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

Maplebear (NASDAQ:CART) had its target price dropped by stock analysts at Wells Fargo & Company from $47.00 to $44.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price suggests a potential upside of 17.74% from the company’s previous close.

Several other research analysts have also recently issued reports on CART. Oppenheimer dropped their target price on shares of Maplebear from $65.00 to $60.00 and set an “outperform” rating on the stock in a report on Wednesday, February 26th. Morgan Stanley increased their price objective on shares of Maplebear from $44.00 to $45.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 26th. JPMorgan Chase & Co. reduced their price objective on shares of Maplebear from $52.00 to $50.00 and set an “overweight” rating for the company in a research note on Wednesday, February 26th. BTIG Research upgraded Maplebear from a “neutral” rating to a “buy” rating and set a $58.00 target price for the company in a report on Tuesday, January 14th. Finally, Bank of America lifted their price target on Maplebear from $51.00 to $53.00 and gave the company a “neutral” rating in a report on Tuesday, February 25th. Thirteen research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $50.13.

Maplebear Stock Performance

Maplebear stock opened at $37.37 on Thursday. Maplebear has a fifty-two week low of $29.84 and a fifty-two week high of $53.44. The company has a market capitalization of $9.89 billion, a PE ratio of 25.08, a P/E/G ratio of 1.19 and a beta of 1.19. The company has a 50 day moving average price of $43.98 and a 200-day moving average price of $43.54.

Maplebear (NASDAQ:CART) last issued its earnings results on Tuesday, February 25th. The company reported $0.53 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.16. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. The business had revenue of $883.00 million during the quarter, compared to analyst estimates of $889.98 million. On average, analysts forecast that Maplebear will post 1.43 earnings per share for the current year.

Insider Activity

In related news, CAO Alan Ramsay sold 2,314 shares of the stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $46.28, for a total transaction of $107,091.92. Following the transaction, the chief accounting officer now owns 85,421 shares of the company’s stock, valued at approximately $3,953,283.88. This represents a 2.64 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Fidji Simo sold 20,750 shares of the firm’s stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $43.31, for a total value of $898,682.50. Following the transaction, the chief executive officer now owns 1,662,692 shares of the company’s stock, valued at $72,011,190.52. This trade represents a 1.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 25,097 shares of company stock valued at $1,087,094 in the last quarter. Insiders own 36.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Jones Financial Companies Lllp boosted its position in Maplebear by 46.6% in the 4th quarter. Jones Financial Companies Lllp now owns 698 shares of the company’s stock valued at $29,000 after buying an additional 222 shares during the period. Wilmington Savings Fund Society FSB purchased a new position in Maplebear in the third quarter valued at $33,000. Allworth Financial LP grew its position in shares of Maplebear by 101.4% during the fourth quarter. Allworth Financial LP now owns 834 shares of the company’s stock worth $37,000 after buying an additional 420 shares in the last quarter. NewEdge Advisors LLC increased its stake in shares of Maplebear by 277.9% during the fourth quarter. NewEdge Advisors LLC now owns 975 shares of the company’s stock worth $40,000 after buying an additional 717 shares during the period. Finally, Anderson Financial Strategies LLC acquired a new stake in Maplebear in the fourth quarter valued at approximately $46,000. Institutional investors and hedge funds own 63.09% of the company’s stock.

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.