Maplebear (NASDAQ:CART) Hits New 1-Year Low After Analyst Downgrade

Maplebear Inc. (NASDAQ:CART) hit a new 52-week low during mid-day trading on Wednesday after Benchmark lowered their price target on the stock from $60.00 to $53.00. Benchmark currently has a buy rating on the stock. Maplebear traded as low as $33.58 and last traded at $33.4420, with a volume of 337808 shares changing hands. The stock had previously closed at $34.62.

CART has been the topic of several other reports. Fox Advisors cut Maplebear from a “strong-buy” rating to a “hold” rating in a research note on Thursday, December 18th. Needham & Company LLC dropped their target price on Maplebear from $66.00 to $50.00 and set a “buy” rating for the company in a report on Tuesday, November 11th. Stifel Nicolaus cut their target price on Maplebear from $49.00 to $46.00 and set a “buy” rating on the stock in a research report on Tuesday, January 27th. Wall Street Zen lowered Maplebear from a “buy” rating to a “hold” rating in a report on Sunday, January 18th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Maplebear in a research note on Monday, December 29th. Fifteen equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $51.35.

Insider Buying and Selling

In other Maplebear news, General Counsel Morgan Fong sold 4,914 shares of the stock in a transaction 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 sale, the general counsel owned 404,940 shares in the company, valued at $18,307,337.40. This trade represents a 1.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 26.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Royal Bank of Canada increased its stake in Maplebear by 51.2% in the 1st quarter. Royal Bank of Canada now owns 131,789 shares of the company’s stock worth $5,256,000 after buying an additional 44,642 shares during the period. NewEdge Advisors LLC grew its stake in Maplebear by 71.6% in the 1st quarter. NewEdge Advisors LLC now owns 1,673 shares of the company’s stock worth $67,000 after acquiring an additional 698 shares in the last quarter. Jones Financial Companies Lllp increased its position in shares of Maplebear by 358.5% during the first quarter. Jones Financial Companies Lllp now owns 3,200 shares of the company’s stock worth $128,000 after acquiring an additional 2,502 shares during the period. Goldman Sachs Group Inc. raised its stake in shares of Maplebear by 17.4% during the first quarter. Goldman Sachs Group Inc. now owns 390,711 shares of the company’s stock valued at $15,585,000 after acquiring an additional 57,879 shares in the last quarter. Finally, Empowered Funds LLC purchased a new stake in shares of Maplebear in the first quarter valued at approximately $268,000. 63.09% of the stock is currently owned by institutional investors.

Maplebear Price Performance

The business has a fifty day moving average of $41.74 and a 200-day moving average of $42.05. The stock has a market cap of $8.74 billion, a PE ratio of 18.32, a price-to-earnings-growth ratio of 0.90 and a beta of 1.00.

Maplebear (NASDAQ:CART) last issued its earnings results on Monday, November 10th. The company reported $0.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.50 by $0.01. Maplebear had a return on equity of 15.72% and a net margin of 14.09%.The business had revenue of $939.00 million during the quarter, compared to analyst estimates of $933.76 million. During the same period in the previous year, the company posted $0.42 EPS. Maplebear’s revenue was up 10.2% on a year-over-year basis. As a group, equities research analysts predict that Maplebear Inc. will post 1.43 EPS for the current year.

Maplebear Company Profile

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.