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

Key Points

• Wells Fargo raised Maplebear’s price target from $54 to $56 while maintaining an “equal weight” rating, implying 22.93% potential upside. Analysts overall have a “Moderate Buy” consensus rating and an average target of $58.24.
• Maplebear shares rose 2.9% to $45.55 in Monday trading. The company reported quarterly revenue of $1.04 billion, up 14.1% year over year, but earnings of $0.45 per share fell short of the $0.54 consensus estimate.
• Insiders sold 189,797 shares worth approximately $9.48 million over the past three months, while institutional investors own 63.09% of the company’s stock.

Maplebear (NASDAQ:CART - Get Free Report) had its target price lifted by Wells Fargo & Company from $54.00 to $56.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage currently has an "equal weight" rating on the stock. Wells Fargo & Company's target price would suggest a potential upside of 22.93% from the company's current price.

A number of other equities analysts also recently weighed in on the stock. JPMorgan Chase & Co. lifted their target price on shares of Maplebear from $55.00 to $62.00 and gave the stock an "overweight" rating in a research note on Friday, August 7th. Argus raised their price target on shares of Maplebear from $50.00 to $58.00 and gave the stock a "buy" rating in a report on Wednesday, September 2nd. Barclays boosted their price objective on Maplebear from $69.00 to $77.00 and gave the company an "overweight" rating in a report on Friday, August 7th. BNP Paribas Exane raised shares of Maplebear from an "underperform" rating to a "neutral" rating and set a $56.00 target price for the company in a research report on Friday, August 7th. Finally, Wall Street Zen lowered Maplebear from a "buy" rating to a "hold" rating in a research report on Saturday, August 8th. Fourteen investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $58.24.

Maplebear Trading Up 2.9%

NASDAQ:CART traded up $1.30 during mid-day trading on Monday, hitting $45.55. 707,650 shares of the company's stock were exchanged, compared to its average volume of 4,426,345. The company has a 50 day simple moving average of $47.52 and a 200-day simple moving average of $44.00. The firm has a market capitalization of $10.55 billion, a P/E ratio of 24.88, a PEG 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 - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported $0.45 earnings per share for the quarter, missing the consensus estimate of $0.54 by ($0.09). Maplebear had a return on equity of 20.19% and a net margin of 11.97%.The business had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.03 billion. During the same period in the prior year, the firm earned $0.41 EPS. The business's revenue for the quarter was up 14.1% compared to the same quarter last year. As a group, analysts expect that Maplebear will post 2.33 earnings per share for the current year.

Insider Transactions at Maplebear

In other news, Director Ravi Gupta sold 150,000 shares of Maplebear stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $50.61, for a total value of $7,591,500.00. Following the completion of the transaction, the director directly owned 591,523 shares in the company, valued at approximately $29,936,979.03. The trade was a 20.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Lisa Blackwood-Kapral sold 3,017 shares of the firm's stock in a transaction dated Tuesday, September 15th. The stock was sold at an average price of $47.08, for a total value of $142,040.36. Following the completion of the transaction, the chief accounting officer owned 37,715 shares of the company's stock, valued at approximately $1,775,622.20. This represents a 7.41% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 189,797 shares of company stock valued at $9,479,487 over the last three months. Company insiders own 24.00% of the company's stock.

Hedge Funds Weigh In On Maplebear

A number of institutional investors have recently added to or reduced their stakes in CART. 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 valued at $41,000 after buying an additional 451 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its stake in Maplebear by 8.7% during the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 6,450 shares of the company's stock worth $242,000 after purchasing an additional 514 shares during the last quarter. Versant Capital Management Inc boosted its holdings in shares of Maplebear by 94.7% in the 2nd quarter. Versant Capital Management Inc now owns 1,215 shares of the company's stock worth $58,000 after purchasing an additional 591 shares in the last quarter. Parallel Advisors LLC boosted its holdings in shares of Maplebear by 2.1% in the 4th quarter. Parallel Advisors LLC now owns 31,103 shares of the company's stock worth $1,399,000 after purchasing an additional 626 shares in the last quarter. Finally, Janney Montgomery Scott LLC increased its position in shares of Maplebear by 2.2% during the 1st quarter. Janney Montgomery Scott LLC now owns 29,359 shares of the company's stock valued at $1,100,000 after purchasing an additional 626 shares during the last quarter. 63.09% of the stock is currently owned by institutional investors.

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.

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