Maplebear (NASDAQ:CART) Trading Down 4.5% – Should You Sell?

Maplebear Inc. (NASDAQ:CART)’s share price was down 4.5% during mid-day trading on Friday . The company traded as low as $41.07 and last traded at $41.0810. Approximately 2,037,135 shares were traded during mid-day trading, a decline of 43% from the average daily volume of 3,551,442 shares. The stock had previously closed at $43.03.

Analyst Upgrades and Downgrades

CART has been the subject of several recent analyst reports. Stifel Nicolaus decreased their target price on Maplebear from $56.00 to $49.00 and set a “buy” rating for the company in a research note on Friday, October 24th. Wells Fargo & Company reduced their price objective on Maplebear from $57.00 to $47.00 and set an “equal weight” rating for the company in a research note on Friday, October 3rd. Mizuho assumed coverage on Maplebear in a research note on Tuesday, September 30th. They set a “neutral” rating and a $45.00 price target for the company. Guggenheim assumed coverage on shares of Maplebear in a report on Wednesday, October 15th. They issued a “neutral” rating and a $40.00 target price on the stock. Finally, Argus began coverage on shares of Maplebear in a research report on Wednesday. They issued a “buy” rating and a $52.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $52.16.

Maplebear Stock Down 4.5%

The firm’s 50 day moving average is $42.41 and its 200-day moving average is $43.58. The firm has a market cap of $10.79 billion, a PE ratio of 22.54, a P/E/G ratio of 1.14 and a beta of 0.97.

Maplebear (NASDAQ:CART) last issued its quarterly earnings results on Monday, November 10th. The company reported $0.51 earnings per share 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 analyst estimates of $933.76 million. Maplebear had a return on equity of 15.72% and a net margin of 14.09%.The business’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.42 EPS. On average, analysts forecast that Maplebear Inc. will post 1.43 earnings per share for the current year.

Insider Activity

In related news, Director Fidji Simo sold 1,014 shares of the business’s stock in a transaction dated Thursday, October 16th. The stock was sold at an average price of $40.00, for a total value of $40,560.00. Following the transaction, the director owned 569,742 shares in the company, valued at approximately $22,789,680. The trade was a 0.18% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, General Counsel Morgan Fong sold 4,914 shares of the company’s 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 completion of the sale, the general counsel directly owned 404,940 shares in the company, valued at $18,307,337.40. This represents a 1.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 12,525 shares of company stock valued at $521,304 in the last ninety days. Company insiders own 26.00% of the company’s stock.

Hedge Funds Weigh In On Maplebear

Hedge funds and other institutional investors have recently bought and sold shares of the stock. State Street Corp increased its position in Maplebear by 1.3% in the second quarter. State Street Corp now owns 5,101,870 shares of the company’s stock worth $230,809,000 after buying an additional 66,588 shares during the period. Boston Partners grew its stake in shares of Maplebear by 93.3% in the second quarter. Boston Partners now owns 3,961,838 shares of the company’s stock worth $179,261,000 after purchasing an additional 1,911,771 shares in the last quarter. Viking Global Investors LP bought a new position in shares of Maplebear in the second quarter valued at approximately $169,782,000. William Blair Investment Management LLC bought a new stake in Maplebear during the second quarter worth approximately $151,364,000. Finally, Federated Hermes Inc. boosted its stake in Maplebear by 12.3% during the 2nd quarter. Federated Hermes Inc. now owns 3,179,537 shares of the company’s stock valued at $143,842,000 after purchasing an additional 347,153 shares in the last quarter. 63.09% of the stock is currently owned by institutional investors and hedge funds.

Maplebear Company Profile

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.