Maplebear (NASDAQ:CART) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Maplebear (NASDAQ:CART) had its price objective lifted by investment analysts at Wells Fargo & Company from $43.00 to $45.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price points to a potential upside of 19.60% from the stock’s current price.

A number of other research firms have also recently commented on CART. Argus raised shares of Maplebear to a “strong-buy” rating in a report on Thursday, March 5th. Cantor Fitzgerald upped their price target on Maplebear from $45.00 to $54.00 and gave the company an “overweight” rating in a research report on Thursday, January 8th. Jefferies Financial Group raised Maplebear from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $38.00 to $45.00 in a report on Monday. Stifel Nicolaus dropped their price objective on shares of Maplebear from $49.00 to $46.00 and set a “buy” rating on the stock in a report on Tuesday, January 27th. Finally, Wall Street Zen upgraded shares of Maplebear from a “hold” rating to a “buy” rating in a research note on Saturday, February 14th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Maplebear has a consensus rating of “Moderate Buy” and a consensus target price of $51.29.

Maplebear Price Performance

Shares of NASDAQ CART traded up $1.91 during midday trading on Monday, reaching $37.63. The company’s stock had a trading volume of 1,157,924 shares, compared to its average volume of 5,116,530. Maplebear has a 12-month low of $32.73 and a 12-month high of $53.50. The firm has a 50 day moving average price of $37.01 and a 200-day moving average price of $39.92. The stock has a market capitalization of $9.05 billion, a P/E ratio of 23.59, a PEG ratio of 0.55 and a beta of 0.98.

Insider Activity at Maplebear

In other Maplebear news, General Counsel Morgan Fong sold 126,083 shares of the firm’s stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $37.09, for a total transaction of $4,676,418.47. Following the transaction, the general counsel directly owned 386,643 shares in the company, valued at $14,340,588.87. This trade represents a 24.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Lisa Blackwood-Kapral sold 9,390 shares of Maplebear stock in a transaction on Monday, March 16th. The shares were sold at an average price of $38.74, for a total value of $363,768.60. Following the sale, the chief accounting officer directly owned 47,510 shares of the company’s stock, valued at approximately $1,840,537.40. This trade represents a 16.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 26.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Maplebear

Institutional investors have recently bought and sold shares of the business. PenderFund Capital Management Ltd. purchased a new stake in shares of Maplebear during the fourth quarter worth about $27,000. Hantz Financial Services Inc. grew its position in Maplebear by 78.6% during the 3rd quarter. Hantz Financial Services Inc. now owns 884 shares of the company’s stock worth $32,000 after purchasing an additional 389 shares during the last quarter. Allworth Financial LP increased its stake in Maplebear by 35.7% during the 3rd quarter. Allworth Financial LP now owns 928 shares of the company’s stock valued at $34,000 after purchasing an additional 244 shares in the last quarter. Abich Financial Wealth Management LLC purchased a new position in shares of Maplebear in the third quarter worth $43,000. Finally, IFP Advisors Inc lifted its stake in shares of Maplebear by 761.3% during the fourth quarter. IFP Advisors Inc now owns 956 shares of the company’s stock worth $43,000 after buying an additional 845 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, operates a leading online grocery and essentials marketplace that connects consumers, retail partners and personal shoppers through its digital platform. The company enables customers to order groceries, household items and specialty products for same-day or scheduled delivery, as well as in-store pickup. By integrating its technology with retailers’ existing inventory and point-of-sale systems, Maplebear streamlines the shopping experience and provides real-time availability and pricing.

Founded in 2012 and headquartered in San Francisco, Maplebear has grown from a regional startup to a publicly traded company listed on NASDAQ under the ticker CART.