Mizuho Initiates Coverage on Maplebear (NASDAQ:CART)

Key Points

• Mizuho has initiated coverage on Maplebear (NASDAQ:CART) with a "neutral" rating and a price target of $45.00, indicating a potential upside of 27.19% from current levels.
• Maplebear shares are currently trading at $35.38, having dropped 6.7% recently, with a market cap of $9.32 billion.
• The company reported quarterly earnings of $0.41 EPS, exceeding estimates and showing an 11.1% increase in revenue compared to the previous year.

Equities researchers at Mizuho began coverage on shares of Maplebear (NASDAQ:CART - Get Free Report) in a research note issued to investors on Tuesday,Benzinga reports. The brokerage set a "neutral" rating and a $45.00 price target on the stock. Mizuho's price objective would suggest a potential upside of 27.19% from the company's current price.

Other analysts have also recently issued reports about the company. Wedbush reaffirmed an "underperform" rating and issued a $42.00 price objective (down from $55.00) on shares of Maplebear in a research report on Thursday, August 21st. Bank of America lifted their price objective on shares of Maplebear from $53.00 to $58.00 and gave the stock a "neutral" rating in a research report on Friday, August 8th. Barclays increased their price objective 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. Stifel Nicolaus cut their price objective on shares of Maplebear from $64.00 to $56.00 and set a "buy" rating for the company in a research report on Wednesday, September 24th. Finally, BTIG Research reaffirmed a "neutral" rating and issued a $55.00 target price on shares of Maplebear in a research report on Tuesday. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Maplebear currently has a consensus rating of "Moderate Buy" and a consensus target price of $54.96.

Maplebear Trading Down 6.7%

Shares of NASDAQ CART traded down $2.54 during mid-day trading on Tuesday, hitting $35.38. The company had a trading volume of 6,236,512 shares, compared to its average volume of 4,488,368. The firm has a 50-day simple moving average of $45.63 and a two-hundred day simple moving average of $44.39. The company has a market capitalization of $9.32 billion, a PE ratio of 20.50, a price-to-earnings-growth ratio of 1.42 and a beta of 1.22. Maplebear has a one year low of $34.87 and a one year high of $53.50.

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

Insider Activity

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 completion of the sale, the insider owned 470,190 shares of the company's stock, valued at $22,954,675.80. This represents a 2.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Grosvenor L.P. Gcm sold 4,864,272 shares of the firm's stock in a transaction dated Friday, July 25th. The shares were sold at an average price of $47.75, for a total transaction of $232,268,988.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 4,986,367 shares of company stock worth $238,211,261. 26.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in CART. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Maplebear in the 4th quarter valued at approximately $3,086,000. GAMMA Investing LLC lifted its stake in Maplebear by 7,363.3% in the 1st quarter. GAMMA Investing LLC now owns 53,213 shares of the company's stock valued at $2,123,000 after purchasing an additional 52,500 shares during the last quarter. Rhumbline Advisers boosted its position in Maplebear by 170.6% in the first quarter. Rhumbline Advisers now owns 433,254 shares of the company's stock valued at $17,282,000 after buying an additional 273,161 shares in the last quarter. NBC Securities Inc. grew its stake in shares of Maplebear by 63,233.3% during the first quarter. NBC Securities Inc. now owns 9,500 shares of the company's stock worth $378,000 after buying an additional 9,485 shares during the last quarter. Finally, RFG Advisory LLC bought a new position in shares of Maplebear in the 1st quarter valued at $563,000. 63.09% of the stock is owned by institutional investors.

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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