Maplebear (NASDAQ:CART) Price Target Raised to $45.00 at Wells Fargo & Company

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

Other equities research analysts have also issued reports about the stock. Cantor Fitzgerald upped their price target on shares of Maplebear from $45.00 to $54.00 and gave the company an “overweight” rating in a report on Thursday, January 8th. Jefferies Financial Group raised Maplebear from a “hold” rating to a “buy” rating and raised their target price for the stock from $38.00 to $45.00 in a report on Monday. Benchmark decreased their price target on Maplebear from $60.00 to $53.00 and set a “buy” rating for the company in a report on Tuesday, February 10th. Fox Advisors cut shares of Maplebear from a “strong-buy” rating to a “hold” rating in a research note on Thursday, December 18th. 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 research 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 given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $51.29.

Maplebear Price Performance

CART traded up $1.91 during trading on Monday, reaching $37.63. 1,157,924 shares of the company’s stock were exchanged, compared to its average volume of 5,116,530. Maplebear has a 1 year low of $32.73 and a 1 year high of $53.50. The company’s fifty day simple moving average is $37.01 and its 200-day simple moving average is $39.92. The stock has a market capitalization of $9.05 billion, a P/E ratio of 23.59, a price-to-earnings-growth ratio of 0.55 and a beta of 0.98.

Insider Activity at Maplebear

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

Hedge Funds Weigh In On Maplebear

Several institutional investors and hedge funds have recently modified their holdings of the stock. PenderFund Capital Management Ltd. bought a new stake in shares of Maplebear during the fourth quarter worth about $27,000. Hantz Financial Services Inc. grew its stake in Maplebear by 78.6% during the third 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 period. Allworth Financial LP lifted its stake in Maplebear by 35.7% in the third quarter. Allworth Financial LP now owns 928 shares of the company’s stock valued at $34,000 after buying an additional 244 shares during the period. Abich Financial Wealth Management LLC acquired a new stake in shares of Maplebear in the 3rd quarter valued at about $43,000. Finally, IFP Advisors Inc increased its holdings in shares of Maplebear by 761.3% during the fourth quarter. IFP Advisors Inc now owns 956 shares of the company’s stock valued at $43,000 after acquiring an additional 845 shares in the last quarter. 63.09% of the stock is currently owned by institutional investors and hedge funds.

Maplebear Company Profile

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.