Maplebear (NASDAQ:CART) Trading Down 4% – Here’s Why

Maplebear Inc. (NASDAQ:CART)’s share price fell 4% during trading on Wednesday . The stock traded as low as $40.47 and last traded at $41.08. Approximately 1,089,667 shares changed hands during trading, a decline of 73% from the average session volume of 3,978,145 shares. The stock had previously closed at $42.78.

Wall Street Analyst Weigh In

Several analysts recently issued reports on CART shares. BMO Capital Markets increased their price objective on Maplebear from $39.00 to $48.00 and gave the stock a “market perform” rating in a report on Wednesday, November 13th. Wedbush raised their price target on Maplebear from $35.00 to $38.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Bank of America boosted their price target on Maplebear from $50.00 to $51.00 and gave the company a “neutral” rating in a research note on Wednesday, November 13th. Cantor Fitzgerald restated an “overweight” rating and issued a $45.00 price objective on shares of Maplebear in a report on Monday, October 7th. Finally, Jefferies Financial Group assumed coverage on shares of Maplebear in a research note on Wednesday, October 16th. They issued a “hold” rating and a $43.00 target price for the company. Twelve research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $47.29.

Maplebear Trading Up 3.9 %

The stock has a fifty day simple moving average of $42.70 and a 200-day simple moving average of $36.79. The stock has a market cap of $11.10 billion, a price-to-earnings ratio of 29.00, a price-to-earnings-growth ratio of 1.11 and a beta of 1.12.

Maplebear (NASDAQ:CART) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.20. Maplebear had a net margin of 13.37% and a return on equity of 13.78%. The business had revenue of $852.00 million for the quarter, compared to the consensus estimate of $844.03 million. Maplebear’s quarterly revenue was up 11.5% on a year-over-year basis. During the same quarter last year, the company posted ($20.86) earnings per share. Sell-side analysts forecast that Maplebear Inc. will post 1.4 earnings per share for the current fiscal year.

Insider Transactions at Maplebear

In related news, General Counsel Morgan Fong sold 8,345 shares of the firm’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $40.00, for a total value of $333,800.00. Following the completion of the transaction, the general counsel now directly owns 330,886 shares of the company’s stock, valued at $13,235,440. This trade represents a 2.46 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Alan Ramsay sold 2,486 shares of Maplebear stock in a transaction on Friday, September 20th. The stock was sold at an average price of $41.39, for a total transaction of $102,895.54. Following the sale, the chief accounting officer now owns 99,225 shares in the company, valued at $4,106,922.75. This represents a 2.44 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 118,710 shares of company stock worth $4,978,164. 36.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Pacer Advisors Inc. bought a new stake in shares of Maplebear in the 3rd quarter worth about $158,701,000. Geode Capital Management LLC raised its stake in shares of Maplebear by 151.7% in the third quarter. Geode Capital Management LLC now owns 2,732,738 shares of the company’s stock valued at $111,361,000 after acquiring an additional 1,647,081 shares during the last quarter. Maverick Capital Ltd. boosted its holdings in shares of Maplebear by 19.7% in the 3rd quarter. Maverick Capital Ltd. now owns 2,684,425 shares of the company’s stock worth $109,363,000 after acquiring an additional 441,156 shares in the last quarter. State Street Corp grew its position in Maplebear by 48.3% during the 3rd quarter. State Street Corp now owns 2,552,617 shares of the company’s stock worth $103,994,000 after acquiring an additional 831,795 shares during the last quarter. Finally, Southpoint Capital Advisors LP increased its holdings in Maplebear by 56.3% during the 3rd quarter. Southpoint Capital Advisors LP now owns 2,500,000 shares of the company’s stock valued at $101,850,000 after purchasing an additional 900,000 shares in the last quarter. Institutional investors and hedge funds own 63.09% of the company’s stock.

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.