Maplebear (NASDAQ:CART) Reaches New 1-Year High – Here’s What Happened

Maplebear Inc. (NASDAQ:CART)’s share price reached a new 52-week high during trading on Tuesday . The company 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

Several brokerages have issued reports on CART. Needham & Company LLC reissued a “hold” rating on shares of Maplebear in a research note on Wednesday, August 7th. Macquarie upped their price target on Maplebear from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Thursday, August 8th. Morgan Stanley decreased their price objective on Maplebear from $45.00 to $41.00 and set an “equal weight” rating for the company in a research report on Tuesday, September 24th. Citigroup lifted their target price on Maplebear from $44.00 to $47.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. Finally, KeyCorp initiated coverage on shares of Maplebear in a research report on Thursday, July 11th. They issued a “sector weight” rating for the company. 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, Maplebear presently has an average rating of “Moderate Buy” and a consensus price target of $43.10.

Maplebear Stock Performance

The stock has a 50 day moving average of $38.51 and a two-hundred day moving average of $35.55. The firm has a market capitalization of $11.60 billion and a P/E ratio of -2.21.

Maplebear (NASDAQ:CART) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.13 by $0.07. Maplebear had a negative net margin of 52.21% and a negative return on equity of 49.98%. The company had revenue of $823.00 million for the quarter, compared to analyst estimates of $806.35 million. The business’s quarterly revenue was up 14.9% on a year-over-year basis. Sell-side analysts predict that Maplebear Inc. will post 1.14 EPS for the current year.

Insider Buying and Selling

In other Maplebear news, CEO Fidji Simo sold 33,000 shares of the business’s stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $35.27, for a total transaction of $1,163,910.00. Following the completion of the transaction, the chief executive officer now owns 1,844,778 shares of the company’s stock, valued at $65,065,320.06. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Maplebear news, CEO Fidji Simo sold 33,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $35.27, for a total value of $1,163,910.00. Following the sale, the chief executive officer now owns 1,844,778 shares of the company’s stock, valued at $65,065,320.06. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, General Counsel Morgan Fong sold 8,345 shares of Maplebear stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $40.00, for a total value of $333,800.00. Following the completion of the transaction, the general counsel now directly owns 330,886 shares in the company, valued at approximately $13,235,440. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 68,707 shares of company stock worth $2,652,050 in the last quarter. 36.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Maplebear

Several large investors have recently bought and sold shares of the stock. nVerses Capital LLC increased its holdings in shares of Maplebear by 1,600.0% during the 2nd quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock worth $55,000 after purchasing an additional 1,600 shares during the period. Mirae Asset Global Investments Co. Ltd. bought a new position in Maplebear during the third quarter valued at about $74,000. Quarry LP raised its holdings in 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 acquiring an additional 2,865 shares in the last quarter. Oppenheimer & Co. Inc. bought a new stake in shares of Maplebear in the 1st quarter worth approximately $213,000. Finally, Watts Gwilliam & Co. LLC bought a new stake in shares of Maplebear in the 3rd quarter worth approximately $231,000. 63.09% of the stock is currently owned by institutional investors and hedge funds.

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.