Maplebear (NASDAQ:CART) Earns Outperform Rating from Analysts at Wedbush

Wedbush assumed coverage on shares of Maplebear (NASDAQ:CART) in a research note published on Thursday morning, MarketBeat reports. The firm issued an outperform rating and a $59.00 price objective on the stock.

A number of other equities research analysts have also weighed in on CART. Wells Fargo & Company raised their price objective on shares of Maplebear from $45.00 to $47.00 and gave the company an “equal weight” rating in a report on Thursday, May 7th. Raymond James Financial raised Maplebear from a “hold” rating to a “moderate buy” rating in a report on Thursday, April 9th. Weiss Ratings upgraded Maplebear from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Needham & Company LLC reaffirmed a “buy” rating and set a $55.00 price target on shares of Maplebear in a report on Thursday, May 7th. Finally, Barclays upped their price objective on Maplebear from $65.00 to $69.00 and gave the stock an “overweight” rating in a research report on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Maplebear currently has a consensus rating of “Moderate Buy” and an average price target of $51.86.

Maplebear Stock Performance

Shares of Maplebear stock opened at $45.82 on Thursday. The business has a 50-day simple moving average of $43.50 and a 200-day simple moving average of $40.65. The company has a market cap of $10.77 billion, a PE ratio of 25.60, a P/E/G ratio of 0.63 and a beta of 0.75. Maplebear has a one year low of $32.73 and a one year high of $53.50.

Maplebear (NASDAQ:CART) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $0.57 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.01). Maplebear had a return on equity of 18.67% and a net margin of 12.50%.The firm had revenue of $1.02 billion during the quarter, compared to analysts’ expectations of $1.01 billion. During the same quarter in the prior year, the firm earned $0.37 EPS. The firm’s revenue was up 13.6% compared to the same quarter last year. On average, sell-side analysts predict that Maplebear will post 2.46 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Ravi Gupta sold 181,000 shares of the company’s stock in a transaction 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 completion of the transaction, the director owned 741,523 shares in the company, valued at approximately $30,780,619.73. This represents a 19.62% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 24.00% of the company’s stock.

Institutional Investors Weigh In On Maplebear

A number of institutional investors and hedge funds have recently bought and sold shares of CART. State Street Corp grew its holdings in shares of Maplebear by 1.0% during the fourth quarter. State Street Corp now owns 5,461,637 shares of the company’s stock worth $245,664,000 after purchasing an additional 54,872 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Maplebear by 31.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,981,960 shares of the company’s stock valued at $186,618,000 after purchasing an additional 1,189,287 shares during the last quarter. Viking Global Investors LP purchased a new stake in shares of Maplebear in the 2nd quarter valued at about $169,782,000. Geode Capital Management LLC boosted its position in shares of Maplebear by 1.6% in the 4th quarter. Geode Capital Management LLC now owns 3,526,124 shares of the company’s stock valued at $158,640,000 after purchasing an additional 54,010 shares during the period. Finally, Federated Hermes Inc. grew its stake in Maplebear by 3.2% during the 4th quarter. Federated Hermes Inc. now owns 3,287,952 shares of the company’s stock worth $147,892,000 after buying an additional 101,278 shares during the last quarter. 63.09% of the stock is owned by hedge funds and other institutional investors.

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.