Maplebear (NASDAQ:CART) Reaches New 52-Week High – What’s Next?

Maplebear Inc. (NASDAQ:CART)’s share price hit a new 52-week high on Tuesday . The company traded as high as $45.79 and last traded at $45.66, with a volume of 188580 shares changing hands. The stock had previously closed at $44.64.

Analysts Set New Price Targets

CART has been the topic of a number of research analyst reports. Cantor Fitzgerald reiterated an “overweight” rating and issued a $45.00 target price on shares of Maplebear in a research report on Monday, October 7th. Needham & Company LLC reaffirmed a “hold” rating on shares of Maplebear in a report on Wednesday, August 7th. Oppenheimer increased their target price on Maplebear from $48.00 to $55.00 and gave the company an “outperform” rating in a research report on Wednesday. Benchmark restated a “hold” rating on shares of Maplebear in a research report on Wednesday, August 7th. Finally, Macquarie increased their price objective on shares of Maplebear from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Thursday, August 8th. Twelve research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, Maplebear presently has an average rating of “Moderate Buy” and a consensus price target of $43.90.

Maplebear Stock Up 4.7 %

The stock’s 50 day moving average price is $40.40 and its 200-day moving average price is $35.99. The stock has a market capitalization of $12.45 billion, a PE ratio of -2.41, a price-to-earnings-growth ratio of 1.39 and a beta of 1.12.

Maplebear (NASDAQ:CART) last released its quarterly earnings data 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. The company had revenue of $823.00 million during the quarter, compared to analysts’ expectations of $806.35 million. Maplebear had a negative net margin of 52.21% and a negative return on equity of 49.98%. Maplebear’s revenue for the quarter was up 14.9% on a year-over-year basis. As a group, sell-side analysts predict that Maplebear Inc. will post 1.17 earnings per share for the current fiscal year.

Insider Activity

In related news, General Counsel Morgan Fong sold 8,345 shares of the 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 transaction, the general counsel now owns 330,886 shares of the company’s stock, valued at $13,235,440. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, General Counsel Morgan Fong sold 8,345 shares of the company’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $40.00, for a total value of $333,800.00. Following the completion of the sale, the general counsel now directly owns 330,886 shares of the company’s stock, valued at $13,235,440. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Alan Ramsay sold 2,486 shares of the firm’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $41.39, for a total transaction of $102,895.54. Following the transaction, the chief accounting officer now directly owns 99,225 shares in the company, valued at $4,106,922.75. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 89,457 shares of company stock valued at $3,573,142. Corporate insiders own 36.00% of the company’s stock.

Hedge Funds Weigh In On Maplebear

A number of large investors have recently bought and sold shares of the business. Sculptor Capital LP purchased a new position in shares of Maplebear in the 2nd quarter valued at $77,361,000. Federated Hermes Inc. raised its holdings in Maplebear by 102.2% in the second quarter. Federated Hermes Inc. now owns 1,734,264 shares of the company’s stock worth $55,739,000 after purchasing an additional 876,439 shares in the last quarter. SG Americas Securities LLC bought a new position in Maplebear in the first quarter worth about $31,109,000. Lord Abbett & CO. LLC purchased a new stake in shares of Maplebear during the first quarter valued at about $28,674,000. Finally, Renaissance Technologies LLC bought a new stake in shares of Maplebear in the 2nd quarter valued at about $22,816,000. 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.