Maplebear (NASDAQ:CART) Sets New 52-Week High – Here’s Why

Maplebear Inc. (NASDAQ:CART) hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $50.11 and last traded at $49.01, with a volume of 470267 shares. The stock had previously closed at $48.49.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Deutsche Bank Aktiengesellschaft initiated coverage on Maplebear in a research note on Tuesday, December 3rd. They set a “hold” rating and a $37.00 price objective for the company. Barclays increased their price objective on shares of Maplebear from $48.00 to $56.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Wells Fargo & Company began coverage on shares of Maplebear in a research note on Friday, January 10th. They issued an “equal weight” rating and a $47.00 price target on the stock. JPMorgan Chase & Co. boosted their price objective on Maplebear from $47.00 to $52.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Finally, Stifel Nicolaus raised their target price on Maplebear from $52.00 to $55.00 and gave the company a “buy” rating in a research report on Monday, October 28th. Thirteen analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $48.96.

Maplebear Price Performance

The stock has a market cap of $12.64 billion, a P/E ratio of 33.03, a P/E/G ratio of 1.09 and a beta of 1.07. The company’s 50 day simple moving average is $44.61 and its 200 day simple moving average is $41.08.

Maplebear (NASDAQ:CART) last announced its earnings results 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. The business had revenue of $852.00 million for the quarter, compared to analyst estimates of $844.03 million. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. Maplebear’s revenue for the quarter was up 11.5% compared to the same quarter last year. During the same quarter last year, the firm earned ($20.86) EPS. On average, equities research analysts predict that Maplebear Inc. will post 1.43 earnings per share for the current year.

Insider Activity at Maplebear

In other news, CEO Fidji Simo sold 20,750 shares of the company’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $42.97, for a total transaction of $891,627.50. Following the transaction, the chief executive officer now owns 1,804,243 shares in the company, valued at approximately $77,528,321.71. This represents a 1.14 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Alan Ramsay sold 2,314 shares of the business’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $46.28, for a total transaction of $107,091.92. Following the sale, the chief accounting officer now owns 85,421 shares of the company’s stock, valued at $3,953,283.88. This trade represents a 2.64 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 50,555 shares of company stock worth $2,164,787. Corporate insiders own 36.00% of the company’s stock.

Institutional Investors Weigh In On Maplebear

Institutional investors have recently added to or reduced their stakes in the company. Victory Capital Management Inc. lifted its holdings in Maplebear by 11,501.2% during the fourth quarter. Victory Capital Management Inc. now owns 4,526,673 shares of the company’s stock valued at $187,495,000 after purchasing an additional 4,487,654 shares during the last quarter. Pacer Advisors Inc. purchased a new stake in Maplebear in the third quarter valued at approximately $158,701,000. Geode Capital Management LLC lifted its holdings in shares of Maplebear by 151.7% during the 3rd quarter. Geode Capital Management LLC now owns 2,732,738 shares of the company’s stock worth $111,361,000 after acquiring an additional 1,647,081 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Maplebear by 5,191.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,489,655 shares of the company’s stock worth $60,689,000 after purchasing an additional 1,461,501 shares in the last quarter. Finally, Southpoint Capital Advisors LP grew its position in Maplebear by 56.3% during the third quarter. Southpoint Capital Advisors LP now owns 2,500,000 shares of the company’s stock valued at $101,850,000 after acquiring an additional 900,000 shares during the last quarter. 63.09% of the stock is owned by institutional investors.

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.