Maplebear (NASDAQ:CART) Trading Down 4.5% – Here’s What Happened

Shares of Maplebear Inc. (NASDAQ:CART) dropped 4.5% on Friday . The stock traded as low as $41.07 and last traded at $41.0810. Approximately 2,037,135 shares changed hands during trading, a decline of 43% from the average daily volume of 3,551,442 shares. The stock had previously closed at $43.03.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on CART shares. Fox Advisors lowered shares of Maplebear from a “strong-buy” rating to a “hold” rating in a research report on Thursday, December 18th. Wall Street Zen upgraded Maplebear from a “hold” rating to a “buy” rating in a report on Saturday. BTIG Research reiterated a “neutral” rating and issued a $55.00 target price on shares of Maplebear in a report on Tuesday, September 30th. Benchmark lowered their price target on Maplebear from $67.00 to $60.00 and set a “buy” rating for the company in a research report on Tuesday, November 11th. Finally, Argus began coverage on Maplebear in a report on Wednesday. They issued a “buy” rating and a $52.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Maplebear presently has a consensus rating of “Moderate Buy” and a consensus price target of $52.16.

Maplebear Stock Down 4.3%

The firm has a market cap of $10.81 billion, a price-to-earnings ratio of 22.62, a price-to-earnings-growth ratio of 1.05 and a beta of 0.97. The business has a 50 day moving average price of $42.50 and a 200-day moving average price of $43.55.

Maplebear (NASDAQ:CART) last released its quarterly earnings results on Monday, November 10th. The company reported $0.51 earnings per share for the quarter, topping analysts’ consensus estimates of $0.50 by $0.01. Maplebear had a return on equity of 15.72% and a net margin of 14.09%.The firm had revenue of $939.00 million during the quarter, compared to analysts’ expectations of $933.76 million. During the same quarter in the prior year, the business earned $0.42 EPS. Maplebear’s quarterly revenue was up 10.2% compared to the same quarter last year. Research analysts anticipate that Maplebear Inc. will post 1.43 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Maplebear news, Director Fidji Simo sold 1,014 shares of the business’s stock in a transaction on Thursday, October 16th. The shares were sold at an average price of $40.00, for a total value of $40,560.00. Following the transaction, the director owned 569,742 shares in the company, valued at $22,789,680. The trade was a 0.18% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, General Counsel Morgan Fong sold 4,914 shares of the firm’s stock in a transaction dated Monday, December 22nd. The shares were sold at an average price of $45.21, for a total value of $222,161.94. Following the sale, the general counsel owned 404,940 shares of the company’s stock, valued at $18,307,337.40. This represents a 1.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 12,525 shares of company stock valued at $521,304. Company insiders own 26.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CART. Allworth Financial LP grew its stake in Maplebear by 35.7% during the 3rd quarter. Allworth Financial LP now owns 928 shares of the company’s stock valued at $34,000 after purchasing an additional 244 shares in the last quarter. Securian Asset Management Inc. raised its position 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 valued at $566,000 after purchasing an additional 252 shares in the last quarter. Smartleaf Asset Management LLC boosted its stake in shares of 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 buying an additional 261 shares during the last quarter. Rafferty Asset Management LLC grew its position in shares of Maplebear by 2.5% during the second quarter. Rafferty Asset Management LLC now owns 11,000 shares of the company’s stock worth $498,000 after buying an additional 273 shares in the last quarter. Finally, Crossmark Global Holdings Inc. grew its position in shares of Maplebear by 5.0% during the third quarter. Crossmark Global Holdings Inc. now owns 6,423 shares of the company’s stock worth $236,000 after buying an additional 304 shares in the last quarter. Institutional investors and hedge funds own 63.09% of the company’s stock.

Maplebear Company Profile

Maplebear, Inc, doing business as Instacart, operates a leading online grocery and essentials marketplace that connects consumers, retail partners and personal shoppers through its digital platform. The company enables customers to order groceries, household items and specialty products for same-day or scheduled delivery, as well as in-store pickup. By integrating its technology with retailers’ existing inventory and point-of-sale systems, Maplebear streamlines the shopping experience and provides real-time availability and pricing.

Founded in 2012 and headquartered in San Francisco, Maplebear has grown from a regional startup to a publicly traded company listed on NASDAQ under the ticker CART.