Maplebear (NASDAQ:CART) Stock Price Down 3.2% – What’s Next?

Maplebear Inc. (NASDAQ:CART) dropped 3.2% on Monday . The stock traded as low as $44.66 and last traded at $44.4780. Approximately 938,236 shares were traded during trading, a decline of 81% from the average daily volume of 4,873,011 shares. The stock had previously closed at $45.94.

Analyst Upgrades and Downgrades

CART has been the subject of several recent analyst reports. Wells Fargo & Company lowered their price target on Maplebear from $57.00 to $47.00 and set an “equal weight” rating for the company in a report on Friday, October 3rd. Weiss Ratings restated a “hold (c)” rating on shares of Maplebear in a report on Monday, December 15th. BTIG Research reaffirmed a “neutral” rating and set a $55.00 price target on shares of Maplebear in a research note on Tuesday, September 30th. Citigroup lowered their price objective on shares of Maplebear from $65.00 to $50.00 and set a “buy” rating for the company in a research note on Tuesday, November 11th. Finally, 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 report on Tuesday, November 11th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $52.21.

Maplebear Stock Down 2.0%

The firm’s 50 day simple moving average is $40.72 and its 200-day simple moving average is $43.53. The company has a market capitalization of $11.82 billion, a PE ratio of 24.72, a P/E/G ratio of 1.50 and a beta of 1.01.

Maplebear (NASDAQ:CART) last announced 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. Maplebear had a net margin of 14.09% and a return on equity of 15.72%. The firm had revenue of $939.00 million during the quarter, compared to analysts’ expectations of $933.76 million. During the same period in the prior year, the company earned $0.42 EPS. The firm’s revenue was up 10.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Maplebear Inc. will post 1.43 EPS for the current fiscal year.

Insider Activity

In related news, Director Fidji Simo sold 1,014 shares of the business’s stock in a transaction that occurred on Thursday, October 16th. The stock was sold at an average price of $40.00, for a total transaction of $40,560.00. Following the transaction, the director directly owned 569,742 shares of the company’s stock, valued at approximately $22,789,680. The trade was a 0.18% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, General Counsel Morgan Fong sold 3,546 shares of the stock in a transaction that occurred on Monday, October 20th. The shares were sold at an average price of $38.85, for a total transaction of $137,762.10. Following the completion of the sale, the general counsel directly owned 427,523 shares of the company’s stock, valued at $16,609,268.55. This trade represents a 0.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 7,611 shares of company stock valued at $299,142 in the last ninety days. Company insiders own 26.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CART. JPMorgan Chase & Co. increased its stake 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 purchasing an additional 72,643 shares during the period. Champlain Investment Partners LLC grew its holdings in Maplebear by 64.4% in the 2nd quarter. Champlain Investment Partners LLC now owns 2,157,010 shares of the company’s stock worth $97,583,000 after buying an additional 845,070 shares in the last quarter. Sentry Investment Management LLC acquired a new position in Maplebear during the 2nd quarter worth $391,000. Mitsubishi UFJ Trust & Banking Corp boosted its position in Maplebear by 261.8% during the 2nd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 99,868 shares of the company’s stock worth $4,518,000 after acquiring an additional 72,265 shares during the period. Finally, Norges Bank bought a new position in shares of Maplebear in the second quarter worth $97,351,000. 63.09% of the stock is currently owned by hedge funds and other institutional investors.

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.