Maplebear Inc. (NASDAQ:CART) Receives $38.79 Consensus Price Target from Brokerages

Shares of Maplebear Inc. (NASDAQ:CART) have been given an average recommendation of “Moderate Buy” by the twenty-three brokerages that are presently covering the company, Marketbeat Ratings reports. Ten analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $39.42.

A number of brokerages recently weighed in on CART. Barclays boosted their price target on shares of Maplebear from $40.00 to $41.00 and gave the stock an “overweight” rating in a report on Wednesday, February 14th. Needham & Company LLC restated a “hold” rating on shares of Maplebear in a research note on Tuesday. Sanford C. Bernstein upgraded Maplebear from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $30.00 to $43.00 in a research note on Thursday, March 14th. Loop Capital started coverage on Maplebear in a research report on Friday, April 19th. They issued a “buy” rating and a $46.00 target price for the company. Finally, Benchmark reaffirmed a “hold” rating on shares of Maplebear in a research report on Tuesday.

Maplebear Trading Up 2.7 %

NASDAQ:CART opened at $37.52 on Friday. Maplebear has a 52 week low of $22.13 and a 52 week high of $42.95. The firm has a 50-day moving average price of $35.93 and a two-hundred day moving average price of $29.00.

Maplebear (NASDAQ:CART) last issued its quarterly earnings results on Tuesday, February 13th. The company reported $0.44 EPS for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.52. The business had revenue of $803.00 million for the quarter, compared to analysts’ expectations of $804.62 million. The firm’s revenue for the quarter was up 6.1% compared to the same quarter last year. Equities analysts forecast that Maplebear will post 0.53 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Jeffrey D. Jordan sold 760,479 shares of the business’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $26.01, for a total transaction of $19,780,058.79. Following the completion of the transaction, the director now owns 20,783 shares of the company’s stock, valued at $540,565.83. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, major shareholder Us (Ttgp) Ltd. Sc acquired 438,361 shares of the stock in a transaction on Thursday, February 22nd. The stock was purchased at an average price of $29.69 per share, for a total transaction of $13,014,938.09. Following the completion of the transaction, the insider now owns 2,012,859 shares of the company’s stock, valued at approximately $59,761,783.71. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Jeffrey D. Jordan sold 760,479 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $26.01, for a total transaction of $19,780,058.79. Following the completion of the transaction, the director now owns 20,783 shares in the company, valued at approximately $540,565.83. The disclosure for this sale can be found here. In the last ninety days, insiders have acquired 2,157,745 shares of company stock worth $61,771,955 and have sold 1,055,899 shares worth $30,422,265. 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 CART. Renaissance Capital LLC increased its position in shares of Maplebear by 4.3% in the first quarter. Renaissance Capital LLC now owns 14,692 shares of the company’s stock valued at $548,000 after acquiring an additional 607 shares during the period. Parallel Advisors LLC grew its stake in shares of Maplebear by 139.3% in the fourth quarter. Parallel Advisors LLC now owns 1,065 shares of the company’s stock worth $25,000 after purchasing an additional 620 shares during the last quarter. Signaturefd LLC purchased a new position in Maplebear during the 3rd quarter valued at about $30,000. Cantor Fitzgerald L. P. raised its position in Maplebear by 389.5% during the 4th quarter. Cantor Fitzgerald L. P. now owns 1,850 shares of the company’s stock valued at $43,000 after purchasing an additional 2,489 shares during the last quarter. Finally, Kapitalo Investimentos Ltda purchased a new stake in Maplebear in the 4th quarter worth approximately $69,000. Hedge funds and other institutional investors own 63.09% of the company’s stock.

About Maplebear

Maplebear Inc, doing business as Instacart, provides online grocery shopping services to households in North America. It sells and delivers grocery products. The company offers its services through a mobile application and website. It also provides software-as-a-service solutions to retailers. The company was incorporated in 2012 and is based in San Francisco, California.