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

Deutsche Bank Aktiengesellschaft started coverage on shares of Maplebear (NASDAQ:CART) in a report published on Tuesday, Marketbeat.com reports. The brokerage issued a hold rating and a $37.00 target price on the stock.

A number of other equities research analysts have also weighed in on the stock. Cantor Fitzgerald reiterated an “overweight” rating and set a $45.00 price objective on shares of Maplebear in a report on Monday, October 7th. Bank of America boosted their price target on Maplebear from $50.00 to $51.00 and gave the company a “neutral” rating in a report on Wednesday, November 13th. Macquarie raised their price objective on Maplebear from $50.00 to $52.00 and gave the stock an “outperform” rating in a report on Thursday, November 14th. JMP Securities upped their target price on Maplebear from $42.00 to $51.00 and gave the stock a “market outperform” rating in a report on Wednesday, November 13th. Finally, Jefferies Financial Group initiated coverage on Maplebear in a research note on Wednesday, October 16th. They set a “hold” rating and a $43.00 price target on the stock. Thirteen equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $46.82.

Maplebear Price Performance

Shares of NASDAQ CART opened at $43.70 on Tuesday. The company has a market cap of $11.23 billion, a P/E ratio of 29.33, a PEG ratio of 1.13 and a beta of 0.94. The firm has a 50-day simple moving average of $43.33 and a two-hundred day simple moving average of $37.28. Maplebear has a 1 year low of $22.13 and a 1 year high of $50.01.

Maplebear (NASDAQ:CART) last posted its quarterly earnings data on Tuesday, November 12th. The company reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.20. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. 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 previous year, the business earned ($20.86) EPS. Maplebear’s revenue was up 11.5% compared to the same quarter last year. As a group, equities research analysts expect that Maplebear will post 1.4 EPS for the current year.

Insider Activity

In other Maplebear news, CAO Alan Ramsay sold 2,559 shares of the company’s stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $42.97, for a total value of $109,960.23. Following the sale, the chief accounting officer now owns 96,666 shares in the company, valued at approximately $4,153,738.02. This represents a 2.58 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, General Counsel Morgan Fong sold 10,992 shares of the stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $41.38, for a total value of $454,848.96. Following the transaction, the general counsel now owns 298,984 shares in the company, valued at $12,371,957.92. This represents a 3.55 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 110,954 shares of company stock worth $4,890,405 over the last 90 days. 36.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Portman Ltd purchased a new stake in Maplebear in the 3rd quarter worth $3,196,000. Vanguard Group Inc. boosted its holdings in Maplebear by 239.1% in the 1st quarter. Vanguard Group Inc. now owns 213,496 shares of the company’s stock worth $7,961,000 after buying an additional 150,544 shares during the last quarter. Assenagon Asset Management S.A. purchased a new stake in Maplebear during the 2nd quarter worth approximately $8,293,000. Investment House LLC acquired a new position in shares of Maplebear during the second quarter valued at approximately $750,000. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Maplebear by 5,191.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,489,655 shares of the company’s stock valued at $60,689,000 after acquiring an additional 1,461,501 shares in the last quarter. 63.09% of the stock is owned by institutional investors and hedge funds.

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.