BNP Paribas Exane Begins Coverage on Maplebear (NASDAQ:CART)

BNP Paribas Exane initiated coverage on shares of Maplebear (NASDAQ:CART) in a research note issued to investors on Wednesday, MarketBeat Ratings reports. The firm set an “underperform” rating and a $41.00 price target on the stock. BNP Paribas Exane’s price target indicates a potential upside of 2.99% from the stock’s current price.

A number of other research analysts have also issued reports on the stock. Guggenheim began coverage on shares of Maplebear in a report on Wednesday, October 15th. They issued a “neutral” rating and a $40.00 price objective for the company. JPMorgan Chase & Co. decreased their price target on shares of Maplebear from $65.00 to $55.00 and set an “overweight” rating for the company in a research report on Tuesday, November 11th. Piper Sandler downgraded shares of Maplebear from an “overweight” rating to a “neutral” rating and set a $41.00 price target for the company. in a research note on Friday, October 3rd. Argus assumed coverage on shares of Maplebear in a report on Wednesday, January 7th. They set a “buy” rating and a $52.00 price target on the stock. Finally, Needham & Company LLC decreased their price objective on Maplebear from $66.00 to $50.00 and set a “buy” rating for the company in a report on Tuesday, November 11th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $51.73.

Maplebear Stock Down 2.6%

Shares of CART stock opened at $39.81 on Wednesday. The firm has a market capitalization of $10.45 billion, a P/E ratio of 21.87, a P/E/G ratio of 1.04 and a beta of 0.97. Maplebear has a twelve month low of $34.78 and a twelve month high of $53.50. The stock’s fifty day simple moving average is $42.87 and its 200 day simple moving average is $43.46.

Maplebear (NASDAQ:CART) last posted its earnings results on Monday, November 10th. The company reported $0.51 EPS for the quarter, beating the consensus estimate of $0.50 by $0.01. Maplebear had a return on equity of 15.72% and a net margin of 14.09%.The firm had revenue of $939.00 million during the quarter, compared to the consensus estimate of $933.76 million. During the same period last year, the company earned $0.42 earnings per share. The business’s quarterly revenue was up 10.2% on a year-over-year basis. As a group, equities research analysts expect that Maplebear will post 1.43 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, General Counsel Morgan Fong sold 4,914 shares of Maplebear stock in a transaction on Monday, December 22nd. The shares were sold at an average price of $45.21, for a total transaction of $222,161.94. Following the completion of the transaction, the general counsel owned 404,940 shares of the company’s stock, valued at $18,307,337.40. This trade represents a 1.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 26.00% of the stock is owned by corporate insiders.

Institutional Trading of Maplebear

A number of large investors have recently bought and sold shares of CART. Royal Bank of Canada lifted its stake in shares of Maplebear by 51.2% in the 1st quarter. Royal Bank of Canada now owns 131,789 shares of the company’s stock valued at $5,256,000 after purchasing an additional 44,642 shares during the period. NewEdge Advisors LLC grew its stake in Maplebear by 71.6% during the first quarter. NewEdge Advisors LLC now owns 1,673 shares of the company’s stock worth $67,000 after purchasing an additional 698 shares during the period. Jones Financial Companies Lllp increased its holdings in Maplebear by 358.5% in the first quarter. Jones Financial Companies Lllp now owns 3,200 shares of the company’s stock worth $128,000 after purchasing an additional 2,502 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in Maplebear by 17.4% in the first quarter. Goldman Sachs Group Inc. now owns 390,711 shares of the company’s stock valued at $15,585,000 after buying an additional 57,879 shares during the period. Finally, Empowered Funds LLC bought a new position in shares of Maplebear during the 1st quarter worth approximately $268,000. 63.09% of the stock is currently owned by institutional investors and hedge funds.

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.