Maplebear (NASDAQ:CART) Shares Gap Down – Here’s Why

Maplebear Inc. (NASDAQ:CART) shares gapped down before the market opened on Tuesday . The stock had previously closed at $49.48, but opened at $47.01. Maplebear shares last traded at $47.3420, with a volume of 725,658 shares.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Wedbush assumed coverage on Maplebear in a report on Thursday, July 16th. They set an “outperform” rating and a $59.00 target price on the stock. Citigroup upped their price target on Maplebear from $50.00 to $58.00 and gave the stock a “buy” rating in a research note on Monday, August 10th. Wells Fargo & Company raised their price objective on Maplebear from $47.00 to $54.00 and gave the company an “equal weight” rating in a research note on Friday, August 7th. Rosenblatt Securities assumed coverage on Maplebear in a report on Tuesday, September 1st. They issued a “neutral” rating and a $55.00 target price for the company. Finally, Oppenheimer upped their target price on Maplebear from $60.00 to $65.00 and gave the stock an “outperform” rating in a research report on Friday, August 7th. Fifteen analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat, Maplebear presently has an average rating of “Moderate Buy” and an average target price of $56.14.

Maplebear Stock Down 4.6%

The company has a market capitalization of $10.93 billion, a price-to-earnings ratio of 25.78, a P/E/G ratio of 0.95 and a beta of 0.80. The company has a 50-day moving average price of $48.08 and a 200-day moving average price of $43.34.

Maplebear (NASDAQ:CART) last posted its quarterly earnings data on Thursday, August 6th. The company reported $0.45 earnings per share for the quarter, missing the consensus estimate of $0.54 by ($0.09). The business had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.03 billion. Maplebear had a return on equity of 20.19% and a net margin of 11.97%.Maplebear’s revenue for the quarter was up 14.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.41 EPS. Equities analysts expect that Maplebear Inc. will post 2.33 EPS for the current fiscal year.

Insider Buying and Selling at Maplebear

In other Maplebear news, insider Morgan Fong sold 18,390 shares of the stock in a transaction on Monday, August 24th. The shares were sold at an average price of $49.96, for a total value of $918,764.40. Following the completion of the sale, the insider directly owned 529,911 shares of the company’s stock, valued at $26,474,353.56. This represents a 3.35% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ravi Gupta sold 150,000 shares of the firm’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $50.61, for a total transaction of $7,591,500.00. Following the completion of the sale, the director owned 591,523 shares in the company, valued at $29,936,979.03. This represents a 20.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 24.00% of the company’s stock.

Institutional Investors Weigh In On Maplebear

Hedge funds have recently made changes to their positions in the stock. Sequoia Financial Advisors LLC bought a new position in Maplebear during the second quarter valued at about $333,000. WINTON GROUP Ltd lifted its position in shares of Maplebear by 368.1% in the 2nd quarter. WINTON GROUP Ltd now owns 136,409 shares of the company’s stock worth $6,459,000 after acquiring an additional 107,271 shares during the period. Engineers Gate Manager LP grew its holdings in shares of Maplebear by 13.9% during the 2nd quarter. Engineers Gate Manager LP now owns 53,353 shares of the company’s stock worth $2,526,000 after purchasing an additional 6,509 shares in the last quarter. Integrated Wealth Concepts LLC acquired a new stake in shares of Maplebear during the 2nd quarter worth approximately $70,000. Finally, Nykredit A S bought a new stake in shares of Maplebear during the second quarter valued at approximately $330,000. Institutional investors own 63.09% of the company’s stock.

Maplebear Company Profile

Maplebear Inc, doing business as Instacart, operates an online grocery marketplace that connects consumers with retailers and personal shoppers. Through its website and mobile applications, customers can browse products from participating grocery stores, place orders for delivery or pickup, and receive updates throughout the shopping and fulfillment process.

The company provides retailers with technology and services supporting e-commerce, fulfillment, customer engagement and digital advertising.