Maplebear (NASDAQ:CART) Shares Gap Up – Time to Buy?

Maplebear Inc. (NASDAQ:CART)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $42.91, but opened at $44.96. Maplebear shares last traded at $44.57, with a volume of 1,102,106 shares traded.

Analysts Set New Price Targets

Several brokerages have issued reports on CART. Bank of America boosted their target price on Maplebear from $50.00 to $51.00 and gave the company a “neutral” rating in a research report on Wednesday, November 13th. Barclays boosted their price objective on Maplebear from $48.00 to $56.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. JPMorgan Chase & Co. increased their target price on Maplebear from $47.00 to $52.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. Robert W. Baird boosted their target price on shares of Maplebear from $44.00 to $51.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Finally, Raymond James assumed coverage on shares of Maplebear in a report on Tuesday, September 24th. They issued a “market perform” rating on the stock. Thirteen research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $47.14.

Maplebear Stock Up 4.9 %

The company’s 50 day simple moving average is $43.59 and its two-hundred day simple moving average is $39.11. The company has a market capitalization of $11.57 billion, a price-to-earnings ratio of 30.21, a P/E/G ratio of 1.08 and a beta of 1.04.

Maplebear (NASDAQ:CART) last announced its earnings results on Tuesday, November 12th. The company reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.20. The firm had revenue of $852.00 million for the quarter, compared to the consensus estimate of $844.03 million. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. The firm’s revenue for the quarter was up 11.5% on a year-over-year basis. During the same period in the previous year, the business earned ($20.86) EPS. Analysts anticipate that Maplebear Inc. will post 1.4 EPS for the current year.

Insider Buying and Selling

In other news, CAO Alan Ramsay sold 2,247 shares of the stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $42.14, for a total value of $94,688.58. Following the transaction, the chief accounting officer now directly owns 87,735 shares of the company’s stock, valued at approximately $3,697,152.90. This represents a 2.50 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Morgan Fong sold 29,253 shares of the stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $48.03, for a total transaction of $1,405,021.59. Following the completion of the transaction, the general counsel now owns 258,406 shares in the company, valued at approximately $12,411,240.18. This trade represents a 10.17 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 112,128 shares of company stock worth $4,980,404 in the last three months. Corporate insiders own 36.00% of the company’s stock.

Institutional Investors Weigh In On Maplebear

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CART. Pacer Advisors Inc. purchased a new position in Maplebear in the third quarter valued at $158,701,000. Sculptor Capital LP acquired a new position in Maplebear in the 2nd quarter worth about $77,361,000. Geode Capital Management LLC boosted its position in Maplebear by 151.7% during the third quarter. Geode Capital Management LLC now owns 2,732,738 shares of the company’s stock worth $111,361,000 after purchasing an additional 1,647,081 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Maplebear by 5,191.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,489,655 shares of the company’s stock valued at $60,689,000 after purchasing an additional 1,461,501 shares during the period. Finally, Southpoint Capital Advisors LP increased its position in shares of Maplebear by 56.3% in the third quarter. Southpoint Capital Advisors LP now owns 2,500,000 shares of the company’s stock valued at $101,850,000 after buying an additional 900,000 shares in the last quarter. 63.09% of the stock is owned by institutional investors and hedge funds.

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.