Maplebear (NASDAQ:CART) Cut to Hold at Wall Street Zen

Maplebear (NASDAQ:CART) was downgraded by stock analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued on Sunday.

Other equities analysts have also recently issued reports about the stock. Piper Sandler cut shares of Maplebear from an “overweight” rating to a “neutral” rating and set a $41.00 price objective on the stock. in a research report on Friday, October 3rd. Citigroup lowered their price target on Maplebear from $65.00 to $50.00 and set a “buy” rating on the stock in a report on Tuesday, November 11th. Fox Advisors lowered Maplebear from a “strong-buy” rating to a “hold” rating in a research report on Thursday, December 18th. Mizuho started coverage on shares of Maplebear in a research report on Tuesday, September 30th. They issued a “neutral” rating and a $45.00 price target for the company. Finally, BNP Paribas upgraded shares of Maplebear to a “strong sell” rating in a report on Wednesday. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eleven have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, Maplebear has an average rating of “Hold” and a consensus price target of $51.73.

Maplebear Trading Down 1.0%

CART stock opened at $39.41 on Friday. Maplebear has a one year low of $34.78 and a one year high of $53.50. The firm has a 50-day moving average of $42.92 and a two-hundred day moving average of $43.41. The firm has a market capitalization of $10.35 billion, a PE ratio of 21.65, a P/E/G ratio of 1.01 and a beta of 0.97.

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

Insider Activity

In related news, General Counsel Morgan Fong sold 4,914 shares of the firm’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 directly owned 404,940 shares in the company, valued at approximately $18,307,337.40. This trade represents a 1.20% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 26.00% of the company’s stock.

Institutional Investors Weigh In On Maplebear

A number of hedge funds have recently bought and sold shares of the company. Viking Global Investors LP acquired a new stake in shares of Maplebear in the second quarter valued at about $169,782,000. William Blair Investment Management LLC bought a new stake in Maplebear during the 2nd quarter valued at approximately $151,364,000. Holocene Advisors LP acquired a new stake in Maplebear in the 3rd quarter valued at approximately $90,167,000. Norges Bank bought a new position in Maplebear in the 2nd quarter worth approximately $97,351,000. Finally, Boston Partners lifted 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 during the last quarter. 63.09% of the stock is currently owned by institutional investors.

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.