Maplebear (NASDAQ:CART) Given New $47.00 Price Target at Wells Fargo & Company

Key Points

• Wells Fargo & Company has decreased its price target for Maplebear (NASDAQ:CART) from $57.00 to $47.00, maintaining an "equal weight" rating on the stock, which suggests a potential upside of 20.27%.
• Several other brokerages are also adjusting their price targets, with Barclays and Citigroup increasing theirs to $65.00, while Mizuho set a lower target of $45.00.
• Maplebear recently reported earnings of $0.41 EPS, exceeding estimates, with a significant revenue increase of 11.1% year-over-year, further highlighting strong financial performance amidst fluctuating stock valuations.

Maplebear (NASDAQ:CART - Get Free Report) had its price target decreased by analysts at Wells Fargo & Company from $57.00 to $47.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has an "equal weight" rating on the stock. Wells Fargo & Company's price target suggests a potential upside of 20.27% from the stock's previous close.

CART has been the topic of a number of other research reports. Barclays lifted their price target on shares of Maplebear from $61.00 to $65.00 and gave the company an "overweight" rating in a research report on Friday, August 8th. Citigroup lifted their price target on shares of Maplebear from $57.00 to $65.00 and gave the company a "buy" rating in a research report on Friday, August 8th. Mizuho began coverage on shares of Maplebear in a research report on Tuesday. They issued a "neutral" rating and a $45.00 price target on the stock. BTIG Research reissued a "neutral" rating and issued a $55.00 price target on shares of Maplebear in a research report on Tuesday. Finally, Stifel Nicolaus dropped their target price on shares of Maplebear from $64.00 to $56.00 and set a "buy" rating on the stock in a research report on Wednesday, September 24th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $53.42.

Maplebear Trading Down 0.6%

NASDAQ CART traded down $0.22 during trading on Friday, reaching $39.08. The company's stock had a trading volume of 1,137,644 shares, compared to its average volume of 4,618,652. The stock has a market capitalization of $10.29 billion, a PE ratio of 22.58, a PEG ratio of 1.25 and a beta of 1.10. The business has a 50-day moving average price of $44.91 and a 200-day moving average price of $44.28. Maplebear has a 1-year low of $34.87 and a 1-year high of $53.50.

Maplebear (NASDAQ:CART - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported $0.41 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.39 by $0.02. Maplebear had a net margin of 13.76% and a return on equity of 15.69%. The firm had revenue of $914.00 million during the quarter, compared to analysts' expectations of $896.55 million. During the same period in the previous year, the company earned $0.20 earnings per share. The company's revenue was up 11.1% compared to the same quarter last year. As a group, analysts expect that Maplebear will post 1.43 earnings per share for the current year.

Insider Buying and Selling at Maplebear

In related news, insider Daniel Danker sold 10,037 shares of the company's stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $48.82, for a total transaction of $490,006.34. Following the transaction, the insider owned 470,190 shares in the company, valued at $22,954,675.80. This represents a 2.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Chris Rogers sold 9,259 shares of the company's stock in a transaction dated Monday, September 22nd. The stock was sold at an average price of $42.37, for a total transaction of $392,303.83. Following the transaction, the chief executive officer owned 739,880 shares in the company, valued at approximately $31,348,715.60. This trade represents a 1.24% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 4,986,367 shares of company stock worth $238,211,261 over the last quarter. Corporate insiders own 26.00% of the company's stock.

Institutional Investors Weigh In On Maplebear

Several large investors have recently made changes to their positions in CART. Proathlete Wealth Management LLC bought a new position in shares of Maplebear in the first quarter worth $26,000. Brooklyn Investment Group bought a new position in Maplebear in the first quarter valued at about $40,000. UMB Bank n.a. boosted its stake in shares of Maplebear by 914.1% during the first quarter. UMB Bank n.a. now owns 1,004 shares of the company's stock valued at $40,000 after purchasing an additional 905 shares in the last quarter. Spire Wealth Management acquired a new stake in shares of Maplebear during the first quarter valued at about $41,000. Finally, CWM LLC boosted its stake in shares of Maplebear by 35.1% during the first quarter. CWM LLC now owns 1,058 shares of the company's stock valued at $42,000 after purchasing an additional 275 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, 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.

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