Maplebear (NASDAQ:CART) Receives "Outperform" Rating from Wedbush

Key Points

• Wedbush reaffirmed an “outperform” rating on Maplebear (Instacart) and set a $59 price target, implying about 24% upside from the current share price.
• Other analysts remain generally positive on CART, with the stock carrying a “Moderate Buy” consensus and an average price target of $51.86.
• Maplebear recently reported revenue growth of 13.6% year over year, though earnings slightly missed expectations; the company also saw notable insider selling and continued institutional buying.

Maplebear (NASDAQ:CART - Get Free Report)'s stock had its "outperform" rating reaffirmed by investment analysts at Wedbush in a note issued to investors on Thursday,Benzinga reports. They presently have a $59.00 price target on the stock. Wedbush's price target would indicate a potential upside of 23.92% from the company's current price.

A number of other equities analysts have also commented on CART. Barclays raised their price objective on shares of Maplebear from $65.00 to $69.00 and gave the company an "overweight" rating in a research report on Thursday, May 7th. Citizens Jmp reaffirmed a "market outperform" rating and set a $60.00 target price on shares of Maplebear in a report on Monday, June 15th. Weiss Ratings raised shares of Maplebear from a "hold (c-)" rating to a "hold (c)" rating in a report on Monday, May 11th. Wall Street Zen downgraded Maplebear from a "buy" rating to a "hold" rating in a research report on Saturday, May 2nd. Finally, Wells Fargo & Company lifted their price objective on Maplebear from $45.00 to $47.00 and gave the company an "equal weight" rating in a research note on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $51.86.

Maplebear Stock Performance

NASDAQ:CART opened at $47.61 on Thursday. Maplebear has a 52-week low of $32.73 and a 52-week high of $53.50. The firm has a market cap of $11.19 billion, a price-to-earnings ratio of 26.60, a PEG ratio of 0.65 and a beta of 0.75. The business's fifty day moving average is $43.22 and its 200 day moving average is $40.62.

Maplebear (NASDAQ:CART - Get Free Report) last issued its earnings results on Wednesday, May 6th. The company reported $0.57 EPS for the quarter, missing the consensus estimate of $0.58 by ($0.01). The company had revenue of $1.02 billion during the quarter, compared to the consensus estimate of $1.01 billion. Maplebear had a return on equity of 18.67% and a net margin of 12.50%.The firm's revenue for the quarter was up 13.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.37 EPS. Equities analysts predict that Maplebear will post 2.45 EPS for the current fiscal year.

Insider Transactions at Maplebear

In other news, Director Ravi Gupta sold 181,000 shares of the firm's stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $41.51, for a total value of $7,513,310.00. Following the transaction, the director owned 741,523 shares in the company, valued at approximately $30,780,619.73. This trade represents a 19.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 24.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of CART. GAMMA Investing LLC raised its holdings in shares of Maplebear by 49.2% during the second quarter. GAMMA Investing LLC now owns 4,297 shares of the company's stock valued at $203,000 after acquiring an additional 1,417 shares in the last quarter. Versant Capital Management Inc raised its holdings in Maplebear by 94.7% in the second 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. Pacer Advisors Inc. lifted its position in Maplebear by 21.5% during the first quarter. Pacer Advisors Inc. now owns 1,370,619 shares of the company's stock valued at $51,343,000 after buying an additional 242,468 shares during the period. Liontrust Investment Partners LLP lifted its position in Maplebear by 40.5% during the first quarter. Liontrust Investment Partners LLP now owns 219,822 shares of the company's stock valued at $8,235,000 after buying an additional 63,415 shares during the period. Finally, Bank of America Corp DE boosted its holdings in shares of Maplebear by 16.5% during the 1st quarter. Bank of America Corp DE now owns 1,562,097 shares of the company's stock valued at $58,516,000 after buying an additional 221,036 shares in the last quarter. 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.

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