Maplebear (NASDAQ:CART) Sets New 1-Year High - Here's Why

Key Points

• Maplebear shares reached a new 52-week high of $51.45, closing around $51.36 and gaining 1.7%. The stock is trading above its 50-day and 200-day moving averages.
• Analysts remain broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $55.90. Cantor Fitzgerald, Citigroup and Wells Fargo recently raised their targets.
• Quarterly revenue rose 14.1% year over year to $1.04 billion, slightly exceeding forecasts, although earnings per share of $0.45 missed the $0.54 consensus estimate. Institutional ownership stands at 63.09%, boosted by new positions from BlackRock and Viking Global Investors.

Maplebear Inc. (NASDAQ:CART - Get Free Report)'s stock price hit a new 52-week high on Thursday . The company traded as high as $51.45 and last traded at $51.3560, with a volume of 727059 shares traded. The stock had previously closed at $50.67.

Analysts Set New Price Targets

CART has been the topic of a number of research analyst reports. Cantor Fitzgerald increased their price objective on shares of Maplebear from $56.00 to $63.00 and gave the company an "overweight" rating in a research report on Friday, August 7th. Citigroup boosted their target price on shares of Maplebear from $50.00 to $58.00 and gave the company a "buy" rating in a research note on Monday, August 10th. Weiss Ratings restated a "hold (c)" rating on shares of Maplebear in a research note on Friday, August 7th. Wall Street Zen lowered Maplebear from a "buy" rating to a "hold" rating in a report on Saturday, August 8th. Finally, Wells Fargo & Company upped their price objective on Maplebear from $47.00 to $54.00 and gave the company an "equal weight" rating in a research report on Friday, August 7th. One 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 company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $55.90.

Maplebear Stock Up 1.7%

The firm has a market capitalization of $11.93 billion, a PE ratio of 28.16, a PEG ratio of 0.72 and a beta of 0.78. The stock's fifty day simple moving average is $46.26 and its 200 day simple moving average is $41.51.

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

Insider Transactions at Maplebear

In other Maplebear news, Director Ravi Gupta sold 181,000 shares of the company's stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $41.51, for a total value of $7,513,310.00. Following the completion of the sale, the director owned 741,523 shares in the company, valued at $30,780,619.73. This represents a 19.62% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 24.00% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in CART. BlackRock Inc. bought a new stake in Maplebear during the 2nd quarter worth approximately $750,477,000. Viking Global Investors LP purchased a new stake in shares of Maplebear in the second quarter worth $169,782,000. Marshall Wace LLP bought a new stake in shares of Maplebear during the 4th quarter valued at $126,206,000. Norges Bank purchased a new position in shares of Maplebear during the 4th quarter valued at $97,221,000. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Maplebear by 114.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,792,673 shares of the company's stock valued at $170,594,000 after buying an additional 2,026,567 shares in the last quarter. 63.09% of the stock is currently owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source