Deutsche Bank Aktiengesellschaft Initiates Coverage on Maplebear (NASDAQ:CART)

Stock analysts at Deutsche Bank Aktiengesellschaft started coverage on shares of Maplebear (NASDAQ:CART) in a note issued to investors on Tuesday, Marketbeat Ratings reports. The brokerage set a “hold” rating and a $37.00 price target on the stock. Deutsche Bank Aktiengesellschaft’s price target would indicate a potential downside of 18.84% from the stock’s current price.

Other equities research analysts have also recently issued research reports about the stock. JMP Securities increased their target price on shares of Maplebear from $42.00 to $51.00 and gave the company a “market outperform” rating in a research report on Wednesday, November 13th. Bank of America raised their price target on shares of Maplebear from $50.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday, November 13th. Macquarie raised their price target on shares of Maplebear from $50.00 to $52.00 and gave the stock an “outperform” rating in a report on Thursday, November 14th. Oppenheimer raised their price target on shares of Maplebear from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. Finally, JPMorgan Chase & Co. raised their price target on shares of Maplebear from $47.00 to $52.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Thirteen analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Maplebear has an average rating of “Moderate Buy” and a consensus price target of $46.82.

Maplebear Stock Performance

NASDAQ CART opened at $45.59 on Tuesday. The firm’s 50 day moving average price is $43.44 and its 200-day moving average price is $37.34. Maplebear has a 52-week low of $22.13 and a 52-week high of $50.01. The company has a market cap of $11.71 billion, a PE ratio of 30.60, a P/E/G ratio of 1.13 and a beta of 0.94.

Maplebear (NASDAQ:CART) last posted its earnings results on Tuesday, November 12th. The company reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.22 by $0.20. Maplebear had a net margin of 13.37% and a return on equity of 13.78%. The company had revenue of $852.00 million during the quarter, compared to analysts’ expectations of $844.03 million. During the same quarter in the prior year, the company posted ($20.86) earnings per share. Maplebear’s revenue for the quarter was up 11.5% compared to the same quarter last year. On average, analysts forecast that Maplebear will post 1.4 earnings per share for the current fiscal year.

Insider Transactions at Maplebear

In other Maplebear news, CEO Fidji Simo sold 20,750 shares of Maplebear stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $42.97, for a total transaction of $891,627.50. Following the transaction, the chief executive officer now directly owns 1,804,243 shares of the company’s stock, valued at $77,528,321.71. The trade was a 1.14 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Alan Ramsay sold 2,247 shares of Maplebear stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $41.06, for a total transaction of $92,261.82. Following the transaction, the chief accounting officer now directly owns 89,982 shares in the company, valued at $3,694,660.92. This trade represents a 2.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 110,954 shares of company stock valued at $4,890,405. Corporate insiders own 36.00% of the company’s stock.

Hedge Funds Weigh In On Maplebear

A number of institutional investors have recently bought and sold shares of CART. CIBC Asset Management Inc raised its stake 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 acquiring an additional 286 shares during the period. Coldstream Capital Management Inc. raised its stake in shares of Maplebear by 1.6% in the 3rd quarter. Coldstream Capital Management Inc. now owns 31,745 shares of the company’s stock valued at $1,294,000 after acquiring an additional 490 shares during the period. Oppenheimer & Co. Inc. raised its stake in shares of Maplebear by 5.1% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 12,090 shares of the company’s stock valued at $493,000 after acquiring an additional 584 shares during the period. Pier Capital LLC raised its stake in shares of Maplebear by 0.4% in the 3rd quarter. Pier Capital LLC now owns 151,604 shares of the company’s stock valued at $6,176,000 after acquiring an additional 616 shares during the period. Finally, Wilmington Savings Fund Society FSB purchased a new stake in shares of Maplebear in the 3rd quarter valued at approximately $33,000. 63.09% of the stock is owned by hedge funds and other institutional investors.

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.