Maplebear (NASDAQ:CART) Coverage Initiated by Analysts at Wells Fargo & Company

Equities research analysts at Wells Fargo & Company began coverage on shares of Maplebear (NASDAQ:CART) in a report released on Friday, MarketBeat Ratings reports. The brokerage set an “equal weight” rating and a $47.00 price target on the stock. Wells Fargo & Company‘s target price would suggest a potential upside of 4.86% from the stock’s current price.

Several other equities analysts also recently commented on CART. Raymond James assumed coverage on shares of Maplebear in a report on Tuesday, September 24th. They issued a “market perform” rating on the stock. JMP Securities lifted their target price on Maplebear from $42.00 to $51.00 and gave the stock a “market outperform” rating in a report on Wednesday, November 13th. Loop Capital increased their price target on Maplebear from $49.00 to $56.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Stifel Nicolaus lifted their price objective on Maplebear from $52.00 to $55.00 and gave the stock a “buy” rating in a research note on Monday, October 28th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $45.00 target price on shares of Maplebear in a research report on Monday, October 7th. Fourteen 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, the stock presently has a consensus rating of “Hold” and a consensus price target of $47.13.

Maplebear Stock Up 4.5 %

CART stock opened at $44.82 on Friday. Maplebear has a twelve month low of $22.25 and a twelve month high of $50.01. The stock has a market cap of $11.51 billion, a P/E ratio of 30.08, a PEG ratio of 1.08 and a beta of 1.04. The business’s 50-day moving average price is $43.60 and its 200-day moving average price is $39.19.

Maplebear (NASDAQ:CART) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $0.42 EPS for the quarter, beating the consensus estimate of $0.22 by $0.20. The business 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 business’s revenue was up 11.5% on a year-over-year basis. During the same period in the previous year, the business earned ($20.86) earnings per share. On average, equities research analysts expect that Maplebear will post 1.4 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, General Counsel Morgan Fong sold 11,325 shares of the business’s stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $42.97, for a total value of $486,635.25. Following the completion of the transaction, the general counsel now owns 287,659 shares of the company’s stock, valued at $12,360,707.23. The trade was a 3.79 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Alan Ramsay sold 2,559 shares of the company’s stock in a transaction on Monday, October 21st. The stock was sold at an average price of $42.97, for a total value of $109,960.23. Following the sale, the chief accounting officer now owns 96,666 shares of the company’s stock, valued at approximately $4,153,738.02. This represents a 2.58 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 112,128 shares of company stock valued at $4,980,404 over the last quarter. 36.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Maplebear

Hedge funds have recently made changes to their positions in the stock. Wilmington Savings Fund Society FSB purchased a new stake in shares of Maplebear during the third quarter valued at about $33,000. Huntington National Bank acquired a new stake in Maplebear in the third quarter valued at approximately $54,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in Maplebear in the third quarter worth $74,000. Quarry LP increased its position in shares of Maplebear by 269.5% during the second quarter. Quarry LP now owns 3,928 shares of the company’s stock worth $126,000 after purchasing an additional 2,865 shares in the last quarter. Finally, Vinva Investment Management Ltd purchased a new stake in shares of Maplebear during the 3rd quarter valued at $212,000. 63.09% of the stock is currently owned by hedge funds and other institutional investors.

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.