Maplebear (NASDAQ:CART) Trading Down 6.2% Following Analyst Downgrade

Maplebear Inc. (NASDAQ:CART) shares traded down 6.2% on Tuesday after Stifel Nicolaus lowered their price target on the stock from $49.00 to $46.00. Stifel Nicolaus currently has a buy rating on the stock. Maplebear traded as low as $38.16 and last traded at $37.86. 998,983 shares were traded during mid-day trading, a decline of 81% from the average session volume of 5,182,048 shares. The stock had previously closed at $40.35.

A number of other equities analysts have also recently commented on CART. JPMorgan Chase & Co. decreased their target price on Maplebear from $65.00 to $55.00 and set an “overweight” rating on the stock in a report on Tuesday, November 11th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Maplebear in a report on Monday, December 29th. BMO Capital Markets raised shares of Maplebear from a “market perform” rating to an “outperform” rating and set a $58.00 target price on the stock in a research note on Tuesday, November 11th. Wells Fargo & Company reduced their price target on Maplebear from $57.00 to $47.00 and set an “equal weight” rating on the stock in a report on Friday, October 3rd. Finally, Argus began coverage on shares of Maplebear in a research note on Wednesday, January 7th. They set a “buy” rating and a $52.00 target price for the company. Fifteen equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $51.62.

Insider Buying and Selling

In other Maplebear news, General Counsel Morgan Fong sold 4,914 shares of the stock in a transaction dated Monday, December 22nd. The stock was sold at an average price of $45.21, for a total transaction of $222,161.94. Following the sale, the general counsel directly owned 404,940 shares of the company’s stock, valued at approximately $18,307,337.40. This trade represents a 1.20% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 26.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Hantz Financial Services Inc. boosted its stake in Maplebear by 78.6% during the third quarter. Hantz Financial Services Inc. now owns 884 shares of the company’s stock worth $32,000 after buying an additional 389 shares during the period. Allworth Financial LP lifted its holdings in shares of Maplebear by 35.7% during the third quarter. Allworth Financial LP now owns 928 shares of the company’s stock worth $34,000 after purchasing an additional 244 shares during the period. Abich Financial Wealth Management LLC purchased a new position in Maplebear during the third quarter worth about $43,000. Sunbelt Securities Inc. lifted its holdings in shares of Maplebear by 212.7% in the 3rd quarter. Sunbelt Securities Inc. now owns 1,157 shares of the company’s stock valued at $43,000 after buying an additional 787 shares during the period. Finally, Elevation Point Wealth Partners LLC acquired a new position in shares of Maplebear during the 2nd quarter worth $53,000. 63.09% of the stock is currently owned by institutional investors and hedge funds.

Maplebear Stock Performance

The company has a market capitalization of $9.93 billion, a price-to-earnings ratio of 20.78, a P/E/G ratio of 0.97 and a beta of 0.97. The stock’s 50-day moving average price is $42.74 and its 200-day moving average price is $42.91.

Maplebear (NASDAQ:CART) last posted its quarterly earnings data on Monday, November 10th. The company reported $0.51 EPS 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 last year, the business posted $0.42 EPS. The firm’s quarterly revenue was up 10.2% compared to the same quarter last year. Analysts anticipate that Maplebear Inc. will post 1.43 earnings per share for the current year.

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.