Maplebear (NASDAQ:CART) Shares Gap Down – Should You Sell?

Maplebear Inc. (NASDAQ:CART) shares gapped down prior to trading 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 changing hands.

Wall Street Analyst Weigh In

CART has been the subject of several research reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Maplebear in a report on Friday, August 7th. Oppenheimer increased their price objective on shares of Maplebear from $60.00 to $65.00 and gave the company an “outperform” rating in a research report on Friday, August 7th. Barclays raised their target price on shares of Maplebear from $69.00 to $77.00 and gave the stock an “overweight” rating in a research note on Friday, August 7th. Wall Street Zen downgraded shares of Maplebear from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Finally, Citigroup upped their price target on shares of Maplebear from $50.00 to $58.00 and gave the company a “buy” rating in a research note on Monday, August 10th. Fifteen investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $56.14.

Maplebear Stock Performance

The company has a fifty day moving average of $48.04 and a two-hundred day moving average of $43.47. The firm has a market capitalization of $10.85 billion, a price-to-earnings ratio of 25.60, a PEG ratio of 0.91 and a beta of 0.80.

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

Insider Transactions at Maplebear

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. bought a new stake in shares of Maplebear in the second quarter valued at approximately $750,477,000. Dimensional Fund Advisors LP increased its stake in Maplebear by 31.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,981,960 shares of the company’s stock worth $186,618,000 after acquiring an additional 1,189,287 shares during the period. Geode Capital Management LLC increased its stake in Maplebear by 1.6% during the 4th quarter. Geode Capital Management LLC now owns 3,526,124 shares of the company’s stock worth $158,640,000 after acquiring an additional 54,010 shares during the period. Norges Bank acquired a new position in Maplebear in the 4th quarter valued at $97,221,000. Finally, William Blair Investment Management LLC acquired a new position in Maplebear in the 2nd quarter valued at $86,462,000. Institutional investors and hedge funds own 63.09% of the company’s stock.

About Maplebear

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.