Maplebear (NASDAQ:CART) Price Target Cut to $46.00 by Analysts at Wedbush

Maplebear (NASDAQ:CART) had its price objective trimmed by Wedbush from $48.00 to $46.00 in a research note issued to investors on Wednesday morning,Benzinga reports. The brokerage currently has a neutral rating on the stock.

Other analysts have also issued reports about the company. Loop Capital lifted their price target on Maplebear from $49.00 to $56.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $55.00 target price on shares of Maplebear in a research note on Wednesday. Benchmark reiterated a “hold” rating on shares of Maplebear in a research report on Wednesday. Mizuho started coverage on shares of Maplebear in a research report on Tuesday, January 14th. They set an “outperform” rating and a $55.00 price target on the stock. Finally, Wells Fargo & Company started coverage on shares of Maplebear in a report on Friday, January 10th. They issued an “equal weight” rating and a $47.00 price objective for the company. Thirteen research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $49.80.

Maplebear Stock Performance

Shares of NASDAQ CART opened at $42.80 on Wednesday. The firm has a market cap of $11.00 billion, a PE ratio of 28.72, a PEG ratio of 1.19 and a beta of 1.07. Maplebear has a one year low of $29.84 and a one year high of $53.44. The firm has a fifty day moving average of $46.48 and a 200 day moving average of $42.68.

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

Insider Transactions at Maplebear

In other Maplebear news, CEO Fidji Simo sold 20,750 shares of the stock in a transaction dated 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 $75,734,980.82. This trade represents a 1.16 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Alan Ramsay sold 2,314 shares of the firm’s stock in a transaction that occurred on Tuesday, January 21st. The shares were 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 approximately $3,953,283.88. This trade represents a 2.64 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 25,311 shares of company stock worth $1,088,636 over the last ninety days. Company insiders own 36.00% of the company’s stock.

Institutional Investors Weigh In On Maplebear

Institutional investors have recently modified their holdings of the company. Jones Financial Companies Lllp raised its position in shares of Maplebear by 46.6% during the 4th quarter. Jones Financial Companies Lllp now owns 698 shares of the company’s stock worth $29,000 after acquiring an additional 222 shares in the last quarter. CIBC Asset Management Inc lifted its holdings in shares of Maplebear by 3.7% in the 3rd quarter. CIBC Asset Management Inc now owns 8,114 shares of the company’s stock valued at $331,000 after purchasing an additional 286 shares during the last quarter. Allworth Financial LP boosted its position in shares of Maplebear by 101.4% in the 4th quarter. Allworth Financial LP now owns 834 shares of the company’s stock valued at $37,000 after purchasing an additional 420 shares during the period. WCG Wealth Advisors LLC grew its stake in Maplebear by 3.3% during the 4th quarter. WCG Wealth Advisors LLC now owns 14,256 shares of the company’s stock worth $590,000 after buying an additional 451 shares during the last quarter. Finally, Coldstream Capital Management Inc. increased its position in Maplebear by 1.6% during the third quarter. Coldstream Capital Management Inc. now owns 31,745 shares of the company’s stock worth $1,294,000 after buying an additional 490 shares during the period. 63.09% of the stock is owned by hedge funds and other institutional investors.

About Maplebear

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.