Wells Fargo & Company Issues Pessimistic Forecast for Maplebear (NASDAQ:CART) Stock Price

Maplebear (NASDAQ:CART) had its price objective cut by equities researchers at Wells Fargo & Company from $57.00 to $47.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target would suggest a potential upside of 23.10% from the company’s current price.

Several other analysts also recently weighed in on the company. Morgan Stanley increased their target price on Maplebear from $45.00 to $48.00 and gave the company an “equal weight” rating in a research note on Friday, August 15th. Barclays raised their price objective on shares of Maplebear from $61.00 to $65.00 and gave the stock an “overweight” rating in a research note on Friday, August 8th. Piper Sandler cut shares of Maplebear from an “overweight” rating to a “neutral” rating and set a $41.00 target price for the company. in a research note on Friday. Needham & Company LLC increased their price target on shares of Maplebear from $56.00 to $66.00 and gave the company a “buy” rating in a report on Friday, August 8th. Finally, Stifel Nicolaus dropped their price objective on shares of Maplebear from $64.00 to $56.00 and set a “buy” rating on the stock in a report on Wednesday, September 24th. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $53.42.

Maplebear Trading Down 2.8%

NASDAQ CART opened at $38.18 on Friday. Maplebear has a 1 year low of $34.87 and a 1 year high of $53.50. The company has a fifty day simple moving average of $44.70 and a 200 day simple moving average of $44.30. The company has a market cap of $10.06 billion, a P/E ratio of 22.07, a P/E/G ratio of 1.28 and a beta of 1.10.

Maplebear (NASDAQ:CART) last released its earnings results on Thursday, August 7th. The company reported $0.41 earnings per share for the quarter, topping analysts’ consensus estimates of $0.39 by $0.02. Maplebear had a net margin of 13.76% and a return on equity of 15.69%. The firm had revenue of $914.00 million during the quarter, compared to analyst estimates of $896.55 million. During the same quarter in the previous year, the business earned $0.20 EPS. The business’s revenue was up 11.1% on a year-over-year basis. Equities research analysts forecast that Maplebear will post 1.43 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Fidji Simo sold 7,140 shares of the company’s stock in a transaction on Monday, September 15th. The shares were sold at an average price of $47.30, for a total value of $337,722.00. Following the completion of the sale, the director owned 573,807 shares in the company, valued at $27,141,071.10. This represents a 1.23% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Morgan Fong sold 3,546 shares of the stock in a transaction dated Monday, September 22nd. The stock was sold at an average price of $42.39, for a total value of $150,314.94. Following the completion of the sale, the general counsel owned 431,069 shares of the company’s stock, valued at $18,273,014.91. This trade represents a 0.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 4,986,367 shares of company stock valued at $238,211,261. 26.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Viking Global Investors LP bought a new position in shares of Maplebear during the 2nd quarter worth approximately $169,782,000. William Blair Investment Management LLC bought a new position in Maplebear in the second quarter valued at $151,364,000. Victory Capital Management Inc. grew its position in Maplebear by 62.8% in the first quarter. Victory Capital Management Inc. now owns 7,368,232 shares of the company’s stock valued at $293,919,000 after purchasing an additional 2,841,559 shares in the last quarter. Norges Bank acquired a new stake in Maplebear in the 2nd quarter valued at $97,351,000. Finally, Boston Partners lifted its position in Maplebear by 93.3% during the 2nd quarter. Boston Partners now owns 3,961,838 shares of the company’s stock worth $179,261,000 after buying an additional 1,911,771 shares in the last quarter. 63.09% of the stock is currently owned by 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.