Wedbush Reiterates Outperform Rating for Maplebear (NASDAQ:CART)

Maplebear (NASDAQ:CART)‘s stock had its “outperform” rating reiterated by Wedbush in a research report issued to clients and investors on Thursday,Benzinga reports. They presently have a $59.00 price target on the stock. Wedbush’s price objective would indicate a potential upside of 23.92% from the stock’s current price.

Several other research firms also recently commented on CART. Weiss Ratings raised Maplebear from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. Wells Fargo & Company raised their price target on Maplebear from $45.00 to $47.00 and gave the company an “equal weight” rating in a report on Thursday, May 7th. Citizens Jmp reaffirmed a “market outperform” rating and issued a $60.00 price target on shares of Maplebear in a research report on Monday, June 15th. Wall Street Zen downgraded shares of Maplebear from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $55.00 target price on shares of Maplebear in a report on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $51.86.

Maplebear Stock Performance

CART stock opened at $47.61 on Thursday. The firm has a 50 day moving average price of $43.22 and a 200-day moving average price of $40.62. Maplebear has a 52-week low of $32.73 and a 52-week high of $53.50. The firm has a market capitalization of $11.19 billion, a price-to-earnings ratio of 26.60, a PEG ratio of 0.65 and a beta of 0.75.

Maplebear (NASDAQ:CART) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $0.57 earnings per share for the quarter, missing the consensus estimate of $0.58 by ($0.01). Maplebear had a return on equity of 18.67% and a net margin of 12.50%.The company had revenue of $1.02 billion during the quarter, compared to analysts’ expectations of $1.01 billion. During the same quarter in the previous year, the company earned $0.37 EPS. The business’s quarterly revenue was up 13.6% on a year-over-year basis. As a group, sell-side analysts forecast that Maplebear will post 2.45 earnings per share for the current fiscal year.

Insider Buying and Selling at Maplebear

In other news, Director Ravi Gupta sold 181,000 shares of the business’s stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $41.51, for a total value of $7,513,310.00. Following the completion of the transaction, the director owned 741,523 shares in the company, valued at $30,780,619.73. The trade was a 19.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 24.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Maplebear

Several large investors have recently bought and sold shares of the business. Pinnacle Bancorp Inc. bought a new position in Maplebear during the 1st quarter valued at about $25,000. PenderFund Capital Management Ltd. purchased a new position in shares of Maplebear during the fourth quarter valued at approximately $27,000. Allworth Financial LP raised its holdings in shares of Maplebear by 35.7% during the third quarter. Allworth Financial LP now owns 928 shares of the company’s stock valued at $34,000 after purchasing an additional 244 shares during the last quarter. IFP Advisors Inc raised its holdings in shares of Maplebear by 761.3% during the fourth quarter. IFP Advisors Inc now owns 956 shares of the company’s stock valued at $43,000 after purchasing an additional 845 shares during the last quarter. Finally, Sunbelt Securities Inc. lifted its position in Maplebear by 212.7% during the third quarter. Sunbelt Securities Inc. now owns 1,157 shares of the company’s stock valued at $43,000 after purchasing an additional 787 shares during the period. 63.09% of the stock is currently owned by institutional investors.

Maplebear Company Profile

Maplebear, Inc, doing business as Instacart, operates a leading online grocery and essentials marketplace that connects consumers, retail partners and personal shoppers through its digital platform. The company enables customers to order groceries, household items and specialty products for same-day or scheduled delivery, as well as in-store pickup. By integrating its technology with retailers’ existing inventory and point-of-sale systems, Maplebear streamlines the shopping experience and provides real-time availability and pricing.

Founded in 2012 and headquartered in San Francisco, Maplebear has grown from a regional startup to a publicly traded company listed on NASDAQ under the ticker CART.