Maplebear (NASDAQ:CART) Sets New 12-Month High – Here’s What Happened

Maplebear Inc. (NASDAQ:CART) hit a new 52-week high during trading on Tuesday . The stock traded as high as $45.13 and last traded at $44.73, with a volume of 2054326 shares. The stock had previously closed at $42.93.

Analyst Ratings Changes

CART has been the topic of several research reports. KeyCorp began coverage on shares of Maplebear in a research report on Thursday, July 11th. They set a “sector weight” rating on the stock. Bank of America lifted their price target on Maplebear from $41.00 to $45.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 24th. Piper Sandler increased their target price on Maplebear from $47.00 to $50.00 and gave the company an “overweight” rating in a research note on Wednesday, August 7th. Benchmark reissued a “hold” rating on shares of Maplebear in a report on Wednesday, August 7th. Finally, Morgan Stanley dropped their target price on Maplebear from $45.00 to $41.00 and set an “equal weight” rating on the stock in a research report on Tuesday, September 24th. Twelve research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $43.10.

Maplebear Stock Up 2.4 %

The company’s 50 day moving average price is $38.04 and its two-hundred day moving average price is $35.45. The firm has a market cap of $11.64 billion and a PE ratio of -2.24.

Maplebear (NASDAQ:CART) last announced its earnings results on Tuesday, August 6th. The company reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.07. Maplebear had a negative return on equity of 49.98% and a negative net margin of 52.21%. The business had revenue of $823.00 million during the quarter, compared to analyst estimates of $806.35 million. The business’s revenue for the quarter was up 14.9% compared to the same quarter last year. On average, analysts expect that Maplebear Inc. will post 1.14 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Fidji Simo sold 33,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $35.27, for a total value of $1,163,910.00. Following the completion of the sale, the chief executive officer now owns 1,844,778 shares of the company’s stock, valued at approximately $65,065,320.06. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Maplebear news, CEO Fidji Simo sold 33,000 shares of the business’s stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $35.27, for a total value of $1,163,910.00. Following the completion of the transaction, the chief executive officer now directly owns 1,844,778 shares in the company, valued at approximately $65,065,320.06. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, General Counsel Morgan Fong sold 8,345 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $40.00, for a total transaction of $333,800.00. Following the completion of the sale, the general counsel now owns 330,886 shares in the company, valued at $13,235,440. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 54,823 shares of company stock worth $2,055,455. Company insiders own 36.00% of the company’s stock.

Institutional Trading of Maplebear

A number of institutional investors have recently made changes to their positions in the business. nVerses Capital LLC raised its stake in Maplebear by 1,600.0% in the second quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock valued at $55,000 after buying an additional 1,600 shares during the last quarter. Quarry LP raised its position in shares of Maplebear by 269.5% in the 2nd quarter. Quarry LP now owns 3,928 shares of the company’s stock valued at $126,000 after purchasing an additional 2,865 shares during the last quarter. Oppenheimer & Co. Inc. acquired a new stake in Maplebear in the 1st quarter worth approximately $213,000. Watts Gwilliam & Co. LLC purchased a new stake in Maplebear during the 3rd quarter worth approximately $231,000. Finally, CIBC Asset Management Inc acquired a new position in Maplebear during the 2nd quarter valued at approximately $252,000. Institutional investors and hedge funds own 63.09% of the company’s stock.

About Maplebear

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.