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

Wells Fargo & Company began coverage on shares of Maplebear (NASDAQ:CART) in a research note issued to investors on Friday morning, Marketbeat.com reports. The firm issued an equal weight rating and a $47.00 price objective on the stock.

Other equities analysts have also issued research reports about the company. Bank of America raised their price target on Maplebear from $50.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday, November 13th. Piper Sandler upped their price target on Maplebear from $50.00 to $58.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. Raymond James began coverage on shares of Maplebear in a research report on Tuesday, September 24th. They issued a “market perform” rating on the stock. Cantor Fitzgerald restated an “overweight” rating and set a $45.00 price objective on shares of Maplebear in a research report on Monday, October 7th. Finally, Loop Capital lifted their target price on shares of Maplebear from $49.00 to $56.00 and gave the company a “buy” rating in a report on Monday, December 9th. Fourteen equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $47.13.

Maplebear Stock Down 1.3 %

NASDAQ:CART opened at $44.23 on Friday. Maplebear has a 52-week low of $22.60 and a 52-week high of $50.01. The stock’s 50 day moving average price is $43.59 and its 200 day moving average price is $39.28. The company has a market capitalization of $11.36 billion, a PE ratio of 29.68, 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 EPS for the quarter, beating analysts’ consensus estimates of $0.22 by $0.20. Maplebear had a net margin of 13.37% and a return on equity of 13.78%. The business had revenue of $852.00 million for the quarter, compared to analysts’ expectations of $844.03 million. During the same period in the previous year, the company posted ($20.86) EPS. The company’s quarterly revenue was up 11.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Maplebear will post 1.4 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Fidji Simo sold 20,750 shares of the firm’s stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $44.39, for a total transaction of $921,092.50. Following the sale, the chief executive officer now owns 1,803,278 shares in the company, valued at approximately $80,047,510.42. This trade represents a 1.14 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel Morgan Fong sold 29,253 shares of the business’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $48.03, for a total value of $1,405,021.59. Following the completion of the transaction, the general counsel now owns 258,406 shares of the company’s stock, valued at $12,411,240.18. This trade represents a 10.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 112,128 shares of company stock worth $4,980,404. 36.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Maplebear

A number of hedge funds and other institutional investors have recently made changes to their positions in CART. Wilmington Savings Fund Society FSB acquired a new stake in Maplebear in the 3rd quarter worth about $33,000. Huntington National Bank acquired a new stake in shares of Maplebear in the third quarter worth approximately $54,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Maplebear in the third quarter valued at approximately $74,000. Quarry LP increased its position in 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 during the last quarter. Finally, Vinva Investment Management Ltd purchased a new position in Maplebear during the third quarter worth approximately $212,000. Hedge funds and other institutional investors own 63.09% of the company’s stock.

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.