Brokerages Set Maplebear Inc. (NASDAQ:CART) Price Target at $38.79

Maplebear Inc. (NASDAQ:CART) has been given a consensus recommendation of “Moderate Buy” by the twenty-three analysts that are currently covering the company, Marketbeat reports. Ten analysts have rated the stock with a hold recommendation and thirteen have assigned a buy recommendation to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $38.79.

CART has been the topic of a number of recent analyst reports. Fox Advisors cut Maplebear from an “overweight” rating to an “equal weight” rating in a research note on Monday, April 1st. Needham & Company LLC reissued a “hold” rating on shares of Maplebear in a research report on Tuesday, April 23rd. Robert W. Baird raised their price target on shares of Maplebear from $31.00 to $44.00 and gave the stock an “outperform” rating in a research note on Monday, April 1st. JPMorgan Chase & Co. increased their price objective on Maplebear from $35.00 to $45.00 and gave the company an “overweight” rating in a report on Monday, March 25th. Finally, Barclays boosted their target price on Maplebear from $40.00 to $41.00 and gave the company an “overweight” rating in a research note on Wednesday, February 14th.

Insiders Place Their Bets

In other news, Director Jeffrey D. Jordan sold 760,479 shares of the firm’s stock in a transaction 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 transaction, the director now owns 20,783 shares in the company, valued at $540,565.83. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, Director Jeffrey D. Jordan sold 760,479 shares of the business’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $26.01, for a total value of $19,780,058.79. Following the completion of the transaction, the director now directly owns 20,783 shares of the company’s stock, valued at approximately $540,565.83. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Nick Giovanni sold 900 shares of Maplebear stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $35.00, for a total value of $31,500.00. Following the completion of the transaction, the chief financial officer now owns 591,077 shares in the company, valued at approximately $20,687,695. The disclosure for this sale can be found here. In the last ninety days, insiders bought 2,157,745 shares of company stock worth $61,771,955 and sold 1,055,899 shares worth $30,422,265. Company insiders own 4.02% of the company’s stock.

Institutional Investors Weigh In On Maplebear

A number of hedge funds and other institutional investors have recently bought and sold shares of CART. FMR LLC purchased a new stake in shares of Maplebear during the third quarter worth about $56,424,000. Blackstone Inc. purchased a new stake in Maplebear in the 3rd quarter worth $17,369,000. KPCB DGF II Associates LLC acquired a new position in Maplebear during the third quarter worth $119,544,000. Monashee Investment Management LLC purchased a new position in Maplebear during the third quarter valued at $6,069,000. Finally, Federated Hermes Inc. increased its stake in Maplebear by 190.2% during the 4th quarter. Federated Hermes Inc. now owns 464,355 shares of the company’s stock worth $10,898,000 after buying an additional 304,355 shares in the last quarter. Hedge funds and other institutional investors own 63.09% of the company’s stock.

Maplebear Price Performance

Shares of CART opened at $36.70 on Friday. Maplebear has a 52 week low of $22.13 and a 52 week high of $42.95. The stock has a 50 day moving average price of $35.82 and a two-hundred day moving average price of $28.92.

Maplebear (NASDAQ:CART) last released 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 company had revenue of $803.00 million during the quarter, compared to analysts’ expectations of $804.62 million. Maplebear’s quarterly revenue was up 6.1% on a year-over-year basis. On average, equities analysts anticipate that Maplebear will post 0.53 earnings per share for the current year.

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.