Maplebear (NASDAQ:CART) Shares Down 3.7% – Here’s Why

Maplebear Inc. (NASDAQ:CART) dropped 3.7% during trading on Monday . The company traded as low as $40.70 and last traded at $40.36. Approximately 320,740 shares traded hands during trading, a decline of 92% from the average daily volume of 4,046,233 shares. The stock had previously closed at $41.91.

Analyst Upgrades and Downgrades

A number of research firms have commented on CART. Wedbush cut their target price on shares of Maplebear from $48.00 to $46.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 26th. Loop Capital decreased their target price on shares of Maplebear from $56.00 to $52.00 and set a “buy” rating for the company in a research note on Thursday, March 6th. Bank of America boosted their price target on shares of Maplebear from $51.00 to $53.00 and gave the stock a “neutral” rating in a report on Tuesday, February 25th. Barclays raised their target price on shares of Maplebear from $56.00 to $58.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 26th. Finally, Morgan Stanley lifted their price target on shares of Maplebear from $44.00 to $45.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 26th. Twelve investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $50.48.

Maplebear Stock Down 5.6 %

The firm has a market cap of $10.38 billion, a price-to-earnings ratio of 26.54, a P/E/G ratio of 1.19 and a beta of 1.20. The stock has a 50 day moving average of $41.13 and a 200 day moving average of $43.54.

Maplebear (NASDAQ:CART) last released its earnings results on Tuesday, February 25th. The company reported $0.53 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.16. Maplebear had a net margin of 13.37% and a return on equity of 13.78%. The business had revenue of $883.00 million during the quarter, compared to the consensus estimate of $889.98 million. As a group, analysts predict that Maplebear Inc. will post 1.43 EPS for the current fiscal year.

Insider Activity

In other Maplebear news, CEO Fidji Simo sold 20,750 shares of the company’s stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $43.31, for a total transaction of $898,682.50. Following the completion of the transaction, the chief executive officer now owns 1,662,692 shares of the company’s stock, valued at $72,011,190.52. This represents a 1.23 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, General Counsel Morgan Fong sold 5,249 shares of the company’s stock in a transaction that occurred on Monday, April 21st. The stock was sold at an average price of $42.57, for a total value of $223,449.93. Following the transaction, the general counsel now owns 484,292 shares in the company, valued at $20,616,310.44. This trade represents a 1.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 36,165 shares of company stock valued at $1,541,785 in the last three months. Company insiders own 26.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Victory Capital Management Inc. boosted its position in shares of Maplebear by 11,501.2% during the 4th quarter. Victory Capital Management Inc. now owns 4,526,673 shares of the company’s stock valued at $187,495,000 after acquiring an additional 4,487,654 shares during the last quarter. Boston Partners purchased a new stake in shares of Maplebear in the 4th quarter worth approximately $111,506,000. Altimeter Capital Management LP bought a new position in shares of Maplebear during the 4th quarter worth approximately $105,108,000. Vanguard Group Inc. raised its stake in shares of Maplebear by 16.8% during the 4th quarter. Vanguard Group Inc. now owns 15,968,358 shares of the company’s stock worth $661,409,000 after acquiring an additional 2,300,288 shares in the last quarter. Finally, Norges Bank acquired a new position in Maplebear during the 4th quarter valued at approximately $95,162,000. 63.09% of the stock is currently owned by institutional investors.

About Maplebear

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.