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

Maplebear Inc. (NASDAQ:CART)’s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $47.35, but opened at $43.07. Maplebear shares last traded at $44.0580, with a volume of 1,083,345 shares.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on CART. Barclays increased their price target on Maplebear from $65.00 to $69.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. Weiss Ratings raised Maplebear from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. Argus raised shares of Maplebear to a “strong-buy” rating in a research note on Thursday, March 5th. Wall Street Zen downgraded shares of Maplebear from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $55.00 price target on shares of Maplebear in a research note on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $51.09.

Maplebear Trading Down 5.4%

The business has a 50 day moving average of $42.21 and a two-hundred day moving average of $40.46. The firm has a market cap of $10.53 billion, a P/E ratio of 25.03, a PEG ratio of 0.65 and a beta of 0.88.

Maplebear (NASDAQ:CART) last released its quarterly earnings data on Wednesday, May 6th. The company reported $0.57 EPS for the quarter, missing the consensus estimate of $0.58 by ($0.01). The company had revenue of $1.02 billion during the quarter, compared to analyst estimates of $1.01 billion. Maplebear had a net margin of 12.50% and a return on equity of 18.67%. Maplebear’s revenue for the quarter was up 13.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.37 earnings per share. On average, sell-side analysts predict that Maplebear Inc. will post 2.45 EPS for the current year.

Insider Activity

In other Maplebear news, CAO Lisa Blackwood-Kapral sold 9,390 shares of the stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $40.25, for a total value of $377,947.50. Following the transaction, the chief accounting officer directly owned 58,971 shares of the company’s stock, valued at $2,373,582.75. This represents a 13.74% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ravi Gupta sold 181,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $41.51, for a total transaction of $7,513,310.00. Following the sale, the director owned 741,523 shares of the company’s stock, valued at $30,780,619.73. This trade represents a 19.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 24.00% of the stock is owned by corporate insiders.

Institutional Trading of Maplebear

Several institutional investors have recently added to or reduced their stakes in the company. Kingdon Capital Management L.L.C. raised its stake in Maplebear by 40.6% in the third quarter. Kingdon Capital Management L.L.C. now owns 450,000 shares of the company’s stock valued at $16,542,000 after purchasing an additional 130,000 shares in the last quarter. US Bancorp DE increased its holdings in Maplebear by 17.0% in the 4th quarter. US Bancorp DE now owns 437,658 shares of the company’s stock valued at $19,686,000 after buying an additional 63,666 shares during the period. Ruffer LLP acquired a new position in shares of Maplebear in the 4th quarter valued at approximately $2,567,000. Liontrust Investment Partners LLP bought a new stake in shares of Maplebear during the 3rd quarter worth approximately $8,703,000. Finally, CWM LLC increased its stake in Maplebear by 1,741.4% in the fourth quarter. CWM LLC now owns 30,088 shares of the company’s stock valued at $1,353,000 after acquiring an additional 28,454 shares during the last quarter. 63.09% of the stock is currently owned by 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.