Maplebear (NASDAQ:CART) Coverage Initiated by Analysts at Wolfe Research

Wolfe Research began coverage on shares of Maplebear (NASDAQ:CART) in a research note published on Tuesday morning, MarketBeat reports. The firm issued a peer perform rating on the stock.

Other analysts have also recently issued reports about the company. Barclays boosted their price target on Maplebear from $41.00 to $43.00 and gave the stock an overweight rating in a research report on Thursday, May 9th. Stifel Nicolaus boosted their price target on Maplebear from $44.00 to $45.00 and gave the stock a buy rating in a research report on Thursday, May 9th. Robert W. Baird boosted their price objective on Maplebear from $31.00 to $44.00 and gave the stock an outperform rating in a research note on Monday, April 1st. Fox Advisors lowered Maplebear from an overweight rating to an equal weight rating in a research note on Monday, April 1st. Finally, Morgan Stanley boosted their price objective on Maplebear from $28.00 to $40.00 and gave the stock an equal weight rating in a research note on Monday, May 6th. Eleven research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of Moderate Buy and an average target price of $41.25.

Maplebear Stock Performance

Maplebear stock opened at $35.00 on Tuesday. Maplebear has a 12 month low of $22.13 and a 12 month high of $42.95. The business has a 50 day simple moving average of $33.11 and a 200-day simple moving average of $32.10.

Maplebear (NASDAQ:CART) last posted its quarterly earnings data on Wednesday, May 8th. The company reported $0.43 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.39. The business had revenue of $820.00 million during the quarter, compared to analysts’ expectations of $794.08 million. The business’s revenue was up 8.0% compared to the same quarter last year. As a group, research analysts anticipate that Maplebear will post 1.01 EPS for the current fiscal year.

Insiders Place Their Bets

In other Maplebear news, CAO Alan Ramsay sold 12,178 shares of the company’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $34.90, for a total transaction of $425,012.20. Following the sale, the chief accounting officer now owns 118,142 shares in the company, valued at approximately $4,123,155.80. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CEO Fidji Simo sold 13,206 shares of the stock in a transaction dated Monday, April 29th. The stock was sold at an average price of $34.93, for a total value of $461,285.58. Following the transaction, the chief executive officer now owns 2,132,845 shares in the company, valued at approximately $74,500,275.85. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Alan Ramsay sold 12,178 shares of the stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $34.90, for a total value of $425,012.20. Following the completion of the transaction, the chief accounting officer now owns 118,142 shares in the company, valued at approximately $4,123,155.80. The disclosure for this sale can be found here. Insiders have sold a total of 88,563 shares of company stock worth $3,021,928 in the last quarter. 36.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in CART. Canaan Partners IX LLC purchased a new position in shares of Maplebear in the 4th quarter valued at about $87,508,000. Norges Bank purchased a new position in shares of Maplebear in the 4th quarter valued at about $78,674,000. Thrive Capital Management LLC purchased a new position in shares of Maplebear in the 3rd quarter valued at about $47,818,000. SG Americas Securities LLC purchased a new position in shares of Maplebear in the 1st quarter valued at about $31,109,000. Finally, Lord Abbett & CO. LLC purchased a new position in shares of Maplebear in the 1st quarter valued at about $28,674,000. Hedge funds and other institutional investors own 63.09% of the company’s stock.

Maplebear Company Profile

Maplebear Inc, doing business as Instacart, provides online grocery shopping services to households in North America. It sells and delivers grocery products. The company offers its services through a mobile application and website. It also provides software-as-a-service solutions to retailers. The company was incorporated in 2012 and is based in San Francisco, California.