Maplebear (NASDAQ:CART) Shares Gap Down to $36.09

Maplebear Inc. (NASDAQ:CART) shares gapped down prior to trading on Tuesday . The stock had previously closed at $36.09, but opened at $34.41. Maplebear shares last traded at $34.10, with a volume of 2,072,115 shares trading hands.

Analyst Upgrades and Downgrades

Several research firms have issued reports on CART. JPMorgan Chase & Co. lifted their price target on shares of Maplebear from $35.00 to $45.00 and gave the stock an “overweight” rating in a report on Monday, March 25th. Morgan Stanley started coverage on Maplebear in a research note on Tuesday, January 30th. They set an “equal weight” rating and a $28.00 target price on the stock. Loop Capital assumed coverage on shares of Maplebear in a research note on Friday. They set a “buy” rating and a $46.00 price target on the stock. Robert W. Baird upped their target price on Maplebear from $31.00 to $44.00 and gave the company an “outperform” rating in a research report on Monday, April 1st. Finally, Wolfe Research lifted their price target on Maplebear from $35.00 to $39.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 5th. Ten equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $38.16.

Maplebear Price Performance

The stock has a 50-day moving average price of $34.60 and a 200 day moving average price of $28.31.

Maplebear (NASDAQ:CART) last released its quarterly earnings results on Tuesday, February 13th. The company reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.52. The company had revenue of $803.00 million during the quarter, compared to analyst estimates of $804.62 million. Maplebear’s quarterly revenue was up 6.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Maplebear Inc. will post 0.53 EPS for the current fiscal year.

Insider Transactions at Maplebear

In related news, CFO Nick Giovanni sold 10,000 shares of the company’s stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $36.97, for a total transaction of $369,700.00. Following the completion of the transaction, the chief financial officer now owns 576,977 shares in the company, valued at approximately $21,330,839.69. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CEO Fidji Simo sold 20,750 shares of the firm’s stock in a transaction that occurred on Tuesday, March 26th. The stock was sold at an average price of $38.06, for a total value of $789,745.00. Following the transaction, the chief executive officer now owns 888,365 shares in the company, valued at $33,811,171.90. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Nick Giovanni sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $36.97, for a total value of $369,700.00. Following the sale, the chief financial officer now owns 576,977 shares of the company’s stock, valued at $21,330,839.69. The disclosure for this sale can be found here. Over the last 90 days, insiders purchased 2,157,745 shares of company stock valued at $61,771,955 and sold 1,008,592 shares valued at $28,770,988.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. FMR LLC purchased a new stake in shares of Maplebear during the third quarter worth $56,424,000. Blackstone Inc. purchased a new position in shares of Maplebear in the third quarter worth about $17,369,000. KPCB DGF II Associates LLC acquired a new position in Maplebear during the third quarter worth about $119,544,000. Monashee Investment Management LLC purchased a new stake in Maplebear during the 3rd quarter valued at about $6,069,000. Finally, Hudson Bay Capital Management LP acquired a new stake in Maplebear in the 3rd quarter valued at about $904,000. Hedge funds and other institutional investors own 63.09% of the company’s stock.

Maplebear Company Profile

Maplebear Inc, doing business as Instacart, provides online grocery shopping services to households in North America. It sells and delivers grocery products. The company offers its services through a mobile application and website. It also provides software-as-a-service solutions to retailers. The company was incorporated in 2012 and is based in San Francisco, California.