Wedbush Cuts Maplebear (NASDAQ:CART) Price Target to $46.00

Maplebear (NASDAQ:CART) had its price target decreased by equities researchers at Wedbush from $48.00 to $46.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Wedbush’s target price suggests a potential upside of 4.76% from the company’s current price.

Other equities analysts have also recently issued research reports about the company. Benchmark reiterated a “hold” rating on shares of Maplebear in a research report on Wednesday. JMP Securities upped their price target on Maplebear from $42.00 to $51.00 and gave the stock a “market outperform” rating in a report on Wednesday, November 13th. BMO Capital Markets upped their price target on Maplebear from $48.00 to $49.00 and gave the stock a “market perform” rating in a report on Wednesday. Wells Fargo & Company began coverage on Maplebear in a report on Friday, January 10th. They issued an “equal weight” rating and a $47.00 price target on the stock. Finally, Mizuho began coverage on Maplebear in a report on Tuesday, January 14th. They issued an “outperform” rating and a $55.00 price target on the stock. Thirteen analysts have rated the stock with a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Maplebear presently has a consensus rating of “Moderate Buy” and an average target price of $50.00.

Maplebear Price Performance

NASDAQ CART traded down $4.87 on Wednesday, hitting $43.91. 4,628,266 shares of the company’s stock were exchanged, compared to its average volume of 4,238,984. The firm’s 50-day moving average price is $46.46 and its two-hundred day moving average price is $42.68. Maplebear has a fifty-two week low of $29.84 and a fifty-two week high of $53.44. The firm has a market cap of $11.28 billion, a price-to-earnings ratio of 29.47, a P/E/G ratio of 1.19 and a beta of 1.07.

Maplebear (NASDAQ:CART) last released its earnings results on Tuesday, February 25th. The company reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.16. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. The company had revenue of $883.00 million for the quarter, compared to analysts’ expectations of $889.98 million. On average, research analysts predict that Maplebear will post 1.43 earnings per share for the current fiscal year.

Insider Transactions at Maplebear

In other news, CAO Alan Ramsay sold 2,314 shares of the company’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $46.28, for a total transaction of $107,091.92. Following the completion of the sale, the chief accounting officer now directly owns 85,421 shares in the company, valued at $3,953,283.88. This represents a 2.64 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Fidji Simo sold 20,750 shares of the company’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $42.74, for a total value of $886,855.00. Following the sale, the chief executive officer now owns 1,771,993 shares of the company’s stock, valued at approximately $75,734,980.82. The trade was a 1.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 25,311 shares of company stock worth $1,088,636 in the last ninety days. Insiders own 36.00% of the company’s stock.

Institutional Trading of Maplebear

Several large investors have recently added to or reduced their stakes in CART. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Maplebear in the 3rd quarter valued at $74,000. New York State Teachers Retirement System grew its stake in shares of Maplebear by 704.1% during the third quarter. New York State Teachers Retirement System now owns 15,824 shares of the company’s stock valued at $645,000 after acquiring an additional 13,856 shares in the last quarter. US Bancorp DE grew its stake in shares of Maplebear by 429.2% during the third quarter. US Bancorp DE now owns 10,690 shares of the company’s stock valued at $436,000 after acquiring an additional 8,670 shares in the last quarter. Farther Finance Advisors LLC grew its stake in shares of Maplebear by 26.7% during the third quarter. Farther Finance Advisors LLC now owns 13,757 shares of the company’s stock valued at $560,000 after acquiring an additional 2,901 shares in the last quarter. Finally, Washington University acquired a new stake in shares of Maplebear during the third quarter valued at about $238,000. 63.09% of the stock is currently owned by institutional investors and hedge funds.

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.