Maplebear (NASDAQ:CART) Sets New 1-Year Low – Time to Sell?

Maplebear Inc. (NASDAQ:CART) shares reached a new 52-week low on Thursday . The company traded as low as $34.24 and last traded at $34.35, with a volume of 6295902 shares traded. The stock had previously closed at $36.54.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on CART. Benchmark cut their price target on shares of Maplebear from $67.00 to $60.00 and set a “buy” rating on the stock in a report on Tuesday, November 11th. Cantor Fitzgerald increased their price target on Maplebear from $45.00 to $54.00 and gave the company an “overweight” rating in a research note on Thursday, January 8th. BMO Capital Markets upgraded Maplebear from a “market perform” rating to an “outperform” rating and set a $58.00 price objective for the company in a research report on Tuesday, November 11th. Fox Advisors cut Maplebear from a “strong-buy” rating to a “hold” rating in a report on Thursday, December 18th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Maplebear in a research report on Monday, December 29th. Fifteen equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $51.62.

Maplebear Stock Performance

The firm’s 50 day moving average price is $42.03 and its two-hundred day moving average price is $42.35. The company has a market cap of $9.09 billion, a P/E ratio of 19.03, a price-to-earnings-growth ratio of 0.88 and a beta of 1.00.

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

Insider Transactions at Maplebear

In other Maplebear news, General Counsel Morgan Fong sold 4,914 shares of the firm’s stock in a transaction that occurred on Monday, December 22nd. The stock was sold at an average price of $45.21, for a total value of $222,161.94. Following the completion of the sale, the general counsel owned 404,940 shares of the company’s stock, valued at approximately $18,307,337.40. This trade represents a 1.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 26.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Nordea Investment Management AB boosted its holdings in shares of Maplebear by 128.4% in the third quarter. Nordea Investment Management AB now owns 119,828 shares of the company’s stock worth $4,254,000 after acquiring an additional 67,374 shares during the period. JPMorgan Chase & Co. boosted its position in shares of Maplebear by 7.5% in the second quarter. JPMorgan Chase & Co. now owns 1,040,129 shares of the company’s stock valued at $47,055,000 after acquiring an additional 72,643 shares during the period. Champlain Investment Partners LLC grew its stake in Maplebear by 64.4% during the second quarter. Champlain Investment Partners LLC now owns 2,157,010 shares of the company’s stock valued at $97,583,000 after acquiring an additional 845,070 shares in the last quarter. Thrivent Financial for Lutherans grew its position in shares of Maplebear by 3,054.0% during the 3rd quarter. Thrivent Financial for Lutherans now owns 1,407,993 shares of the company’s stock valued at $51,758,000 after purchasing an additional 1,363,352 shares in the last quarter. Finally, Sentry Investment Management LLC purchased a new position in Maplebear during the second quarter worth about $391,000. 63.09% of the stock is currently owned by institutional investors and hedge funds.

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.