Wells Fargo & Company Initiates Coverage on Maplebear (NASDAQ:CART)

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

Other equities research analysts have also issued reports about the stock. Raymond James assumed coverage on shares of Maplebear in a research note on Tuesday, September 24th. They set a “market perform” rating on the stock. Oppenheimer lifted their target price on Maplebear from $55.00 to $60.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. BMO Capital Markets upped their target price on Maplebear from $39.00 to $48.00 and gave the company a “market perform” rating in a research report on Wednesday, November 13th. Deutsche Bank Aktiengesellschaft began coverage on Maplebear in a research report on Tuesday, December 3rd. They set a “hold” rating and a $37.00 price target on the stock. Finally, Jefferies Financial Group initiated coverage on Maplebear in a report on Wednesday, October 16th. They issued a “hold” rating and a $43.00 price objective for the company. Fourteen analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Maplebear has a consensus rating of “Hold” and an average price target of $47.13.

Maplebear Stock Performance

NASDAQ:CART opened at $44.23 on Friday. Maplebear has a 1 year low of $22.60 and a 1 year high of $50.01. The stock has a market cap of $11.36 billion, a P/E ratio of 29.68, a P/E/G ratio of 1.08 and a beta of 1.04. The stock has a 50-day simple moving average of $43.59 and a 200-day simple moving average of $39.38.

Maplebear (NASDAQ:CART) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.20. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. The firm had revenue of $852.00 million during the quarter, compared to the consensus estimate of $844.03 million. During the same period in the prior year, the company posted ($20.86) earnings per share. The firm’s quarterly revenue was up 11.5% compared to the same quarter last year. On average, equities research analysts predict that Maplebear will post 1.4 EPS for the current year.

Insiders Place Their Bets

In related news, CAO Alan Ramsay sold 2,559 shares of the business’s stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $42.97, for a total value of $109,960.23. Following the sale, the chief accounting officer now directly owns 96,666 shares in the company, valued at $4,153,738.02. The trade was a 2.58 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Morgan Fong sold 11,325 shares of the stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $42.97, for a total transaction of $486,635.25. Following the completion of the sale, the general counsel now directly owns 287,659 shares in the company, valued at approximately $12,360,707.23. The trade was a 3.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 112,128 shares of company stock worth $4,980,404. 36.00% of the stock is owned by corporate insiders.

Institutional Trading of Maplebear

Institutional investors and hedge funds have recently modified their holdings of the business. Pacer Advisors Inc. purchased a new position in shares of Maplebear during the 3rd quarter worth approximately $158,701,000. Sculptor Capital LP purchased a new position in Maplebear during the second quarter worth $77,361,000. Geode Capital Management LLC raised its holdings in shares of Maplebear by 151.7% in the third quarter. Geode Capital Management LLC now owns 2,732,738 shares of the company’s stock worth $111,361,000 after acquiring an additional 1,647,081 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Maplebear by 5,191.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,489,655 shares of the company’s stock valued at $60,689,000 after acquiring an additional 1,461,501 shares in the last quarter. Finally, Southpoint Capital Advisors LP boosted its stake in shares of Maplebear by 56.3% during the third quarter. Southpoint Capital Advisors LP now owns 2,500,000 shares of the company’s stock valued at $101,850,000 after acquiring an additional 900,000 shares during the last quarter. Hedge funds and other 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.