Maplebear (NASDAQ:CART) Stock Price Down 4% – Should You Sell?

Maplebear Inc. (NASDAQ:CART) fell 4% during mid-day trading on Wednesday . The stock traded as low as $40.47 and last traded at $41.08. 1,089,667 shares changed hands during trading, a decline of 73% from the average session volume of 3,978,145 shares. The stock had previously closed at $42.78.

Analyst Ratings Changes

CART has been the topic of a number of research analyst reports. Jefferies Financial Group began coverage on shares of Maplebear in a report on Wednesday, October 16th. They set a “hold” rating and a $43.00 price objective on the stock. Stifel Nicolaus raised their price target on shares of Maplebear from $52.00 to $55.00 and gave the company a “buy” rating in a report on Monday, October 28th. Macquarie boosted their price objective on shares of Maplebear from $50.00 to $52.00 and gave the stock an “outperform” rating in a research report on Thursday, November 14th. Citigroup increased their price objective on Maplebear from $44.00 to $47.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Finally, BMO Capital Markets boosted their target price on Maplebear from $39.00 to $48.00 and gave the stock a “market perform” rating in a research report on Wednesday, November 13th. Twelve investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $47.29.

Maplebear Price Performance

The business has a 50 day simple moving average of $42.70 and a 200-day simple moving average of $36.79. The stock has a market capitalization of $11.10 billion, a price-to-earnings ratio of 29.00, a PEG ratio of 1.11 and a beta of 1.12.

Maplebear (NASDAQ:CART) last issued its quarterly earnings data on Tuesday, November 12th. The company reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.20. The business had revenue of $852.00 million during the quarter, compared to analyst estimates of $844.03 million. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. Maplebear’s quarterly revenue was up 11.5% compared to the same quarter last year. During the same period in the previous year, the firm earned ($20.86) EPS. As a group, equities analysts predict that Maplebear Inc. will post 1.4 earnings per share for the current year.

Insider Transactions at Maplebear

In other news, CEO Fidji Simo sold 33,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 1,844,778 shares of the company’s stock, valued at $65,065,320.06. This trade represents a 1.76 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Alan Ramsay sold 2,486 shares of the business’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $41.39, for a total transaction 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 approximately $4,106,922.75. This represents a 2.44 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 118,710 shares of company stock valued at $4,978,164 over the last quarter. Corporate insiders own 36.00% of the company’s stock.

Institutional Investors Weigh In On Maplebear

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Huntington National Bank bought a new position in shares of Maplebear in the 3rd quarter valued at about $54,000. nVerses Capital LLC grew its stake in Maplebear by 1,600.0% in the second quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock valued at $55,000 after purchasing an additional 1,600 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Maplebear during the 3rd quarter worth approximately $74,000. Quarry LP grew its stake in shares of Maplebear by 269.5% in the second quarter. Quarry LP now owns 3,928 shares of the company’s stock valued at $126,000 after buying an additional 2,865 shares in the last quarter. Finally, Vinva Investment Management Ltd bought a new position in shares of Maplebear in the third quarter valued at $212,000. 63.09% of the stock is currently owned by institutional investors and hedge funds.

Maplebear Company Profile

Maplebear Inc, doing business as Instacart, engages in the provision of online grocery shopping services to households in North America. It sells and delivers grocery products, as well as pickup services through a mobile application and website. It also operates virtual convenience stores; and provides software-as-a-service solutions to retailers.