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

Wells Fargo & Company initiated coverage on shares of Maplebear (NASDAQ:CART - Free Report) in a research note published on Friday, Marketbeat reports. The brokerage issued an equal weight rating and a $47.00 target price on the stock.

Several other research firms also recently weighed in on CART. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Maplebear in a research report on Tuesday, December 3rd. They issued a "hold" rating and a $37.00 price target on the stock. Cantor Fitzgerald reissued an "overweight" rating and set a $45.00 price target on shares of Maplebear in a report on Monday, October 7th. Stifel Nicolaus raised 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. Oppenheimer boosted their price objective on Maplebear from $55.00 to $60.00 and gave the company an "outperform" rating in a research note on Wednesday, November 13th. Finally, Piper Sandler increased their target price on shares of Maplebear from $50.00 to $58.00 and gave the stock an "overweight" rating in a report on Wednesday, November 13th. Fourteen analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $47.13.

Maplebear Price Performance

Shares of CART traded down $0.59 during trading hours on Friday, hitting $44.23. The stock had a trading volume of 6,075,492 shares, compared to its average volume of 4,003,749. The firm has a market capitalization of $11.36 billion, a PE ratio of 29.68, a PEG ratio of 1.08 and a beta of 1.04. Maplebear has a 12 month low of $22.60 and a 12 month high of $50.01. The stock has a fifty day moving average price of $43.59 and a 200 day moving average price of $39.28.

Maplebear (NASDAQ:CART - Get Free Report) last released its quarterly earnings results 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 net margin of 13.37% and a return on equity of 13.78%. The firm had revenue of $852.00 million during the quarter, compared to analyst estimates of $844.03 million. During the same quarter in the prior year, the firm earned ($20.86) EPS. The business's revenue for the quarter was up 11.5% compared to the same quarter last year. As a group, analysts anticipate that Maplebear will post 1.4 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CAO Alan Ramsay sold 2,559 shares of the stock in a transaction on Monday, October 21st. The stock was sold at an average price of $42.97, for a total transaction of $109,960.23. Following the sale, the chief accounting officer now owns 96,666 shares in the company, valued at approximately $4,153,738.02. This represents a 2.58 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Fidji Simo sold 20,750 shares of Maplebear stock in a transaction on Tuesday, October 29th. The stock was 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 of the company's stock, 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. Over the last 90 days, insiders have sold 112,128 shares of company stock worth $4,980,404. Insiders own 36.00% of the company's stock.

Institutional Trading of Maplebear

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CART. Principal Financial Group Inc. purchased a new stake in shares of Maplebear in the second quarter worth approximately $411,000. Rhumbline Advisers increased its stake in Maplebear by 571.0% in the second quarter. Rhumbline Advisers now owns 149,618 shares of the company's stock worth $4,809,000 after purchasing an additional 127,319 shares during the period. Victory Capital Management Inc. lifted its position in shares of Maplebear by 144.7% during the second quarter. Victory Capital Management Inc. now owns 36,785 shares of the company's stock worth $1,182,000 after purchasing an additional 21,755 shares during the last quarter. Arizona State Retirement System purchased a new position in Maplebear in the 2nd quarter worth about $838,000. Finally, State of New Jersey Common Pension Fund D bought a new stake in shares of Maplebear during the second quarter valued at approximately $1,933,000. 63.09% of the stock is owned by hedge funds and other institutional investors.

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.