BNP Paribas Exane Begins Coverage on Maplebear (NASDAQ:CART)

Analysts at BNP Paribas Exane assumed coverage on shares of Maplebear (NASDAQ:CART) in a research note issued to investors on Wednesday. The firm set an “underperform” rating and a $41.00 price target on the stock. BNP Paribas Exane’s target price points to a potential upside of 1.35% from the stock’s previous close.

Several other research analysts also recently issued reports on CART. Robert W. Baird lowered their price target on shares of Maplebear from $60.00 to $50.00 and set an “outperform” rating for the company in a report on Wednesday, October 1st. Stifel Nicolaus decreased their target price on shares of Maplebear from $56.00 to $49.00 and set a “buy” rating for the company in a research report on Friday, October 24th. Mizuho started coverage on shares of Maplebear in a research report on Tuesday, September 30th. They issued a “neutral” rating and a $45.00 price target for the company. Needham & Company LLC dropped their target price on Maplebear from $66.00 to $50.00 and set a “buy” rating on the stock in a report on Tuesday, November 11th. Finally, Argus started coverage on Maplebear in a report on Wednesday, January 7th. They issued a “buy” rating and a $52.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eleven have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $51.73.

Maplebear Price Performance

Shares of NASDAQ:CART opened at $40.45 on Wednesday. The business’s 50 day simple moving average is $42.68 and its 200 day simple moving average is $43.51. Maplebear has a 1 year low of $34.78 and a 1 year high of $53.50. The company has a market capitalization of $10.62 billion, a P/E ratio of 22.46, a P/E/G ratio of 1.07 and a beta of 0.97.

Maplebear (NASDAQ:CART) last released its earnings results on Monday, November 10th. The company reported $0.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.50 by $0.01. The firm had revenue of $939.00 million during the quarter, compared to the consensus estimate of $933.76 million. Maplebear had a return on equity of 15.72% and a net margin of 14.09%.The company’s revenue was up 10.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.42 EPS. On average, sell-side analysts anticipate that Maplebear will post 1.43 EPS for the current fiscal year.

Insider Activity at Maplebear

In related news, General Counsel Morgan Fong sold 4,914 shares of the company’s stock in a transaction on Monday, December 22nd. The stock was sold at an average price of $45.21, for a total value of $222,161.94. Following the sale, the general counsel directly owned 404,940 shares of the company’s stock, valued at $18,307,337.40. This represents a 1.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Fidji Simo sold 1,014 shares of the company’s stock in a transaction dated Thursday, October 16th. The stock was sold at an average price of $40.00, for a total transaction of $40,560.00. Following the completion of the sale, the director directly owned 569,742 shares in the company, valued at $22,789,680. This represents a 0.18% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 9,474 shares of company stock worth $400,484 over the last three months. Insiders own 26.00% of the company’s stock.

Institutional Trading of Maplebear

A number of institutional investors and hedge funds have recently modified their holdings of the business. Hantz Financial Services Inc. raised its stake in shares of Maplebear by 78.6% in the third quarter. Hantz Financial Services Inc. now owns 884 shares of the company’s stock worth $32,000 after buying an additional 389 shares during the period. Allworth Financial LP raised its holdings in 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 acquiring an additional 244 shares during the period. Abich Financial Wealth Management LLC bought a new position in shares of Maplebear in the third quarter worth about $43,000. Sunbelt Securities Inc. grew its position in shares of Maplebear by 212.7% during the third quarter. Sunbelt Securities Inc. now owns 1,157 shares of the company’s stock worth $43,000 after purchasing an additional 787 shares in the last quarter. Finally, Elevation Point Wealth Partners LLC purchased a new position in Maplebear in the 2nd quarter worth approximately $53,000. Institutional investors own 63.09% of the company’s stock.

About Maplebear

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.