Maplebear Inc. (NASDAQ:CART) Stock Has Consensus Target Price of $58.24 According to Brokerages

Key Points

• Analysts maintain a moderately bullish outlook on Maplebear, with 14 buys and six holds among 20 analysts. The consensus 12-month price target is $58.24, above the stock’s reported opening price of $49.91.
• Maplebear’s latest quarterly revenue rose 14.1% year over year to $1.04 billion, slightly exceeding expectations, but adjusted earnings of $0.45 per share missed the $0.54 consensus estimate.
• Insiders sold approximately $9.63 million of stock over the past 90 days, while institutional investors own 63.09% of the company. The stock was trading near its one-year high of $52.68.

Shares of Maplebear Inc. (NASDAQ:CART - Get Free Report) have earned a consensus recommendation of "Moderate Buy" from the twenty analysts that are presently covering the stock, Marketbeat Ratings reports. Six analysts have rated the stock with a hold recommendation and fourteen have issued a buy recommendation on the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $58.24.

CART has been the topic of several recent research reports. Wedbush initiated coverage on shares of Maplebear in a research report on Thursday, July 16th. They set an "outperform" rating and a $59.00 price target on the stock. BNP Paribas Exane upgraded shares of Maplebear from an "underperform" rating to a "neutral" rating and set a $56.00 price objective for the company in a research report on Friday, August 7th. Wall Street Zen cut shares of Maplebear from a "buy" rating to a "hold" rating in a research report on Saturday, August 8th. Cantor Fitzgerald lifted their target price on shares of Maplebear from $56.00 to $63.00 and gave the stock an "overweight" rating in a research note on Friday, August 7th. Finally, Weiss Ratings raised shares of Maplebear from a "hold (c)" rating to a "hold (c+)" rating in a research note on Thursday.

Maplebear Stock Performance

Shares of Maplebear stock opened at $49.91 on Tuesday. The business's 50 day moving average price is $47.95 and its 200 day moving average price is $44.86. The company has a market cap of $11.55 billion, a price-to-earnings ratio of 27.27, a PEG ratio of 0.97 and a beta of 0.87. Maplebear has a one year low of $32.73 and a one year high of $52.68.

Maplebear (NASDAQ:CART - Get Free Report) last issued its 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 company had revenue of $1.04 billion during the quarter, compared to analysts' expectations of $1.03 billion. During the same quarter in the previous year, the company earned $0.41 earnings per share. The firm's quarterly revenue was up 14.1% compared to the same quarter last year. On average, analysts predict that Maplebear will post 2.33 EPS for the current fiscal year.

Insider Activity

In other news, CAO Lisa Blackwood-Kapral sold 3,016 shares of Maplebear stock in a transaction that occurred on Thursday, October 15th. The shares were sold at an average price of $49.58, for a total transaction of $149,533.28. Following the sale, the chief accounting officer owned 34,699 shares of the company's stock, valued at approximately $1,720,376.42. The trade was a 8.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ravi Gupta sold 150,000 shares of the company's stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $50.61, for a total value of $7,591,500.00. Following the completion of the transaction, the director owned 591,523 shares in the company, valued at $29,936,979.03. This represents a 20.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 192,813 shares of company stock valued at $9,629,020 in the last 90 days. Company insiders own 24.00% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Michael J. Porro & Co. Financial Advisors Inc. purchased a new stake in Maplebear in the third quarter valued at $271,000. NFSG Corp acquired a new position in shares of Maplebear in the 3rd quarter valued at $26,000. Loftus Peak Pty Ltd lifted its stake in shares of Maplebear by 7.7% in the 3rd quarter. Loftus Peak Pty Ltd now owns 390,084 shares of the company's stock valued at $16,820,000 after purchasing an additional 27,817 shares during the last quarter. Wedmont Private Capital grew its holdings in shares of Maplebear by 4.3% during the 3rd quarter. Wedmont Private Capital now owns 7,026 shares of the company's stock worth $325,000 after purchasing an additional 290 shares during the period. Finally, GAMMA Investing LLC grew its holdings in shares of Maplebear by 11.3% during the 3rd quarter. GAMMA Investing LLC now owns 4,783 shares of the company's stock worth $206,000 after purchasing an additional 486 shares during the period. 63.09% of the stock is currently owned by hedge funds and other institutional investors.

About Maplebear

Maplebear Inc, doing business as Instacart, operates a technology-enabled grocery marketplace that connects consumers with retailers and personal shoppers. Through its website and mobile applications, customers can order groceries and other household products for delivery or pickup from participating supermarkets, specialty food stores, convenience retailers and other merchants.

The company also provides retailers with e-commerce, fulfillment and advertising solutions. Its platform supports online storefronts, order management, delivery logistics, customer engagement and data-driven marketing, allowing retail partners to offer digital shopping services and reach consumers through Instacart's marketplace.

Founded in 2012, Maplebear serves customers across the United States and Canada.

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