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

Shares of Maplebear Inc. (NASDAQ:CART) 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.

Analysts Set New Price Targets

CART has been the topic of a number of recent research reports. Guggenheim lifted their price target on shares of Maplebear from $44.00 to $46.00 and gave the stock a “neutral” rating in a research note on Friday, August 7th. Oppenheimer raised 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. Citizens Jmp reiterated a “market outperform” rating and set a $60.00 target price on shares of Maplebear in a research report on Monday, June 15th. Benchmark upped their target price on shares of Maplebear from $55.00 to $63.00 and gave the company a “buy” rating in a research note on Friday, August 7th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Maplebear in a research report on Friday, August 7th. Fifteen analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $56.14.

Maplebear Stock Down 4.6%

The business has a 50-day simple moving average of $48.08 and a two-hundred day simple moving average of $43.34. The stock has a market capitalization of $10.93 billion, a P/E ratio of 25.78, a PEG ratio of 0.95 and a beta of 0.80.

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

Insider Activity

In other Maplebear news, 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 transaction, the director directly owned 591,523 shares in the company, valued at $29,936,979.03. The trade was a 20.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Morgan Fong sold 18,390 shares of the company’s 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 sale, the insider directly owned 529,911 shares in the company, valued at $26,474,353.56. This represents a 3.35% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 24.00% of the company’s stock.

Institutional Investors Weigh In On Maplebear

A number of large investors have recently bought and sold shares of CART. BlackRock Inc. bought a new position in shares of Maplebear in the second quarter valued at approximately $750,477,000. Dimensional Fund Advisors LP grew its holdings in Maplebear by 31.4% during the first quarter. Dimensional Fund Advisors LP now owns 4,981,960 shares of the company’s stock worth $186,618,000 after buying an additional 1,189,287 shares in the last quarter. Geode Capital Management LLC grew its holdings in Maplebear by 1.6% during the fourth quarter. Geode Capital Management LLC now owns 3,526,124 shares of the company’s stock worth $158,640,000 after buying an additional 54,010 shares in the last quarter. Norges Bank purchased a new stake in Maplebear in the 4th quarter valued at $97,221,000. Finally, William Blair Investment Management LLC bought a new position in Maplebear during the 2nd quarter valued at $86,462,000. 63.09% of the stock is currently owned by institutional investors.

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.