Maplebear (NASDAQ:CART) Hits New 1-Year Low After Analyst Downgrade

Maplebear Inc. (NASDAQ:CART) reached a new 52-week low during trading on Wednesday after Benchmark lowered their price target on the stock from $60.00 to $53.00. Benchmark currently has a buy rating on the stock. Maplebear traded as low as $33.58 and last traded at $33.4420, with a volume of 337808 shares. The stock had previously closed at $34.62.

Other analysts have also recently issued reports about the stock. Cantor Fitzgerald increased their price objective on shares of Maplebear from $45.00 to $54.00 and gave the stock an “overweight” rating in a research note on Thursday, January 8th. Fox Advisors downgraded shares of Maplebear from a “strong-buy” rating to a “hold” rating in a report on Thursday, December 18th. Citigroup cut their price target on Maplebear from $65.00 to $50.00 and set a “buy” rating for the company in a research note on Tuesday, November 11th. Guggenheim assumed coverage on Maplebear in a research report on Wednesday, October 15th. They issued a “neutral” rating and a $40.00 price objective on the stock. Finally, Needham & Company LLC dropped their price objective on Maplebear from $66.00 to $50.00 and set a “buy” rating for the company in a research note on Tuesday, November 11th. Fifteen investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Maplebear currently has a consensus rating of “Hold” and an average price target of $51.35.

Insider Buying and Selling

In other Maplebear news, General Counsel Morgan Fong sold 4,914 shares of the stock in a transaction dated 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 transaction, the general counsel owned 404,940 shares of the company’s stock, valued at $18,307,337.40. This represents a 1.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 26.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Maplebear

A number of hedge funds have recently made changes to their positions in the company. Hantz Financial Services Inc. grew its holdings in Maplebear by 78.6% during the 3rd quarter. Hantz Financial Services Inc. now owns 884 shares of the company’s stock valued at $32,000 after buying an additional 389 shares in the last quarter. Allworth Financial LP raised its holdings in shares of Maplebear by 35.7% during the 3rd quarter. Allworth Financial LP now owns 928 shares of the company’s stock worth $34,000 after acquiring an additional 244 shares in the last quarter. IFP Advisors Inc boosted its position in shares of Maplebear by 761.3% during the 4th quarter. IFP Advisors Inc now owns 956 shares of the company’s stock valued at $43,000 after acquiring an additional 845 shares during the last quarter. Sunbelt Securities Inc. grew its holdings in shares of Maplebear by 212.7% in the third quarter. Sunbelt Securities Inc. now owns 1,157 shares of the company’s stock valued at $43,000 after purchasing an additional 787 shares in the last quarter. Finally, Abich Financial Wealth Management LLC purchased a new position in shares of Maplebear in the third quarter valued at $43,000. 63.09% of the stock is currently owned by hedge funds and other institutional investors.

Maplebear Price Performance

The firm’s 50-day moving average is $41.74 and its two-hundred day moving average is $42.05. The company has a market cap of $8.74 billion, a P/E ratio of 18.32, a PEG ratio of 0.90 and a beta of 1.00.

Maplebear (NASDAQ:CART) last released its quarterly earnings results on Monday, November 10th. The company reported $0.51 earnings per share (EPS) for the quarter, beating 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 company had revenue of $939.00 million for the quarter, compared to the consensus estimate of $933.76 million. During the same quarter in the prior year, the firm earned $0.42 earnings per share. Maplebear’s revenue was up 10.2% on a year-over-year basis. As a group, sell-side analysts expect that Maplebear Inc. will post 1.43 EPS for the current year.

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.