Maplebear (NASDAQ:CART) Coverage Initiated at Wedbush

Research analysts at Wedbush initiated coverage on shares of Maplebear (NASDAQ:CART) in a research note issued to investors on Thursday, Marketbeat.com reports. The brokerage set an “outperform” rating and a $59.00 price target on the stock. Wedbush’s target price suggests a potential upside of 28.76% from the company’s current price.

Several other equities analysts have also commented on CART. Jefferies Financial Group raised Maplebear from a “hold” rating to a “buy” rating and upped their price target for the company from $38.00 to $45.00 in a research note on Monday, March 30th. Barclays raised their price objective on Maplebear from $65.00 to $69.00 and gave the stock an “overweight” rating in a research report on Thursday, May 7th. Raymond James Financial upgraded shares of Maplebear from a “hold” rating to a “moderate buy” rating in a report on Thursday, April 9th. Weiss Ratings raised shares of Maplebear from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Finally, Wells Fargo & Company increased their target price on shares of Maplebear from $45.00 to $47.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $51.86.

Maplebear Stock Performance

CART opened at $45.82 on Thursday. Maplebear has a one year low of $32.73 and a one year high of $53.50. The stock has a market capitalization of $10.77 billion, a PE ratio of 25.60, a P/E/G ratio of 0.63 and a beta of 0.75. The business’s 50 day moving average price is $43.50 and its 200 day moving average price is $40.65.

Maplebear (NASDAQ:CART) last issued its quarterly earnings data 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). The business had revenue of $1.02 billion during the quarter, compared to analysts’ expectations of $1.01 billion. Maplebear had a return on equity of 18.67% and a net margin of 12.50%.The company’s revenue was up 13.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.37 earnings per share. As a group, equities research analysts forecast that Maplebear will post 2.45 earnings per share for the current fiscal year.

Insider Activity at Maplebear

In other news, Director Ravi Gupta sold 181,000 shares of the firm’s stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $41.51, for a total transaction of $7,513,310.00. Following the completion of the transaction, the director directly owned 741,523 shares in the company, valued at $30,780,619.73. This trade represents a 19.62% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 24.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Maplebear

Several institutional investors and hedge funds have recently modified their holdings of CART. US Bancorp DE lifted its holdings in Maplebear by 17.0% during the 4th quarter. US Bancorp DE now owns 437,658 shares of the company’s stock worth $19,686,000 after buying an additional 63,666 shares during the last quarter. Ruffer LLP purchased a new position in shares of Maplebear in the 4th quarter valued at about $2,567,000. CWM LLC increased its holdings in shares of Maplebear by 1,741.4% in the 4th quarter. CWM LLC now owns 30,088 shares of the company’s stock valued at $1,353,000 after acquiring an additional 28,454 shares during the last quarter. SG Americas Securities LLC raised its position in shares of Maplebear by 1,076.1% during the 4th quarter. SG Americas Securities LLC now owns 273,379 shares of the company’s stock worth $12,297,000 after acquiring an additional 250,135 shares in the last quarter. Finally, Horizon Investments LLC raised its position in shares of Maplebear by 263,556.8% during the 4th quarter. Horizon Investments LLC now owns 116,009 shares of the company’s stock worth $5,218,000 after acquiring an additional 115,965 shares in the last quarter. Hedge funds and other institutional investors own 63.09% of the company’s stock.

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.