Mizuho Begins Coverage on Maplebear (NASDAQ:CART)

Investment analysts at Mizuho initiated coverage on shares of Maplebear (NASDAQ:CART) in a research report issued to clients and investors on Tuesday, MarketBeat reports. The firm set an “outperform” rating and a $55.00 price target on the stock. Mizuho’s price objective suggests a potential upside of 21.92% from the stock’s previous close.

A number of other equities research analysts have also weighed in on CART. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Maplebear in a report on Tuesday, December 3rd. They set a “hold” rating and a $37.00 price objective on the stock. Wells Fargo & Company assumed coverage on Maplebear in a research note on Friday, January 10th. They set an “equal weight” rating and a $47.00 price target on the stock. BMO Capital Markets raised their price objective on Maplebear from $39.00 to $48.00 and gave the stock a “market perform” rating in a research note on Wednesday, November 13th. Morgan Stanley upped their target price on Maplebear from $41.00 to $44.00 and gave the company an “equal weight” rating in a research report on Monday. Finally, Piper Sandler increased their price target on shares of Maplebear from $50.00 to $58.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Thirteen analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $48.31.

Maplebear Stock Performance

Maplebear stock opened at $45.11 on Tuesday. The stock has a market cap of $11.59 billion, a PE ratio of 30.28, a price-to-earnings-growth ratio of 1.08 and a beta of 1.04. The stock has a 50-day moving average of $43.61 and a two-hundred day moving average of $39.57. Maplebear has a one year low of $22.70 and a one year high of $50.01.

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 firm had revenue of $852.00 million during 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% on a year-over-year basis. During the same period last year, the firm posted ($20.86) EPS. As a group, sell-side analysts predict that Maplebear will post 1.4 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, General Counsel Morgan Fong sold 11,325 shares of Maplebear stock in a transaction on Monday, October 21st. The stock was sold at an average price of $42.97, for a total transaction of $486,635.25. Following the transaction, the general counsel now owns 287,659 shares in the company, valued at $12,360,707.23. The trade was a 3.79 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Fidji Simo sold 20,750 shares of the business’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $44.39, for a total transaction of $921,092.50. Following the transaction, the chief executive officer now directly owns 1,803,278 shares in the company, valued at approximately $80,047,510.42. The trade was a 1.14 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 112,128 shares of company stock valued at $4,980,404. Insiders own 36.00% of the company’s stock.

Institutional Trading of Maplebear

Hedge funds and other institutional investors have recently made changes to their positions in the company. Wilmington Savings Fund Society FSB purchased a new position in Maplebear in the third quarter worth approximately $33,000. Huntington National Bank purchased a new position in shares of Maplebear during the 3rd quarter worth $54,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Maplebear during the 3rd quarter worth $74,000. Quarry LP increased its position in shares of Maplebear by 269.5% during the 2nd 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 stake in Maplebear in the 3rd quarter valued at about $212,000. Institutional investors and hedge funds 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.