Maplebear (NASDAQ:CART) Downgraded by Wall Street Zen to Hold

Wall Street Zen cut shares of Maplebear (NASDAQ:CART) from a buy rating to a hold rating in a research note released on Monday morning.

CART has been the subject of several other reports. Wells Fargo & Company upped their target price on shares of Maplebear from $55.00 to $57.00 and gave the stock an “equal weight” rating in a research report on Friday, September 5th. Morgan Stanley upped their target price on shares of Maplebear from $45.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Friday, August 15th. JMP Securities upped their target price on shares of Maplebear from $55.00 to $60.00 and gave the stock a “market outperform” rating in a research report on Friday, August 8th. Citigroup upped their price target on shares of Maplebear from $57.00 to $65.00 and gave the company a “buy” rating in a research report on Friday, August 8th. Finally, Wedbush restated an “underperform” rating and set a $42.00 price target (down from $55.00) on shares of Maplebear in a research report on Thursday, August 21st. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $54.54.

Maplebear Stock Performance

Shares of NASDAQ:CART opened at $37.45 on Monday. Maplebear has a 52-week low of $34.87 and a 52-week high of $53.50. The firm has a fifty day moving average of $45.12 and a 200 day moving average of $44.29. The firm has a market capitalization of $9.87 billion, a PE ratio of 21.65, a price-to-earnings-growth ratio of 1.23 and a beta of 1.11.

Maplebear (NASDAQ:CART) last announced its earnings results on Thursday, August 7th. The company reported $0.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.02. Maplebear had a net margin of 13.76% and a return on equity of 15.69%. The company had revenue of $914.00 million during the quarter, compared to analyst estimates of $896.55 million. During the same period in the previous year, the business earned $0.20 earnings per share. The firm’s quarterly revenue was up 11.1% compared to the same quarter last year. On average, sell-side analysts forecast that Maplebear will post 1.43 EPS for the current fiscal year.

Insider Activity at Maplebear

In other news, General Counsel Morgan Fong sold 3,546 shares of the stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of $42.39, for a total transaction of $150,314.94. Following the completion of the sale, the general counsel directly owned 431,069 shares in the company, valued at approximately $18,273,014.91. This represents a 0.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Daniel Danker sold 10,037 shares of the stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $48.82, for a total transaction of $490,006.34. Following the sale, the insider owned 470,190 shares of the company’s stock, valued at approximately $22,954,675.80. This represents a 2.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 4,986,367 shares of company stock valued at $238,211,261 in the last quarter. 26.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Maplebear

Institutional investors have recently bought and sold shares of the stock. Principal Financial Group Inc. raised its stake in Maplebear by 4,154.7% in the first quarter. Principal Financial Group Inc. now owns 372,581 shares of the company’s stock worth $14,862,000 after buying an additional 363,824 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in Maplebear by 18.6% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,056 shares of the company’s stock worth $82,000 after buying an additional 322 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its stake in Maplebear by 7.6% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 6,166 shares of the company’s stock worth $246,000 after buying an additional 433 shares in the last quarter. Golden State Wealth Management LLC raised its stake in Maplebear by 100.0% in the first quarter. Golden State Wealth Management LLC now owns 1,066 shares of the company’s stock worth $43,000 after buying an additional 533 shares in the last quarter. Finally, New York State Teachers Retirement System raised its stake in Maplebear by 542.8% in the first quarter. New York State Teachers Retirement System now owns 101,720 shares of the company’s stock worth $4,058,000 after buying an additional 85,896 shares in the last quarter. 63.09% of the stock is owned by institutional investors.

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.