Maplebear (NASDAQ:CART) Shares Gap Down to $36.09

Maplebear Inc. (NASDAQ:CART)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $36.09, but opened at $34.41. Maplebear shares last traded at $34.10, with a volume of 2,072,115 shares.

Analyst Upgrades and Downgrades

A number of analysts recently commented on CART shares. Piper Sandler increased their price target on Maplebear from $36.00 to $45.00 and gave the company an “overweight” rating in a research report on Friday, March 15th. Morgan Stanley started coverage on Maplebear in a research report on Tuesday, January 30th. They set an “equal weight” rating and a $28.00 price target for the company. Loop Capital started coverage on Maplebear in a research report on Friday, April 19th. They set a “buy” rating and a $46.00 price target for the company. Needham & Company LLC reaffirmed a “hold” rating on shares of Maplebear in a research report on Tuesday. Finally, Moffett Nathanson reaffirmed a “neutral” rating and set a $37.00 price target (up from $36.00) on shares of Maplebear in a research report on Thursday, April 11th. Ten investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $38.16.

Maplebear Stock Performance

The company has a 50-day moving average of $34.85 and a 200 day moving average of $28.41.

Maplebear (NASDAQ:CART) last issued its quarterly earnings results on Tuesday, February 13th. The company reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.52. The firm had revenue of $803.00 million for the quarter, compared to the consensus estimate of $804.62 million. The firm’s quarterly revenue was up 6.1% compared to the same quarter last year. As a group, equities research analysts predict that Maplebear Inc. will post 0.53 EPS for the current year.

Insiders Place Their Bets

In other Maplebear news, CAO Alan Ramsay sold 12,113 shares of Maplebear stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $34.33, for a total transaction of $415,839.29. Following the completion of the sale, the chief accounting officer now owns 114,205 shares of the company’s stock, valued at $3,920,657.65. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Maplebear news, CAO Alan Ramsay sold 12,113 shares of Maplebear stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $34.33, for a total transaction of $415,839.29. Following the completion of the sale, the chief accounting officer now owns 114,205 shares of the company’s stock, valued at $3,920,657.65. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Jeffrey D. Jordan sold 760,479 shares of the business’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $26.01, for a total value of $19,780,058.79. Following the completion of the sale, the director now directly owns 20,783 shares of the company’s stock, valued at approximately $540,565.83. The disclosure for this sale can be found here. Over the last 90 days, insiders bought 2,157,745 shares of company stock valued at $61,771,955 and sold 1,027,279 shares valued at $29,422,416.

Institutional Investors Weigh In On Maplebear

A number of hedge funds and other institutional investors have recently modified their holdings of CART. SC US Ttgp LTD. bought a new stake in shares of Maplebear in the 3rd quarter valued at about $1,180,490,000. KPCB DGF II Associates LLC bought a new stake in shares of Maplebear in the 3rd quarter valued at about $119,544,000. Canaan Partners IX LLC bought a new stake in shares of Maplebear in the 4th quarter valued at about $87,508,000. WELLCOME TRUST LTD THE as trustee of the WELLCOME TRUST bought a new stake in shares of Maplebear in the 3rd quarter valued at about $105,469,000. Finally, Norges Bank bought a new position in Maplebear during the 4th quarter valued at approximately $78,674,000. Institutional investors own 63.09% of the company’s stock.

Maplebear Company Profile

Maplebear Inc, doing business as Instacart, provides online grocery shopping services to households in North America. It sells and delivers grocery products. The company offers its services through a mobile application and website. It also provides software-as-a-service solutions to retailers. The company was incorporated in 2012 and is based in San Francisco, California.