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

Maplebear Inc. (NASDAQ:CART) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $50.91 and last traded at $50.09, with a volume of 525058 shares trading hands. The stock had previously closed at $49.69.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CART. BMO Capital Markets raised their price objective on Maplebear from $39.00 to $48.00 and gave the stock a “market perform” rating in a report on Wednesday, November 13th. JPMorgan Chase & Co. raised their price target on Maplebear from $47.00 to $52.00 and gave the stock 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 objective for the company in a research note on Monday, January 13th. Morgan Stanley raised their target price on shares of Maplebear from $41.00 to $44.00 and gave the stock an “equal weight” rating in a research report on Monday, January 13th. Finally, Wells Fargo & Company initiated coverage on shares of Maplebear in a research report on Friday, January 10th. They issued an “equal weight” rating and a $47.00 price target for the company. Thirteen equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $48.96.

Maplebear Trading Up 0.4 %

The firm has a 50 day moving average of $44.87 and a two-hundred day moving average of $41.40. The stock has a market capitalization of $12.82 billion, a PE ratio of 33.41, a P/E/G ratio of 1.09 and a beta of 1.07.

Maplebear (NASDAQ:CART) last released its quarterly earnings results on Tuesday, November 12th. The company reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.20. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. The business had revenue of $852.00 million during the quarter, compared to the consensus estimate of $844.03 million. During the same quarter in the previous year, the company posted ($20.86) EPS. The business’s revenue was up 11.5% on a year-over-year basis. Equities research analysts forecast that Maplebear Inc. will post 1.43 EPS for the current year.

Insider Buying and Selling at Maplebear

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

Hedge Funds Weigh In On Maplebear

A number of institutional investors have recently modified their holdings of CART. Jones Financial Companies Lllp boosted its position in Maplebear by 46.6% during the fourth quarter. Jones Financial Companies Lllp now owns 698 shares of the company’s stock worth $29,000 after acquiring an additional 222 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new position in shares of Maplebear during the 3rd quarter worth $33,000. Allworth Financial LP lifted its stake in shares of Maplebear by 101.4% during the 4th quarter. Allworth Financial LP now owns 834 shares of the company’s stock worth $37,000 after purchasing an additional 420 shares during the period. Huntington National Bank acquired a new stake in shares of Maplebear during the third quarter worth $54,000. Finally, Cullen Frost Bankers Inc. purchased a new stake in shares of Maplebear in the fourth quarter valued at $62,000. Institutional investors and hedge funds own 63.09% of the company’s stock.

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.