Maplebear Inc. (NASDAQ:CART) Stock Has Average Target Price of $59.12

Key Points

• Analyst sentiment is mostly neutral: Twenty-one firms give Maplebear an average “Hold” rating (14 holds, 7 buys), with an average 12-month price target of $59.12.
• Latest results were mixed: Quarterly EPS of $0.60 missed the $0.63 consensus, while revenue of $1.09 billion topped estimates and grew 16.6% year over year.
• Shares recently traded at $58.87, near the $59.12 average target. Insiders sold about 309,928 shares worth $16.1 million over the past 90 days.

Maplebear Inc. (NASDAQ:CART - Get Free Report) has received an average rating of "Hold" from the twenty-one research firms that are currently covering the stock, Marketbeat Ratings reports. Fourteen equities research analysts have rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $59.12.

A number of research firms have recently issued reports on CART. Robert W. Baird lowered Maplebear from a "strong-buy" rating to a "hold" rating in a research note on Thursday, October 29th. BNP Paribas Exane upgraded Maplebear from an "underperform" rating to a "neutral" rating and set a $56.00 target price for the company in a research note on Friday, August 7th. Cantor Fitzgerald lowered Maplebear from an "overweight" rating to a "hold" rating and upped their target price for the company from $63.00 to $65.00 in a research report on Friday, October 30th. Jefferies Financial Group lowered shares of Maplebear from a "strong-buy" rating to a "hold" rating in a report on Friday, October 30th. Finally, Citizens Jmp downgraded Maplebear from a "market outperform" rating to a "hold" rating in a report on Friday, October 30th.

Maplebear Stock Performance

Shares of NASDAQ:CART traded up $0.39 during trading on Friday, reaching $58.87. 2,552,054 shares of the stock were exchanged, compared to its average volume of 8,346,106. The firm has a market cap of $13.93 billion, a price-to-earnings ratio of 30.66, a price-to-earnings-growth ratio of 1.16 and a beta of 0.69. Maplebear has a 12-month low of $32.73 and a 12-month high of $62.00. The firm's 50-day moving average price is $50.55 and its 200 day moving average price is $44.25.

Maplebear (NASDAQ:CART - Get Free Report) last posted its earnings results on Thursday, October 29th. The company reported $0.60 earnings per share for the quarter, missing the consensus estimate of $0.63 by ($0.03). The business had revenue of $1.09 billion for the quarter, compared to analyst estimates of $1.07 billion. Maplebear had a net margin of 11.59% and a return on equity of 22.14%. The business's revenue was up 16.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.42 EPS. As a group, equities research analysts forecast that Maplebear will post 2.28 EPS for the current year.

Insider Buying and Selling at Maplebear

In other news, Director Ravi Gupta sold 150,000 shares of Maplebear stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $50.61, for a total transaction of $7,591,500.00. Following the sale, the director owned 591,523 shares of the company's stock, valued at approximately $29,936,979.03. The trade was a 20.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Lisa Blackwood-Kapral sold 3,017 shares of the business's stock in a transaction that occurred on Tuesday, September 15th. The stock was sold at an average price of $47.08, for a total value of $142,040.36. Following the transaction, the chief accounting officer owned 37,715 shares of the company's stock, valued at approximately $1,775,622.20. This represents a 7.41% 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. Over the last ninety days, insiders have sold 309,928 shares of company stock worth $16,121,073. 24.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of CART. Beacon Pointe Advisors LLC acquired a new stake in Maplebear during the second quarter valued at $9,006,000. Bank of America Corp DE lifted its holdings in shares of Maplebear by 16.5% during the 1st quarter. Bank of America Corp DE now owns 1,562,097 shares of the company's stock valued at $58,516,000 after buying an additional 221,036 shares during the last quarter. The Manufacturers Life Insurance Company acquired a new stake in shares of Maplebear during the 2nd quarter valued at about $6,117,000. Bank of New York Mellon Corp bought a new stake in shares of Maplebear in the 2nd quarter valued at approximately $45,239,000. Finally, Empowered Funds LLC bought a new stake in shares of Maplebear in the 2nd quarter valued at approximately $4,676,000. 63.09% of the stock is owned by institutional investors and hedge funds.

Maplebear Company Profile

Maplebear Inc., which operates as Instacart, provides an online grocery and retail marketplace in the United States and Canada. Its platform connects customers with local grocery stores and other retailers, enabling them to order products for delivery or pickup. In addition to its consumer app and website, Instacart offers retailers technology and services for online ordering, fulfillment and digital advertising. The company was founded in 2012 and is led by CEO Fidji Simo.

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