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

Equities researchers at Wells Fargo & Company began coverage on shares of Maplebear (NASDAQ:CART) in a note issued to investors on Friday, MarketBeat Ratings reports. The firm set an “equal weight” rating and a $47.00 price target on the stock. Wells Fargo & Company‘s target price would indicate a potential upside of 6.26% from the company’s previous close.

Other equities analysts also recently issued research reports about the company. JMP Securities raised their target price on Maplebear from $42.00 to $51.00 and gave the company a “market outperform” rating in a research report on Wednesday, November 13th. Loop Capital upped their target price on shares of Maplebear from $49.00 to $56.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Morgan Stanley decreased their target price on shares of Maplebear from $45.00 to $41.00 and set an “equal weight” rating on the stock in a research note on Tuesday, September 24th. Deutsche Bank Aktiengesellschaft started coverage on Maplebear in a report on Tuesday, December 3rd. They issued a “hold” rating and a $37.00 target price for the company. Finally, Macquarie lifted their price target on Maplebear from $50.00 to $52.00 and gave the stock an “outperform” rating in a report on Thursday, November 14th. Fourteen equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $47.13.

Maplebear Stock Down 1.3 %

NASDAQ:CART opened at $44.23 on Friday. The stock has a market capitalization of $11.36 billion, a PE ratio of 29.68, a price-to-earnings-growth ratio of 1.08 and a beta of 1.04. 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 $39.33.

Maplebear (NASDAQ:CART) last issued 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. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. The company had revenue of $852.00 million for the quarter, compared to analyst estimates of $844.03 million. During the same period last year, the company earned ($20.86) earnings per share. Maplebear’s quarterly revenue was up 11.5% compared to the same quarter last year. Sell-side analysts expect that Maplebear will post 1.4 earnings per share for the current fiscal year.

Insider Activity

In other news, CAO Alan Ramsay sold 2,247 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $41.06, for a total transaction of $92,261.82. Following the transaction, the chief accounting officer now directly owns 89,982 shares in the company, valued at approximately $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 accessible through this link. Also, CEO Fidji Simo sold 20,750 shares of Maplebear stock in a transaction 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 completion of the transaction, the chief executive officer now directly owns 1,803,278 shares in the company, valued at $80,047,510.42. The trade was a 1.14 % 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. Corporate insiders own 36.00% of the company’s stock.

Institutional Trading of Maplebear

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Wilmington Savings Fund Society FSB purchased a new position in shares of Maplebear in the 3rd quarter valued at approximately $33,000. Huntington National Bank acquired a new position in Maplebear during the 3rd quarter worth approximately $54,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Maplebear during the 3rd quarter worth approximately $74,000. Quarry LP lifted its holdings in shares of Maplebear by 269.5% in the 2nd quarter. Quarry LP now owns 3,928 shares of the company’s stock valued at $126,000 after buying an additional 2,865 shares during the period. Finally, Vinva Investment Management Ltd purchased a new stake in shares of Maplebear in the third quarter valued at approximately $212,000. 63.09% of the stock is 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.