Maplebear (NASDAQ:CART) Reaches New 52-Week High - Time to Buy?

Key Points

• Maplebear’s stock reached a new 52-week high, trading as high as $52.05 and last changing hands at $51.51. The company has an $11.92 billion market capitalization and trades above both 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. Recent targets range from $54 to $65, including upgrades from Citigroup, JPMorgan, BNP Paribas Exane and Oppenheimer.
• Maplebear’s latest quarterly revenue rose 14.1% year over year to $1.04 billion, slightly exceeding estimates, but earnings per share of $0.45 missed the $0.54 consensus. Director Ravi Gupta also sold 181,000 shares, while insiders own 24% and institutions hold 63.09% of the stock.

Maplebear Inc. (NASDAQ:CART - Get Free Report)'s stock price reached a new 52-week high on Wednesday . The stock traded as high as $52.05 and last traded at $51.51, with a volume of 2679955 shares. The stock had previously closed at $51.78.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Citigroup increased their price objective on Maplebear from $50.00 to $58.00 and gave the company a "buy" rating in a report on Monday, August 10th. Wells Fargo & Company boosted their target price on shares of Maplebear from $47.00 to $54.00 and gave the stock an "equal weight" rating in a report on Friday, August 7th. JPMorgan Chase & Co. upped their price target on shares of Maplebear from $55.00 to $62.00 and gave the stock an "overweight" rating in a research report on Friday, August 7th. BNP Paribas Exane upgraded shares of Maplebear from an "underperform" rating to a "neutral" rating and set a $56.00 price target for the company in a research note on Friday, August 7th. Finally, Oppenheimer lifted their price objective on shares of Maplebear from $60.00 to $65.00 and gave the company an "outperform" rating in a research report on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and eight have given a Hold rating to the company. According to MarketBeat, Maplebear presently has an average rating of "Moderate Buy" and a consensus price target of $55.90.

Maplebear Price Performance

The stock has a 50-day moving average price of $46.95 and a 200-day moving average price of $41.91. The company has a market capitalization of $11.92 billion, a price-to-earnings ratio of 28.15, a PEG ratio of 0.76 and a beta of 0.78.

Maplebear (NASDAQ:CART - Get Free Report) last posted its earnings results on Thursday, August 6th. The company reported $0.45 earnings per share for the quarter, missing analysts' consensus estimates 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 analyst estimates of $1.03 billion. During the same period in the previous year, the firm posted $0.41 earnings per share. The firm's revenue was up 14.1% compared to the same quarter last year. Equities analysts forecast that Maplebear Inc. will post 2.33 earnings per share for the current year.

Insider Buying and Selling

In other Maplebear news, Director Ravi Gupta sold 181,000 shares of the company's stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $41.51, for a total value of $7,513,310.00. Following the transaction, the director directly owned 741,523 shares in the company, valued at $30,780,619.73. The trade was a 19.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 24.00% of the stock is currently owned by company insiders.

Institutional Trading of Maplebear

Several hedge funds and other institutional investors have recently modified their holdings of the stock. PenderFund Capital Management Ltd. acquired a new stake in Maplebear during the 4th quarter worth approximately $27,000. Pinnacle Bancorp Inc. acquired a new position in Maplebear in the 1st quarter valued at $25,000. Allworth Financial LP grew its holdings in Maplebear by 35.7% in the 3rd quarter. Allworth Financial LP now owns 928 shares of the company's stock valued at $34,000 after buying an additional 244 shares in the last quarter. IFP Advisors Inc increased its position in Maplebear by 761.3% during the 4th quarter. IFP Advisors Inc now owns 956 shares of the company's stock worth $43,000 after buying an additional 845 shares during the period. Finally, Sunbelt Securities Inc. increased its position in Maplebear by 212.7% during the 3rd quarter. Sunbelt Securities Inc. now owns 1,157 shares of the company's stock worth $43,000 after buying an additional 787 shares during the period. Institutional investors own 63.09% of the company's stock.

About Maplebear

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.

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