Maplebear (NASDAQ:CART) Given “Underperform” Rating at Wedbush

Wedbush reissued their underperform rating on shares of Maplebear (NASDAQ:CART) in a research report released on Thursday morning, Marketbeat.com reports. The firm currently has a $42.00 price objective on the stock, down from their prior price objective of $55.00.

CART has been the topic of several other reports. Benchmark upgraded Maplebear from a “hold” rating to a “buy” rating and set a $67.00 target price on the stock in a research report on Friday, August 8th. Barclays increased their target price on Maplebear from $61.00 to $65.00 and gave the stock an “overweight” rating in a research report on Friday, August 8th. Macquarie reiterated an “outperform” rating and set a $55.00 target price on shares of Maplebear in a research report on Tuesday, May 6th. Citigroup increased their target price on Maplebear from $57.00 to $65.00 and gave the stock a “buy” rating in a research report on Friday, August 8th. Finally, Bank of America raised their price objective on Maplebear from $53.00 to $58.00 and gave the stock a “neutral” rating in a report on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $55.29.

Maplebear Stock Down 2.2%

Shares of NASDAQ:CART opened at $44.52 on Thursday. The stock’s fifty day simple moving average is $46.88 and its 200-day simple moving average is $44.66. Maplebear has a 52-week low of $33.17 and a 52-week high of $53.50. The company has a market capitalization of $11.73 billion, a P/E ratio of 25.73, a P/E/G ratio of 1.52 and a beta of 1.21.

Maplebear (NASDAQ:CART) last released its earnings results on Thursday, August 7th. The company reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.39 by $0.02. Maplebear had a return on equity of 15.69% and a net margin of 13.76%.The firm had revenue of $914.00 million for the quarter, compared to the consensus estimate of $896.55 million. During the same period in the prior year, the business posted $0.20 earnings per share. The firm’s revenue for the quarter was up 11.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Maplebear will post 1.43 earnings per share for the current year.

Insider Buying and Selling

In other news, General Counsel Morgan Fong sold 4,680 shares of the stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $49.16, for a total value of $230,068.80. Following the completion of the sale, the general counsel owned 452,000 shares in the company, valued at approximately $22,220,320. This trade represents a 1.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Levien Meredith A. Kopit sold 4,225 shares of the stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $47.45, for a total value of $200,476.25. Following the completion of the sale, the director owned 20,829 shares of the company’s stock, valued at approximately $988,336.05. This trade represents a 16.86% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 4,975,327 shares of company stock worth $237,736,848. Corporate insiders own 26.00% of the company’s stock.

Institutional Investors Weigh In On Maplebear

Large investors have recently modified their holdings of the stock. Securian Asset Management Inc. grew its stake in Maplebear by 2.1% during the 2nd quarter. Securian Asset Management Inc. now owns 12,509 shares of the company’s stock valued at $566,000 after purchasing an additional 252 shares in the last quarter. Smartleaf Asset Management LLC grew its stake in Maplebear by 9.6% during the 2nd quarter. Smartleaf Asset Management LLC now owns 2,978 shares of the company’s stock valued at $134,000 after purchasing an additional 261 shares in the last quarter. Rafferty Asset Management LLC grew its stake in Maplebear by 2.5% during the 2nd quarter. Rafferty Asset Management LLC now owns 11,000 shares of the company’s stock valued at $498,000 after purchasing an additional 273 shares in the last quarter. CWM LLC grew its stake in Maplebear by 35.1% during the 1st quarter. CWM LLC now owns 1,058 shares of the company’s stock valued at $42,000 after purchasing an additional 275 shares in the last quarter. Finally, Signaturefd LLC grew its stake in Maplebear by 27.1% during the 1st quarter. Signaturefd LLC now owns 1,335 shares of the company’s stock valued at $53,000 after purchasing an additional 285 shares in the last quarter. Institutional investors and hedge funds own 63.09% of the company’s stock.

About Maplebear

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.