Maplebear (NASDAQ:CART) Stock Price Down 6.4% – What’s Next?

Shares of Maplebear Inc. (NASDAQ:CART) were down 6.4% during trading on Wednesday . The company traded as low as $43.11 and last traded at $43.2740. Approximately 1,682,254 shares were traded during mid-day trading, a decline of 65% from the average daily volume of 4,866,615 shares. The stock had previously closed at $46.24.

Analyst Upgrades and Downgrades

CART has been the subject of several recent research reports. Benchmark dropped their price objective on Maplebear from $67.00 to $60.00 and set a “buy” rating for the company in a report on Tuesday, November 11th. Weiss Ratings reissued a “hold (c)” rating on shares of Maplebear in a research note on Monday. Stifel Nicolaus cut their price objective on shares of Maplebear from $56.00 to $49.00 and set a “buy” rating on the stock in a report on Friday, October 24th. JPMorgan Chase & Co. lowered their target price on shares of Maplebear from $65.00 to $55.00 and set an “overweight” rating for the company in a report on Tuesday, November 11th. Finally, Morgan Stanley upped their target price on shares of Maplebear from $45.00 to $48.00 and gave the company an “equal weight” rating in a research report on Friday, August 15th. Two analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Maplebear presently has an average rating of “Moderate Buy” and an average target price of $52.00.

Maplebear Price Performance

The company has a market capitalization of $11.27 billion, a P/E ratio of 23.62, a PEG ratio of 1.46 and a beta of 1.01. The business’s 50-day moving average price is $39.68 and its two-hundred day moving average price is $43.60.

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

Insider Transactions at Maplebear

In other news, Director Fidji Simo sold 1,014 shares of Maplebear stock in a transaction dated Thursday, October 16th. The stock was sold at an average price of $40.00, for a total transaction 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Chris Rogers sold 9,259 shares of the business’s stock in a transaction that occurred 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 owned 739,880 shares of the company’s stock, valued at $31,348,715.60. This represents a 1.24% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 27,556 shares of company stock valued at $1,179,482 over the last 90 days. 26.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Maplebear

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Viking Global Investors LP acquired a new position in Maplebear in the 2nd quarter worth $169,782,000. William Blair Investment Management LLC bought a new stake in shares of Maplebear in the second quarter valued at about $151,364,000. Holocene Advisors LP acquired a new position in shares of Maplebear during the third quarter worth about $90,167,000. Norges Bank bought a new position in shares of Maplebear during the second quarter worth about $97,351,000. Finally, Boston Partners grew its holdings in shares of Maplebear by 93.3% during the second quarter. Boston Partners now owns 3,961,838 shares of the company’s stock worth $179,261,000 after buying an additional 1,911,771 shares in the last quarter. 63.09% of the stock is currently owned by institutional investors and hedge funds.

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.