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

Maplebear Inc. (NASDAQ:CART)’s share price 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 traded. The stock had previously closed at $48.49.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Oppenheimer boosted their target price on Maplebear from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. Morgan Stanley increased their price target on shares of Maplebear from $41.00 to $44.00 and gave the stock an “equal weight” rating in a research report on Monday, January 13th. Barclays raised their target price on shares of Maplebear from $48.00 to $56.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. BTIG Research upgraded Maplebear from a “neutral” rating to a “buy” rating and set a $58.00 price target for the company in a research note on Tuesday, January 14th. Finally, BMO Capital Markets increased their price target on Maplebear from $39.00 to $48.00 and gave the company a “market perform” rating in a research note on Wednesday, November 13th. Thirteen research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $48.96.

Maplebear Price Performance

The firm has a market cap of $12.64 billion, a PE ratio of 33.03, a PEG ratio of 1.09 and a beta of 1.07. The business has a 50-day moving average price of $44.61 and a two-hundred day moving average price of $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, topping analysts’ consensus estimates of $0.22 by $0.20. The firm had revenue of $852.00 million for the quarter, compared to analyst estimates of $844.03 million. Maplebear had a net margin of 13.37% and a return on equity of 13.78%. Maplebear’s revenue was up 11.5% compared to the same quarter last year. During the same quarter last year, the business earned ($20.86) earnings per share. Equities analysts expect that Maplebear Inc. will post 1.43 earnings per share for the current fiscal year.

Insider Activity at Maplebear

In other Maplebear news, CAO Alan Ramsay sold 2,247 shares of the firm’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $41.06, for a total value of $92,261.82. Following the transaction, the chief accounting officer now owns 89,982 shares of the company’s stock, valued at $3,694,660.92. This trade represents a 2.44 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Fidji Simo sold 20,750 shares of Maplebear 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 completion of the sale, 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 disclosure for this sale can be found here. In the last three months, insiders sold 50,555 shares of company stock worth $2,164,787. Corporate insiders own 36.00% of the company’s stock.

Institutional Trading of Maplebear

A number of hedge funds have recently bought and sold shares of the company. Victory Capital Management Inc. grew its stake in Maplebear by 11,501.2% during the 4th quarter. Victory Capital Management Inc. now owns 4,526,673 shares of the company’s stock valued at $187,495,000 after acquiring an additional 4,487,654 shares in the last quarter. Pacer Advisors Inc. bought a new stake in shares of Maplebear in the 3rd quarter valued at approximately $158,701,000. Geode Capital Management LLC increased its holdings in Maplebear by 151.7% in the third quarter. Geode Capital Management LLC now owns 2,732,738 shares of the company’s stock worth $111,361,000 after buying an additional 1,647,081 shares during the last quarter. Maverick Capital Ltd. raised its position in Maplebear by 19.7% during the third quarter. Maverick Capital Ltd. now owns 2,684,425 shares of the company’s stock valued at $109,363,000 after acquiring an additional 441,156 shares in the last quarter. Finally, State Street Corp lifted its stake in Maplebear by 48.3% in the third quarter. State Street Corp now owns 2,552,617 shares of the company’s stock valued at $103,994,000 after acquiring an additional 831,795 shares during the last quarter. 63.09% of the stock is owned by hedge funds and other 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.