on Maplebear from $50.00 to $52.00 and gave the company an “outperform” rating in a research note on Thursday, November 14th. Barclays increased their price target on Maplebear from $48.00 to $56.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Needham & Company LLC upgraded Maplebear from a “hold” rating to a “buy” rating and set a $56.00 price target for the company in a research note on Monday, January 13th. Finally, Wells Fargo & Company assumed coverage on Maplebear in a research note on Friday, January 10th. They issued an “equal weight” rating and a $47.00 price target for the company. Thirteen research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $48.96.

Maplebear Trading Down 2.6 %

The stock has a market cap of $12.76 billion, a PE ratio of 33.31, a P/E/G ratio of 1.09 and a beta of 1.07. The company has a fifty day moving average of $45.39 and a 200-day moving average of $41.86.

Insider Buying and Selling

In other news, CEO Fidji Simo sold 20,750 shares of the company’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $42.74, for a total transaction of $886,855.00. Following the completion of the transaction, the chief executive officer now directly owns 1,771,993 shares of the company’s stock, valued at approximately $75,734,980.82. This represents a 1.16 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Alan Ramsay sold 2,314 shares of the company’s stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $46.28, for a total value of $107,091.92. Following the transaction, the chief accounting officer now directly owns 85,421 shares of the company’s stock, valued at approximately $3,953,283.88. This represents a 2.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 50,555 shares of company stock valued at $2,164,787 in the last three months. 36.00% of the stock is owned by corporate insiders.

Institutional Trading of Maplebear

Several institutional investors and hedge funds have recently made changes to their positions in CART. Jones Financial Companies Lllp raised its stake in Maplebear by 46.6% during the 4th quarter. Jones Financial Companies Lllp now owns 698 shares of the company’s stock valued at $29,000 after acquiring an additional 222 shares during the last quarter. CIBC Asset Management Inc raised its stake in Maplebear by 3.7% during the 3rd quarter. CIBC Asset Management Inc now owns 8,114 shares of the company’s stock valued at $331,000 after acquiring an additional 286 shares during the last quarter. Allworth Financial LP boosted its position in Maplebear by 101.4% during the fourth quarter. Allworth Financial LP now owns 834 shares of the company’s stock worth $37,000 after purchasing an additional 420 shares in the last quarter. Coldstream Capital Management Inc. boosted its position in Maplebear by 1.6% during the third quarter. Coldstream Capital Management Inc. now owns 31,745 shares of the company’s stock worth $1,294,000 after purchasing an additional 490 shares in the last quarter. Finally, State of Wyoming boosted its position in Maplebear by 6.6% during the fourth quarter. State of Wyoming now owns 8,628 shares of the company’s stock worth $357,000 after purchasing an additional 534 shares in the last quarter. 63.09% of the stock is 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.