Maplebear (NASDAQ:CART) Downgraded by Piper Sandler to “Neutral”

Piper Sandler lowered shares of Maplebear (NASDAQ:CART) from an overweight rating to a neutral rating in a report published on Friday, MarketBeat reports. They currently have $41.00 price target on the stock.

Several other analysts have also recently issued reports on the company. Wall Street Zen cut Maplebear from a “buy” rating to a “hold” rating in a report on Monday, September 29th. Benchmark upgraded shares of Maplebear from a “hold” rating to a “buy” rating and set a $67.00 price target on the stock in a research report on Friday, August 8th. JMP Securities increased their price objective on shares of Maplebear from $55.00 to $60.00 and gave the company a “market outperform” rating in a research report on Friday, August 8th. Sanford C. Bernstein lifted their price objective 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. Finally, Bank of America upped their target price on shares of Maplebear from $53.00 to $58.00 and gave the company a “neutral” rating in a research report on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $53.42.

Maplebear Stock Down 2.8%

CART opened at $38.18 on Friday. The company has a market capitalization of $10.06 billion, a PE ratio of 22.07, a price-to-earnings-growth ratio of 1.32 and a beta of 1.10. The firm has a 50-day simple moving average of $44.70 and a two-hundred day simple moving average of $44.26. Maplebear has a 52 week low of $34.87 and a 52 week high of $53.50.

Maplebear (NASDAQ:CART) last issued its earnings results on Thursday, August 7th. The company reported $0.41 earnings per share (EPS) 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 analysts’ expectations of $896.55 million. During the same period in the previous year, the firm posted $0.20 earnings per share. The business’s revenue was up 11.1% compared to the same quarter last year. As a group, sell-side analysts expect that Maplebear will post 1.43 earnings per share for the current year.

Insider Activity at Maplebear

In other news, insider Grosvenor L.P. Gcm sold 4,864,272 shares of the company’s stock in a transaction that occurred on Friday, July 25th. The stock was sold at an average price of $47.75, for a total transaction of $232,268,988.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, General Counsel Morgan Fong sold 4,680 shares of the company’s stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $49.16, for a total value of $230,068.80. Following the transaction, the general counsel directly owned 452,000 shares in the company, valued at approximately $22,220,320. This represents a 1.02% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 4,986,367 shares of company stock worth $238,211,261 in the last three months. 26.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Maplebear

Several hedge funds have recently bought and sold shares of the business. Securian Asset Management Inc. increased its stake in Maplebear by 2.1% in the second quarter. Securian Asset Management Inc. now owns 12,509 shares of the company’s stock worth $566,000 after purchasing an additional 252 shares during the period. Smartleaf Asset Management LLC grew its holdings 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 last quarter. Rafferty Asset Management LLC increased its stake 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 lifted its holdings 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 buying an additional 275 shares in the last quarter. Finally, Signaturefd LLC lifted its holdings 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 buying an additional 285 shares in the last quarter. Institutional investors 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.