Maplebear (NASDAQ:CART) Stock Price Down 2.6% – Here’s What Happened

Shares of Maplebear Inc. (NASDAQ:CART) dropped 2.6% during trading on Wednesday . The company traded as low as $41.69 and last traded at $41.88. Approximately 317,880 shares traded hands during trading, a decline of 92% from the average daily volume of 4,010,651 shares. The stock had previously closed at $43.00.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on CART shares. BMO Capital Markets upped their target price on shares of Maplebear from $36.00 to $39.00 and gave the stock a “market perform” rating in a report on Wednesday, August 7th. Cantor Fitzgerald reissued an “overweight” rating and issued a $45.00 price objective on shares of Maplebear in a research note on Monday, October 7th. Piper Sandler upped their price target on Maplebear from $47.00 to $50.00 and gave the stock an “overweight” rating in a report on Wednesday, August 7th. Jefferies Financial Group initiated coverage on Maplebear in a research report on Wednesday. They issued a “hold” rating and a $43.00 price target for the company. Finally, KeyCorp started coverage on shares of Maplebear in a report on Thursday, July 11th. They set a “sector weight” rating on the stock. Twelve analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Maplebear presently has an average rating of “Moderate Buy” and a consensus target price of $43.32.

Maplebear Trading Down 1.7 %

The company has a market cap of $11.19 billion and a P/E ratio of -2.13. The company’s fifty day moving average is $37.20 and its 200 day moving average is $35.31.

Maplebear (NASDAQ:CART) last announced its earnings results on Tuesday, August 6th. The company reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.13 by $0.07. Maplebear had a negative return on equity of 49.98% and a negative net margin of 52.21%. The company had revenue of $823.00 million during the quarter, compared to the consensus estimate of $806.35 million. The company’s quarterly revenue was up 14.9% on a year-over-year basis. Analysts anticipate that Maplebear Inc. will post 1.14 EPS for the current year.

Insider Activity at Maplebear

In other Maplebear news, CAO Alan Ramsay sold 2,486 shares of Maplebear stock in a transaction on Friday, September 20th. The stock was sold at an average price of $41.39, for a total value of $102,895.54. Following the completion of the sale, the chief accounting officer now owns 99,225 shares of the company’s stock, valued at approximately $4,106,922.75. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, General Counsel Morgan Fong sold 9,506 shares of the business’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $35.02, for a total value of $332,900.12. Following the transaction, the general counsel now owns 372,335 shares of the company’s stock, valued at approximately $13,039,171.70. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Alan Ramsay sold 2,486 shares of Maplebear stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $41.39, for a total value of $102,895.54. Following the completion of the sale, the chief accounting officer now directly owns 99,225 shares in the company, valued at $4,106,922.75. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 66,955 shares of company stock valued at $2,480,317. 36.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Maplebear

A number of hedge funds have recently bought and sold shares of CART. Sculptor Capital LP bought a new stake in shares of Maplebear in the 2nd quarter worth about $77,361,000. Federated Hermes Inc. increased its stake in Maplebear by 102.2% during the second quarter. Federated Hermes Inc. now owns 1,734,264 shares of the company’s stock worth $55,739,000 after acquiring an additional 876,439 shares during the last quarter. SG Americas Securities LLC purchased a new stake in Maplebear during the first quarter valued at approximately $31,109,000. Lord Abbett & CO. LLC bought a new stake in shares of Maplebear in the 1st quarter valued at approximately $28,674,000. Finally, Renaissance Technologies LLC bought a new position in shares of Maplebear during the 2nd quarter valued at approximately $22,816,000. Hedge funds and other institutional investors own 63.09% of the company’s stock.

Maplebear Company Profile

Maplebear Inc, doing business as Instacart, provides online grocery shopping services to households in North America. It sells and delivers grocery products. The company offers its services through a mobile application and website. It also provides software-as-a-service solutions to retailers. The company was incorporated in 2012 and is based in San Francisco, California.