Maplebear (NASDAQ:CART) Sets New 12-Month Low After Analyst Downgrade

Shares of Maplebear Inc. (NASDAQ:CART) reached a new 52-week low during mid-day trading on Wednesday after Benchmark lowered their price target on the stock from $60.00 to $53.00. Benchmark currently has a buy rating on the stock. Maplebear traded as low as $33.58 and last traded at $33.4420, with a volume of 337808 shares trading hands. The stock had previously closed at $34.62.

Other analysts also recently issued reports about the company. Citigroup reduced their price objective on Maplebear from $65.00 to $50.00 and set a “buy” rating on the stock in a research report on Tuesday, November 11th. Weiss Ratings restated a “hold (c)” rating on shares of Maplebear in a report on Monday, December 29th. Stifel Nicolaus decreased their price target on shares of Maplebear from $49.00 to $46.00 and set a “buy” rating on the stock in a research note on Tuesday, January 27th. Argus initiated coverage on shares of Maplebear in a research report on Wednesday, January 7th. They issued a “buy” rating and a $52.00 price objective for the company. Finally, BNP Paribas Exane started coverage on shares of Maplebear in a research note on Wednesday, January 14th. They set an “underperform” rating and a $41.00 price objective on the stock. Fifteen equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, Maplebear presently has an average rating of “Hold” and an average target price of $51.35.

Insider Buying and Selling

In other Maplebear news, General Counsel Morgan Fong sold 4,914 shares of the business’s stock in a transaction on Monday, December 22nd. The shares were sold at an average price of $45.21, for a total value of $222,161.94. Following the transaction, the general counsel owned 404,940 shares in the company, valued at $18,307,337.40. The trade was a 1.20% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 26.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Viking Global Investors LP purchased a new stake in Maplebear during the 2nd quarter worth approximately $169,782,000. William Blair Investment Management LLC bought a new stake in shares of Maplebear in the second quarter worth $151,364,000. Holocene Advisors LP acquired a new stake in Maplebear in the third quarter valued at $90,167,000. Norges Bank acquired a new stake in Maplebear in the fourth quarter valued at $97,221,000. Finally, Boston Partners boosted its stake in Maplebear by 93.3% during the 2nd quarter. Boston Partners now owns 3,961,838 shares of the company’s stock valued at $179,261,000 after acquiring an additional 1,911,771 shares during the last quarter. Hedge funds and other institutional investors own 63.09% of the company’s stock.

Maplebear Trading Down 4.9%

The company’s 50-day moving average price is $41.54 and its two-hundred day moving average price is $41.98. The company has a market cap of $8.65 billion, a P/E ratio of 18.09, a P/E/G ratio of 0.90 and a beta of 1.00.

Maplebear (NASDAQ:CART) last announced its quarterly earnings data on Monday, November 10th. The company reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.01. The firm had revenue of $939.00 million for the quarter, compared to analysts’ expectations of $933.76 million. Maplebear had a return on equity of 15.72% and a net margin of 14.09%.The firm’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same period last year, the business posted $0.42 earnings per share. As a group, analysts anticipate that Maplebear Inc. will post 1.43 earnings per share for the current year.

About Maplebear

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.