Maplebear (NASDAQ:CART) Shares Gap Down After Analyst Downgrade

Maplebear Inc. (NASDAQ:CART) shares gapped down prior to trading on Wednesday after JPMorgan Chase & Co. lowered their price target on the stock from $52.00 to $50.00. The stock had previously closed at $48.78, but opened at $43.76. JPMorgan Chase & Co. currently has an overweight rating on the stock. Maplebear shares last traded at $44.07, with a volume of 3,790,643 shares.

Several other analysts have also weighed in on CART. Benchmark reissued a “hold” rating on shares of Maplebear in a report on Wednesday. Deutsche Bank Aktiengesellschaft initiated coverage on Maplebear in a report on Tuesday, December 3rd. They issued a “hold” rating and a $37.00 price target for the company. Stifel Nicolaus raised their price objective on Maplebear from $56.00 to $57.00 and gave the stock a “buy” rating in a research note on Wednesday. Macquarie boosted their target price on shares of Maplebear from $50.00 to $52.00 and gave the company an “outperform” rating in a research note on Thursday, November 14th. Finally, BTIG Research raised shares of Maplebear from a “neutral” rating to a “buy” rating and set a $58.00 target price on the stock in a report on Tuesday, January 14th. Thirteen analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $49.80.

Insider Buying and Selling

In other Maplebear news, CEO Fidji Simo sold 20,750 shares of the business’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $42.74, for a total transaction of $886,855.00. Following the sale, the chief executive officer now directly owns 1,771,993 shares in the company, valued at approximately $75,734,980.82. The trade was a 1.16 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Alan Ramsay sold 2,314 shares of the stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $46.28, for a total transaction of $107,091.92. Following the completion of the transaction, the chief accounting officer now owns 85,421 shares of the company’s stock, valued at $3,953,283.88. This trade represents a 2.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 25,311 shares of company stock valued at $1,088,636 over the last 90 days. 36.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Maplebear

Hedge funds have recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Maplebear in the third quarter valued at $74,000. New York State Teachers Retirement System raised its position in Maplebear by 704.1% in the third quarter. New York State Teachers Retirement System now owns 15,824 shares of the company’s stock worth $645,000 after acquiring an additional 13,856 shares in the last quarter. US Bancorp DE lifted its holdings in Maplebear by 429.2% in the 3rd quarter. US Bancorp DE now owns 10,690 shares of the company’s stock valued at $436,000 after acquiring an additional 8,670 shares during the last quarter. Farther Finance Advisors LLC boosted its position in shares of Maplebear by 26.7% during the 3rd quarter. Farther Finance Advisors LLC now owns 13,757 shares of the company’s stock valued at $560,000 after purchasing an additional 2,901 shares in the last quarter. Finally, Washington University acquired a new position in shares of Maplebear in the 3rd quarter worth approximately $238,000. 63.09% of the stock is currently owned by institutional investors and hedge funds.

Maplebear Stock Performance

The company has a market cap of $11.00 billion, a price-to-earnings ratio of 28.72, a PEG ratio of 1.19 and a beta of 1.07. The company’s 50 day moving average price is $46.48 and its 200-day moving average price is $42.68.

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

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.