Maplebear (NASDAQ:CART) Now Covered by Guggenheim

Key Points

• Guggenheim initiated coverage on Maplebear (NASDAQ:CART) with a "neutral" rating and a price target of $40.00, indicating a potential upside of 1.34% from its current price.
• The stock has an average rating of "Moderate Buy" among analysts, with a consensus target price of $52.88, based on varying price targets set by different research firms.
• Maplebear reported earnings of $0.41 per share for the last quarter, surpassing analyst expectations, and experienced a 11.1% year-over-year revenue increase to $914 million.

Analysts at Guggenheim began coverage on shares of Maplebear (NASDAQ:CART - Get Free Report) in a research note issued to investors on Wednesday. The brokerage set a "neutral" rating and a $40.00 price target on the stock. Guggenheim's price objective points to a potential upside of 1.34% from the stock's current price.

Other equities research analysts have also recently issued research reports about the company. Mizuho began coverage on Maplebear in a research note on Tuesday, September 30th. They set a "neutral" rating and a $45.00 target price for the company. BTIG Research reissued a "neutral" rating and issued a $55.00 target price on shares of Maplebear in a report on Tuesday, September 30th. Barclays boosted their target price on Maplebear from $61.00 to $65.00 and gave the stock an "overweight" rating in a research report on Friday, August 8th. Morgan Stanley lifted their price target on shares of Maplebear from $45.00 to $48.00 and gave the company an "equal weight" rating in a research report on Friday, August 15th. Finally, Piper Sandler downgraded shares of Maplebear from an "overweight" rating to a "neutral" rating and set a $41.00 target price for the company. in a report on Friday, October 3rd. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $52.88.

Maplebear Price Performance

Maplebear stock opened at $39.47 on Wednesday. The firm has a 50 day simple moving average of $43.50 and a 200-day simple moving average of $44.23. The stock has a market cap of $10.40 billion, a price-to-earnings ratio of 22.82, a price-to-earnings-growth ratio of 1.19 and a beta of 1.10. Maplebear has a 1-year low of $34.87 and a 1-year high of $53.50.

Maplebear (NASDAQ:CART - Get Free Report) last announced 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 return on equity of 15.69% and a net margin of 13.76%.The company had revenue of $914.00 million for the quarter, compared to analyst estimates of $896.55 million. During the same quarter in the previous year, the company earned $0.20 earnings per share. The firm's quarterly revenue was up 11.1% compared to the same quarter last year. Equities analysts expect that Maplebear will post 1.43 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Chris Rogers sold 9,259 shares of the stock in a transaction that occurred on Monday, September 22nd. The shares were sold at an average price of $42.37, for a total value of $392,303.83. Following the completion of the sale, the chief executive officer directly owned 739,880 shares of the company's stock, valued at $31,348,715.60. This represents a 1.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Fidji Simo sold 7,140 shares of the firm's stock in a transaction on Monday, September 15th. The shares were sold at an average price of $47.30, for a total transaction of $337,722.00. Following the transaction, the director owned 573,807 shares in the company, valued at $27,141,071.10. This represents a 1.23% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 4,972,134 shares of company stock valued at $237,530,070. Corporate insiders own 26.00% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CART. Yousif Capital Management LLC boosted its holdings in shares of Maplebear by 4.9% in the 3rd quarter. Yousif Capital Management LLC now owns 57,898 shares of the company's stock worth $2,128,000 after acquiring an additional 2,702 shares in the last quarter. Congress Asset Management Co. raised its stake in shares of Maplebear by 13.3% in the 3rd quarter. Congress Asset Management Co. now owns 376,213 shares of the company's stock valued at $13,830,000 after purchasing an additional 44,039 shares during the period. ST Germain D J Co. Inc. grew its holdings in shares of Maplebear by 13.4% in the 3rd quarter. ST Germain D J Co. Inc. now owns 3,707 shares of the company's stock valued at $136,000 after acquiring an additional 437 shares in the last quarter. Oak Thistle LLC grew its holdings in Maplebear by 177.8% during the third quarter. Oak Thistle LLC now owns 38,122 shares of the company's stock worth $1,401,000 after purchasing an additional 24,401 shares during the period. Finally, Shorepoint Capital Partners LLC bought a new position in Maplebear in the 3rd quarter valued at about $273,000. Institutional investors own 63.09% of the company's stock.

About Maplebear

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.