Maplebear (NASDAQ:CART) Shares Down 6.2% Following Analyst Downgrade

Maplebear Inc. (NASDAQ:CART)’s stock price traded down 6.2% during mid-day trading on Tuesday after Stifel Nicolaus lowered their price target on the stock from $49.00 to $46.00. Stifel Nicolaus currently has a buy rating on the stock. Maplebear traded as low as $38.16 and last traded at $37.86. 998,983 shares were traded during trading, a decline of 81% from the average session volume of 5,182,048 shares. The stock had previously closed at $40.35.

Several other analysts also recently issued reports on the stock. Fox Advisors downgraded shares of Maplebear from a “strong-buy” rating to a “hold” rating in a report on Thursday, December 18th. Argus started coverage on Maplebear in a research report on Wednesday, January 7th. They issued a “buy” rating and a $52.00 price target on the stock. BNP Paribas Exane raised Maplebear to a “strong sell” rating in a research report on Wednesday, January 14th. BMO Capital Markets raised Maplebear from a “market perform” rating to an “outperform” rating and set a $58.00 target price on the stock in a report on Tuesday, November 11th. Finally, Mizuho initiated coverage on Maplebear in a report on Tuesday, September 30th. They set a “neutral” rating and a $45.00 price target for the company. Fifteen investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $51.62.

Insiders Place Their Bets

In other news, General Counsel Morgan Fong sold 4,914 shares of the stock in a transaction that occurred on Monday, December 22nd. The stock was sold at an average price of $45.21, for a total value of $222,161.94. Following the completion of the transaction, the general counsel directly owned 404,940 shares of the company’s stock, valued at approximately $18,307,337.40. This represents a 1.20% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 26.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. State Street Corp lifted its stake in Maplebear by 1.3% in the second quarter. State Street Corp now owns 5,101,870 shares of the company’s stock valued at $230,809,000 after buying an additional 66,588 shares during the period. Boston Partners raised its position in shares of Maplebear by 93.3% in the 2nd quarter. Boston Partners now owns 3,961,838 shares of the company’s stock valued at $179,261,000 after acquiring an additional 1,911,771 shares during the period. Viking Global Investors LP bought a new position in Maplebear during the 2nd quarter worth approximately $169,782,000. William Blair Investment Management LLC acquired a new position in Maplebear during the second quarter valued at approximately $151,364,000. Finally, Federated Hermes Inc. increased its stake in Maplebear by 12.3% in the second quarter. Federated Hermes Inc. now owns 3,179,537 shares of the company’s stock valued at $143,842,000 after purchasing an additional 347,153 shares in the last quarter. Institutional investors own 63.09% of the company’s stock.

Maplebear Price Performance

The company’s 50 day simple moving average is $42.88 and its 200 day simple moving average is $43.02. The stock has a market cap of $9.95 billion, a P/E ratio of 20.81, a P/E/G ratio of 1.02 and a beta of 0.97.

Maplebear (NASDAQ:CART) last announced its quarterly earnings results on Monday, November 10th. The company reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $933.76 million. During the same quarter in the previous year, the business earned $0.42 EPS. The firm’s revenue was up 10.2% on a year-over-year basis. On average, equities research analysts predict that Maplebear Inc. will post 1.43 earnings per share for the current year.

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.