Maplebear (NASDAQ:CART) Reaches New 1-Year High – Time to Buy?

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

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on CART. Robert W. Baird boosted their price target on shares of Maplebear from $44.00 to $51.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. Morgan Stanley boosted their price target on shares of Maplebear from $41.00 to $44.00 and gave the stock an “equal weight” rating in a report on Monday, January 13th. Bank of America boosted their price target on shares of Maplebear from $50.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday, November 13th. BMO Capital Markets boosted their price target on shares of Maplebear from $39.00 to $48.00 and gave the stock a “market perform” rating in a report on Wednesday, November 13th. Finally, Macquarie boosted their price target on shares of Maplebear from $50.00 to $52.00 and gave the stock an “outperform” rating in a report on Thursday, November 14th. Thirteen equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $48.96.

Maplebear Trading Down 0.5 %

The stock’s fifty day moving average is $44.96 and its two-hundred day moving average is $41.46. The firm has a market cap of $12.84 billion, a P/E ratio of 33.55, a price-to-earnings-growth ratio of 1.09 and a beta of 1.07.

Maplebear (NASDAQ:CART) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.20. Maplebear had a net margin of 13.37% and a return on equity of 13.78%. The company had revenue of $852.00 million during the quarter, compared to analysts’ expectations of $844.03 million. During the same quarter in the prior year, the company earned ($20.86) EPS. The firm’s revenue was up 11.5% on a year-over-year basis. On average, analysts forecast that Maplebear Inc. will post 1.43 EPS for the current year.

Insider Activity

In other news, CAO Alan Ramsay sold 2,247 shares of the company’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $41.06, for a total value of $92,261.82. Following the completion of the sale, the chief accounting officer now owns 89,982 shares of the company’s stock, valued at approximately $3,694,660.92. This represents a 2.44 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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 transaction of $886,855.00. Following the sale, the chief executive officer now directly owns 1,771,993 shares of the company’s stock, valued at $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 90 days, insiders sold 50,555 shares of company stock valued at $2,164,787. Corporate insiders own 36.00% of the company’s stock.

Institutional Investors Weigh In On Maplebear

Several institutional investors have recently added to or reduced their stakes in the company. First Trust Advisors LP boosted its position in Maplebear by 110.9% during the 4th quarter. First Trust Advisors LP now owns 303,914 shares of the company’s stock valued at $12,588,000 after buying an additional 159,829 shares during the period. Canada Pension Plan Investment Board lifted its position in shares of Maplebear by 82.6% in the 4th quarter. Canada Pension Plan Investment Board now owns 243,800 shares of the company’s stock worth $10,098,000 after purchasing an additional 110,300 shares during the period. Zacks Investment Management lifted its position in shares of Maplebear by 8.2% in the 4th quarter. Zacks Investment Management now owns 128,863 shares of the company’s stock worth $5,338,000 after purchasing an additional 9,748 shares during the period. Marshall Wace LLP lifted its position in shares of Maplebear by 199.2% in the 4th quarter. Marshall Wace LLP now owns 1,758,380 shares of the company’s stock worth $72,832,000 after purchasing an additional 1,170,634 shares during the period. Finally, NewEdge Advisors LLC lifted its position in shares of Maplebear by 277.9% in the 4th quarter. NewEdge Advisors LLC now owns 975 shares of the company’s stock worth $40,000 after purchasing an additional 717 shares during the period. Hedge funds and other institutional investors 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.