Maplebear (NASDAQ:CART) Now Covered by Wells Fargo & Company

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

Several other brokerages also recently commented on CART. Jefferies Financial Group began coverage on Maplebear in a report on Wednesday, October 16th. They set a “hold” rating and a $43.00 target price on the stock. Cantor Fitzgerald reissued an “overweight” rating and set a $45.00 target price on shares of Maplebear in a research report on Monday, October 7th. Morgan Stanley decreased their target price on shares of Maplebear from $45.00 to $41.00 and set an “equal weight” rating for the company in a research note on Tuesday, September 24th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Maplebear in a report on Tuesday, December 3rd. They issued a “hold” rating and a $37.00 price objective on the stock. Finally, Oppenheimer upped their price objective on shares of Maplebear from $55.00 to $60.00 and gave the company an “outperform” rating in a research 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. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $47.13.

Maplebear Stock Performance

NASDAQ CART opened at $44.23 on Friday. The firm has a market capitalization of $11.36 billion, a price-to-earnings ratio of 29.68, a PEG ratio of 1.08 and a beta of 1.04. Maplebear has a one year low of $22.60 and a one year high of $50.01. The company’s 50 day moving average price is $43.59 and its 200 day moving average price is $39.28.

Maplebear (NASDAQ:CART) last issued 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 the consensus estimate of $844.03 million. During the same quarter last year, the firm posted ($20.86) EPS. The business’s revenue for the quarter was up 11.5% compared to the same quarter last year. Sell-side analysts forecast that Maplebear will post 1.4 EPS for the current fiscal year.

Insider Buying and Selling

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

Hedge Funds Weigh In On Maplebear

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Portman Ltd acquired a new stake in shares of Maplebear in the 3rd quarter worth approximately $3,196,000. State Street Corp lifted its position in Maplebear by 48.3% in the third quarter. State Street Corp now owns 2,552,617 shares of the company’s stock worth $103,994,000 after purchasing an additional 831,795 shares during the period. Cerity Partners LLC bought a new position in Maplebear during the 3rd quarter valued at $1,442,000. Charles Schwab Investment Management Inc. increased its position in shares of Maplebear by 5,191.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,489,655 shares of the company’s stock valued at $60,689,000 after purchasing an additional 1,461,501 shares during the period. Finally, Zacks Investment Management acquired a new stake in shares of Maplebear in the third quarter valued at $4,853,000. 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.