Maplebear (NASDAQ:CART) Shares Gap Down on Analyst Downgrade

Maplebear Inc. (NASDAQ:CART)’s stock price gapped down before the market opened on Monday after Wall Street Zen downgraded the stock from a buy rating to a hold rating. The stock had previously closed at $42.32, but opened at $40.60. Maplebear shares last traded at $40.52, with a volume of 1,734,952 shares traded.

Other equities analysts also recently issued reports about the stock. Morgan Stanley raised their price objective on shares of Maplebear from $45.00 to $48.00 and gave the stock an “equal weight” rating in a report on Friday, August 15th. Benchmark upgraded shares of Maplebear from a “hold” rating to a “buy” rating and set a $67.00 price target for the company in a research note on Friday, August 8th. Wedbush reiterated an “underperform” rating and issued a $42.00 price objective (down from $55.00) on shares of Maplebear in a research note on Thursday, August 21st. Citigroup increased their target price on Maplebear from $57.00 to $65.00 and gave the stock a “buy” rating in a report on Friday, August 8th. Finally, Sanford C. Bernstein raised their target price on Maplebear from $55.00 to $60.00 and gave the stock an “outperform” rating in a research report on Monday, July 21st. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $55.25.

Insider Activity at Maplebear

In other news, General Counsel Morgan Fong sold 3,546 shares of the stock in a transaction on Monday, September 22nd. The stock was sold at an average price of $42.39, for a total value of $150,314.94. Following the transaction, the general counsel owned 431,069 shares of the company’s stock, valued at $18,273,014.91. This represents a 0.82% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Chris Rogers sold 9,259 shares of the stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of $42.37, for a total value of $392,303.83. Following the completion of the transaction, the chief executive officer directly owned 739,880 shares in the company, valued at $31,348,715.60. The trade was a 1.24% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 4,986,367 shares of company stock valued at $238,211,261 over the last quarter. 26.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CART. Proathlete Wealth Management LLC bought a new stake in Maplebear during the 1st quarter worth approximately $26,000. Brooklyn Investment Group acquired a new position in shares of Maplebear in the first quarter valued at approximately $40,000. UMB Bank n.a. increased its position in shares of Maplebear by 914.1% during the first quarter. UMB Bank n.a. now owns 1,004 shares of the company’s stock worth $40,000 after acquiring an additional 905 shares in the last quarter. Spire Wealth Management bought a new stake in shares of Maplebear during the first quarter worth $41,000. Finally, CWM LLC raised its holdings in shares of Maplebear by 35.1% during the first quarter. CWM LLC now owns 1,058 shares of the company’s stock worth $42,000 after acquiring an additional 275 shares during the period. 63.09% of the stock is owned by institutional investors and hedge funds.

Maplebear Stock Performance

The firm has a market capitalization of $9.99 billion, a P/E ratio of 21.92, a PEG ratio of 1.42 and a beta of 1.22. The firm’s 50-day moving average is $45.63 and its 200 day moving average is $44.39.

Maplebear (NASDAQ:CART) last announced its earnings results on Thursday, August 7th. The company reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.39 by $0.02. Maplebear had a return on equity of 15.69% and a net margin of 13.76%.The business had revenue of $914.00 million for the quarter, compared to analyst estimates of $896.55 million. During the same quarter last year, the firm earned $0.20 EPS. Maplebear’s revenue for the quarter was up 11.1% compared to the same quarter last year. As a group, research analysts expect that Maplebear Inc. will post 1.43 EPS for the current fiscal year.

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.