Maplebear (NASDAQ:CART) Stock Price Down 3.2% – What’s Next?

Maplebear Inc. (NASDAQ:CART) shares traded down 3.2% during mid-day trading on Monday . The company traded as low as $44.66 and last traded at $44.4780. 938,236 shares changed hands during trading, a decline of 81% from the average session volume of 4,873,011 shares. The stock had previously closed at $45.94.

Analysts Set New Price Targets

A number of analysts have recently weighed in on CART shares. Robert W. Baird cut their price objective on shares of Maplebear from $60.00 to $50.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 1st. Wells Fargo & Company cut their price target on Maplebear from $57.00 to $47.00 and set an “equal weight” rating on the stock in a research report on Friday, October 3rd. Guggenheim initiated coverage on Maplebear in a report on Wednesday, October 15th. They issued a “neutral” rating and a $40.00 price objective for the company. BTIG Research restated a “neutral” rating and issued a $55.00 target price on shares of Maplebear in a research note on Tuesday, September 30th. Finally, Citigroup reduced their price target on Maplebear from $65.00 to $50.00 and set a “buy” rating for the company in a research report on Tuesday, November 11th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Maplebear has a consensus rating of “Moderate Buy” and a consensus price target of $52.21.

Maplebear Trading Down 0.1%

The stock has a 50-day moving average price of $40.96 and a 200 day moving average price of $43.51. The stock has a market capitalization of $11.82 billion, a price-to-earnings ratio of 24.73, a PEG ratio of 1.47 and a beta of 1.01.

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

Insider Buying and Selling at Maplebear

In related news, Director Fidji Simo sold 1,014 shares of the business’s stock in a transaction on Thursday, October 16th. The shares were sold at an average price of $40.00, for a total value of $40,560.00. Following the completion of the sale, the director owned 569,742 shares of the company’s stock, valued at approximately $22,789,680. The trade was a 0.18% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel Morgan Fong sold 4,914 shares of the stock in a transaction on Monday, December 22nd. The shares were sold at an average price of $45.21, for a total transaction 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. The trade was a 1.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 12,525 shares of company stock valued at $521,304. 26.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Maplebear

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

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.