Wells Fargo & Company Forecasts Strong Price Appreciation for Maplebear (NASDAQ:CART) Stock

Maplebear (NASDAQ:CART) had its price objective upped by research analysts at Wells Fargo & Company from $43.00 to $45.00 in a report issued on Monday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target points to a potential upside of 20.13% from the company’s previous close.

Several other equities analysts have also weighed in on the company. Jefferies Financial Group raised Maplebear from a “hold” rating to a “buy” rating and increased their target price for the company from $38.00 to $45.00 in a research note on Monday. Argus raised Maplebear to a “strong-buy” rating in a research note on Thursday, March 5th. Fox Advisors downgraded shares of Maplebear from a “strong-buy” rating to a “hold” rating in a research report on Thursday, December 18th. Weiss Ratings reissued a “hold (c)” rating on shares of Maplebear in a research note on Monday, December 29th. Finally, Benchmark lowered their target price on shares of Maplebear from $60.00 to $53.00 and set a “buy” rating for the company in a research note on Tuesday, February 10th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Maplebear has a consensus rating of “Moderate Buy” and a consensus target price of $51.29.

Maplebear Stock Up 0.7%

CART stock opened at $37.46 on Monday. Maplebear has a twelve month low of $32.73 and a twelve month high of $53.50. The company has a market cap of $9.01 billion, a P/E ratio of 23.56, a price-to-earnings-growth ratio of 0.57 and a beta of 0.98. The business’s fifty day moving average is $36.95 and its 200-day moving average is $39.80.

Insiders Place Their Bets

In other Maplebear news, General Counsel Morgan Fong sold 126,083 shares of the stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $37.09, for a total transaction of $4,676,418.47. Following the completion of the transaction, the general counsel owned 386,643 shares in the company, valued at approximately $14,340,588.87. This represents a 24.59% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Lisa Blackwood-Kapral sold 9,390 shares of Maplebear stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $38.74, for a total value of $363,768.60. Following the completion of the sale, the chief accounting officer directly owned 47,510 shares in the company, valued at $1,840,537.40. This represents a 16.50% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 26.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Royal Bank of Canada lifted its stake in 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 acquiring an additional 44,642 shares in the last quarter. NewEdge Advisors LLC grew its stake in shares of Maplebear by 71.6% during the 1st quarter. NewEdge Advisors LLC now owns 1,673 shares of the company’s stock worth $67,000 after acquiring an additional 698 shares in the last quarter. Jones Financial Companies Lllp raised its holdings in shares of Maplebear by 358.5% in the first quarter. Jones Financial Companies Lllp now owns 3,200 shares of the company’s stock valued at $128,000 after purchasing an additional 2,502 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of 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 purchasing an additional 57,879 shares during the last quarter. Finally, Empowered Funds LLC bought a new stake in shares of Maplebear in the first quarter worth $268,000. 63.09% of the stock is currently owned by institutional investors.

Maplebear Company Profile

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.