Maplebear (NASDAQ:CART) Stock Price Down 5.6% Following Analyst Downgrade

Maplebear Inc. (NASDAQ:CART) shares fell 5.6% during mid-day trading on Tuesday after Wall Street Zen downgraded the stock from a buy rating to a hold rating. The company traded as low as $35.86 and last traded at $35.78. 1,408,748 shares changed hands during trading, a decline of 68% from the average session volume of 4,461,802 shares. The stock had previously closed at $37.92.

Other equities research analysts have also issued reports about the stock. Bank of America boosted their price objective on shares of Maplebear from $53.00 to $58.00 and gave the stock a “neutral” rating in a report on Friday, August 8th. Sanford C. Bernstein boosted their price target on shares of Maplebear from $55.00 to $60.00 and gave the stock an “outperform” rating in a research note on Monday, July 21st. JMP Securities boosted their price target on shares of Maplebear from $55.00 to $60.00 and gave the stock a “market outperform” rating in a research note on Friday, August 8th. Barclays boosted their target price on Maplebear from $61.00 to $65.00 and gave the company an “overweight” rating in a research note on Friday, August 8th. Finally, Wells Fargo & Company boosted their target price on Maplebear from $55.00 to $57.00 and gave the company an “equal weight” rating in a research note on Friday, September 5th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $54.96.

Insider Activity at Maplebear

In other Maplebear news, CEO Chris Rogers sold 9,259 shares of the company’s stock in a transaction on 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 approximately $31,348,715.60. This represents a 1.24% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel Morgan Fong sold 4,680 shares of the company’s stock in a transaction on Monday, July 21st. The stock was sold at an average price of $49.16, for a total transaction of $230,068.80. Following the completion of the transaction, the general counsel owned 452,000 shares of the company’s stock, valued at $22,220,320. This trade represents a 1.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 4,986,367 shares of company stock valued at $238,211,261 over the last 90 days. Company insiders own 26.00% of the company’s stock.

Institutional Trading of Maplebear

A number of institutional investors and hedge funds have recently bought and sold shares of CART. Securian Asset Management Inc. increased its holdings in shares of Maplebear by 2.1% in the 2nd quarter. Securian Asset Management Inc. now owns 12,509 shares of the company’s stock worth $566,000 after purchasing an additional 252 shares in the last quarter. Smartleaf Asset Management LLC boosted its position in shares of Maplebear by 9.6% in the second quarter. Smartleaf Asset Management LLC now owns 2,978 shares of the company’s stock worth $134,000 after purchasing an additional 261 shares during the period. Rafferty Asset Management LLC boosted its holdings in Maplebear by 2.5% in the 2nd quarter. Rafferty Asset Management LLC now owns 11,000 shares of the company’s stock worth $498,000 after buying an additional 273 shares during the period. CWM LLC boosted its stake in shares of Maplebear by 35.1% in 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. Finally, Signaturefd LLC boosted its stake in Maplebear by 27.1% in the 1st quarter. Signaturefd LLC now owns 1,335 shares of the company’s stock worth $53,000 after purchasing an additional 285 shares during the period. 63.09% of the stock is currently owned by institutional investors.

Maplebear Stock Performance

The firm’s fifty day simple moving average is $45.37 and its 200 day simple moving average is $44.33. The firm has a market cap of $9.68 billion, a P/E ratio of 21.25, a P/E/G ratio of 1.27 and a beta of 1.22.

Maplebear (NASDAQ:CART) last posted its earnings results on Thursday, August 7th. The company reported $0.41 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 firm had revenue of $914.00 million during the quarter, compared to the consensus estimate of $896.55 million. During the same period in the prior year, the company earned $0.20 EPS. The company’s quarterly revenue was up 11.1% compared to the same quarter last year. On average, equities research analysts predict that Maplebear Inc. will post 1.43 earnings per share for the current year.

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.