Maplebear (NASDAQ:CART) PT Lowered to $41.00

Maplebear (NASDAQ:CART) had its target price lowered by Morgan Stanley from $45.00 to $41.00 in a report published on Tuesday morning, Benzinga reports. The brokerage currently has an equal weight rating on the stock.

Other research analysts also recently issued reports about the company. Cantor Fitzgerald reiterated an overweight rating and set a $45.00 price objective on shares of Maplebear in a research note on Monday. Citigroup lifted their price objective on Maplebear from $44.00 to $47.00 and gave the company a buy rating in a report on Thursday, August 8th. Needham & Company LLC restated a hold rating on shares of Maplebear in a research note on Wednesday, August 7th. Wedbush boosted their price target on Maplebear from $35.00 to $38.00 and gave the company a neutral rating in a report on Wednesday, August 7th. Finally, Wolfe Research started coverage on Maplebear in a research note on Tuesday, July 16th. They issued a peer perform rating for the company. Eleven analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of Moderate Buy and a consensus price target of $43.33.

Maplebear Stock Performance

CART stock opened at $39.46 on Tuesday. The company’s 50 day moving average is $35.03 and its 200 day moving average is $34.84. Maplebear has a 1-year low of $22.13 and a 1-year high of $42.58.

Maplebear (NASDAQ:CART) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.20 EPS for the quarter, topping analysts’ consensus estimates of $0.13 by $0.07. The company had revenue of $823.00 million during the quarter, compared to analyst estimates of $806.35 million. Maplebear had a negative return on equity of 49.98% and a negative net margin of 52.21%. The company’s revenue was up 14.9% compared to the same quarter last year. Research analysts forecast that Maplebear will post 1.12 earnings per share for the current fiscal year.

Insider Buying and Selling at Maplebear

In other news, CEO Fidji Simo sold 33,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $35.27, for a total value of $1,163,910.00. Following the transaction, the chief executive officer now directly owns 1,844,778 shares of the company’s stock, valued at approximately $65,065,320.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Maplebear news, CEO Fidji Simo sold 33,000 shares of the company’s stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $35.27, for a total transaction of $1,163,910.00. Following the completion of the sale, the chief executive officer now owns 1,844,778 shares in the company, valued at approximately $65,065,320.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel Morgan Fong sold 9,506 shares of the company’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $35.02, for a total transaction of $332,900.12. Following the sale, the general counsel now owns 372,335 shares of the company’s stock, valued at approximately $13,039,171.70. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 67,655 shares of company stock valued at $2,504,824. 36.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Maplebear

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Sculptor Capital LP acquired a new position in shares of Maplebear during the 2nd quarter worth about $77,361,000. Federated Hermes Inc. increased its holdings in shares of 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 purchasing an additional 876,439 shares during the period. SG Americas Securities LLC bought a new position in shares of Maplebear during the first quarter worth approximately $31,109,000. Lord Abbett & CO. LLC bought a new position in Maplebear in the first quarter valued at approximately $28,674,000. Finally, Renaissance Technologies LLC bought a new position in Maplebear in the second quarter valued at approximately $22,816,000. 63.09% of the stock is owned by institutional investors and hedge funds.

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.