Maplebear (NASDAQ:CART) Shares Down 3.3% – Time to Sell?

Shares of Maplebear Inc. (NASDAQ:CART) were down 3.3% on Thursday . The stock traded as low as $45.05 and last traded at $45.29. 533,715 shares changed hands during mid-day trading, a decline of 88% from the average session volume of 4,431,799 shares. The stock had previously closed at $46.85.

Wall Street Analysts Forecast Growth

CART has been the subject of several research analyst reports. Benchmark lifted their target price on shares of Maplebear from $55.00 to $63.00 and gave the company a “buy” rating in a research report on Friday, August 7th. JPMorgan Chase & Co. raised their price objective on shares of Maplebear from $55.00 to $62.00 and gave the company an “overweight” rating in a research report on Friday, August 7th. Oppenheimer lifted their price objective on shares of Maplebear from $60.00 to $65.00 and gave the stock an “outperform” rating in a report on Friday, August 7th. Citigroup upped their target price on shares of Maplebear from $50.00 to $58.00 and gave the stock a “buy” rating in a research report on Monday, August 10th. Finally, Wall Street Zen cut Maplebear from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Fifteen research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $56.14.

Maplebear Trading Down 3.6%

The stock has a market capitalization of $10.46 billion, a P/E ratio of 24.68, a price-to-earnings-growth ratio of 0.91 and a beta of 0.80. The stock’s fifty day moving average price is $48.04 and its two-hundred day moving average price is $43.47.

Maplebear (NASDAQ:CART) last released its earnings results on Thursday, August 6th. The company reported $0.45 EPS 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 the consensus estimate of $1.03 billion. Maplebear had a net margin of 11.97% and a return on equity of 20.19%. 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 business posted $0.41 EPS. As a group, analysts expect that Maplebear Inc. will post 2.33 earnings per share for the current fiscal year.

Insider Activity

In other news, 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 value of $918,764.40. Following the transaction, the insider owned 529,911 shares in the company, valued at approximately $26,474,353.56. The trade was a 3.35% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ravi Gupta sold 150,000 shares of the business’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $50.61, for a total value of $7,591,500.00. Following the completion of the sale, 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 position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 24.00% of the company’s stock.

Institutional Trading of Maplebear

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. PNC Financial Services Group Inc. increased its stake in shares of Maplebear by 7.5% in the fourth quarter. PNC Financial Services Group Inc. now owns 6,134 shares of the company’s stock worth $276,000 after buying an additional 427 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its position in Maplebear by 8.7% during the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 6,450 shares of the company’s stock valued at $242,000 after buying an additional 514 shares during the period. Versant Capital Management Inc boosted its position in Maplebear by 94.7% during the 2nd quarter. Versant Capital Management Inc now owns 1,215 shares of the company’s stock valued at $58,000 after buying an additional 591 shares during the period. Parallel Advisors LLC grew its holdings in Maplebear by 2.1% in the 4th quarter. Parallel Advisors LLC now owns 31,103 shares of the company’s stock worth $1,399,000 after acquiring an additional 626 shares during the last quarter. Finally, Janney Montgomery Scott LLC grew its holdings in Maplebear by 2.2% in the 1st quarter. Janney Montgomery Scott LLC now owns 29,359 shares of the company’s stock worth $1,100,000 after acquiring an additional 626 shares during the last quarter. 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.