Maplebear (NASDAQ:CART) Stock Price Target Raised at Wells Fargo & Company

Maplebear (NASDAQ:CART) had its price target lifted by Wells Fargo & Company from $54.00 to $56.00 in a research note released on Monday,Benzinga reports. They currently have an equal weight rating on the stock.

Several other analysts have also recently commented on CART. Citizens Jmp restated a “market outperform” rating and set a $60.00 price objective on shares of Maplebear in a research note on Monday, June 15th. Weiss Ratings reiterated a “hold (c)” rating on shares of Maplebear in a research note on Friday, August 7th. Oppenheimer raised their target price on shares of Maplebear from $60.00 to $65.00 and gave the stock an “outperform” rating in a report on Friday, August 7th. Wedbush began coverage on shares of Maplebear in a research report on Thursday, July 16th. They set an “outperform” rating and a $59.00 target price for the company. Finally, Cantor Fitzgerald boosted their target price on shares of Maplebear from $56.00 to $63.00 and gave the company an “overweight” rating in a research report on Friday, August 7th. Fourteen analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, Maplebear currently has a consensus rating of “Moderate Buy” and an average target price of $58.24.

Maplebear Stock Performance

Shares of CART stock opened at $45.67 on Monday. The stock’s 50-day simple moving average is $47.56 and its 200-day simple moving average is $44.06. The firm has a market capitalization of $10.57 billion, a PE ratio of 24.96, a P/E/G ratio of 0.86 and a beta of 0.87. Maplebear has a fifty-two week low of $32.73 and a fifty-two week high of $52.68.

Maplebear (NASDAQ:CART) last released its earnings results on Thursday, August 6th. The company reported $0.45 EPS for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.09). The firm had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.03 billion. Maplebear had a return on equity of 20.19% and a net margin of 11.97%.The company’s revenue for the quarter was up 14.1% compared to the same quarter last year. During the same period last year, the firm earned $0.41 EPS. Sell-side analysts forecast that Maplebear will post 2.33 earnings per share for the current year.

Insider Activity at Maplebear

In related news, Director Ravi Gupta sold 150,000 shares of Maplebear stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $50.61, for a total value of $7,591,500.00. Following the sale, the director owned 591,523 shares of the company’s stock, valued at approximately $29,936,979.03. This trade represents a 20.23% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Morgan Fong sold 18,390 shares of the business’s stock in a transaction on Tuesday, September 22nd. The stock was sold at an average price of $44.98, for a total transaction of $827,182.20. Following the completion of the sale, the insider directly owned 529,911 shares of the company’s stock, valued at approximately $23,835,396.78. The trade was a 3.35% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 189,797 shares of company stock valued at $9,479,487. 24.00% of the stock is owned by company insiders.

Institutional Trading of Maplebear

Several institutional investors have recently modified their holdings of the stock. CX Institutional raised its position in shares of Maplebear by 91.5% during the 3rd quarter. CX Institutional now owns 944 shares of the company’s stock worth $41,000 after purchasing an additional 451 shares during the last quarter. Private Client Services LLC boosted its holdings in Maplebear by 7.3% in the 3rd quarter. Private Client Services LLC now owns 21,698 shares of the company’s stock worth $936,000 after buying an additional 1,473 shares during the last quarter. Sequoia Financial Advisors LLC acquired a new stake in Maplebear in the 2nd quarter worth about $333,000. WINTON GROUP Ltd increased its stake in Maplebear by 368.1% during the 2nd quarter. WINTON GROUP Ltd now owns 136,409 shares of the company’s stock worth $6,459,000 after buying an additional 107,271 shares in the last quarter. Finally, Engineers Gate Manager LP increased its stake in Maplebear by 13.9% during the 2nd quarter. Engineers Gate Manager LP now owns 53,353 shares of the company’s stock worth $2,526,000 after buying an additional 6,509 shares in the last quarter. Institutional investors and hedge funds own 63.09% of the company’s stock.

Maplebear Company Profile

Maplebear Inc, doing business as Instacart, operates an online grocery technology and delivery marketplace. Its platform connects consumers with retailers and independent personal shoppers, allowing customers to order groceries and other household products for delivery or pickup through Instacart’s website and mobile applications.

Instacart offers retailers digital storefronts, order fulfillment tools, customer engagement capabilities and other technology designed to support online grocery operations.