Maplebear (NASDAQ:CART) Stock Gets Downgrade from Wedbush

Maplebear (NASDAQ:CART - Get Free Report) was downgraded by stock analysts at Wedbush from an "outperform" rating to a "hold" rating in a research report issued on Friday, MarketBeat.com reports. They presently have a $65.00 price target on the stock, up from their previous price target of $63.00. Wedbush's target price would indicate a potential upside of 15.15% from the company's previous close.

A number of other research analysts also recently weighed in on the company. Jefferies Financial Group downgraded Maplebear from a "strong-buy" rating to a "hold" rating in a report on Friday. JPMorgan Chase & Co. increased their target price on Maplebear from $55.00 to $62.00 and gave the company an "overweight" rating in a report on Friday, August 7th. Wall Street Zen downgraded Maplebear from a "buy" rating to a "hold" rating in a report on Saturday, August 8th. Benchmark raised their price objective on Maplebear from $55.00 to $63.00 and gave the stock a "buy" rating in a research note on Friday, August 7th. Finally, Rosenblatt Securities began coverage on Maplebear in a research note on Tuesday, September 1st. They issued a "neutral" rating and a $55.00 price objective on the stock. Seven analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $58.67.

Maplebear Price Performance

Shares of Maplebear stock opened at $56.45 on Friday. The company has a 50-day moving average of $49.05 and a 200 day moving average of $43.31. The firm has a market cap of $13.07 billion, a price-to-earnings ratio of 29.40, a PEG ratio of 1.12 and a beta of 0.87. Maplebear has a 1 year low of $32.73 and a 1 year high of $62.00.

Maplebear (NASDAQ:CART - Get Free Report) last released its earnings results on Thursday, October 29th. The company reported $0.60 EPS for the quarter, missing analysts' consensus estimates of $0.63 by ($0.03). Maplebear had a return on equity of 22.50% and a net margin of 11.59%. The company had revenue of $1.10 billion during the quarter, compared to analysts' expectations of $1.07 billion. During the same period in the prior year, the company posted $0.42 earnings per share. The company's revenue was up 16.6% on a year-over-year basis. On average, equities analysts anticipate that Maplebear will post 2.29 EPS for the current year.

Insider Buying and Selling at Maplebear

In other Maplebear news, insider Morgan Fong sold 18,390 shares of the firm's stock in a transaction that occurred on Thursday, October 22nd. The stock was sold at an average price of $51.00, for a total transaction of $937,890.00. Following the completion of the transaction, the insider owned 529,911 shares in the company, valued at $27,025,461. This trade represents a 3.35% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Chris Rogers sold 24,665 shares of the firm's stock in a transaction that occurred on Monday, October 26th. The shares were sold at an average price of $60.00, for a total value of $1,479,900.00. Following the transaction, the chief executive officer owned 867,911 shares of the company's stock, valued at $52,074,660. This represents a 2.76% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 309,928 shares of company stock worth $16,121,073 over the last three months. 24.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Maplebear

A number of large investors have recently bought and sold shares of the business. BlackRock Inc. purchased a new stake in shares of Maplebear in the 2nd quarter worth $750,477,000. William Blair Investment Management LLC purchased a new stake in shares of Maplebear during the 2nd quarter worth $86,462,000. Deutsche Bank AG purchased a new stake in shares of Maplebear during the 2nd quarter worth $73,801,000. Goodnow Investment Group LLC acquired a new position in Maplebear during the 2nd quarter valued at about $69,898,000. Finally, Bank of America Corp DE acquired a new position in Maplebear during the 2nd quarter valued at about $57,392,000. Hedge funds and other institutional investors own 63.09% of the company's stock.

Maplebear News Roundup

Here are the key news stories impacting Maplebear this week:

• Negative Sentiment: Seven firms lowered their ratings on Maplebear to neutral-equivalent recommendations: Jefferies, Wedbush, Cantor Fitzgerald, Needham, Citizens JMP and Sanford C. Bernstein moved to “Hold,” while Barclays cut the stock to “Equal Weight.” Bernstein separately downgraded CART from “Outperform” to “Market Perform.” The concentrated shift indicates analysts are becoming more cautious about valuation and future upside. Jefferies downgrade Wedbush downgrade Cantor Fitzgerald downgrade Barclays downgrade Needham downgrade Citizens JMP downgrade Bernstein downgrade
• Negative Sentiment: SBS Law announced an opportunity for CART investors to participate in a fraud investigation involving Maplebear. The notice may weigh on sentiment and raise concerns about potential legal exposure, although it is an investigation announcement—not a finding that the company committed wrongdoing. SBS Law fraud investigation notice
• Neutral Sentiment: CART recently traded near the upper end of its 52-week range and above its 50-day and 200-day moving averages. With a market capitalization of approximately $13.1 billion and a P/E ratio near 29, the stock’s strong performance may have increased sensitivity to rating downgrades.

About Maplebear

Maplebear Inc, doing business as Instacart, operates a technology-enabled grocery marketplace that connects consumers with retailers and personal shoppers. Through its website and mobile applications, customers can order groceries and other household products for delivery or pickup from participating supermarkets, specialty food stores, convenience retailers and other merchants.

The company also provides retailers with e-commerce, fulfillment and advertising solutions. Its platform supports online storefronts, order management, delivery logistics, customer engagement and data-driven marketing, allowing retail partners to offer digital shopping services and reach consumers through Instacart's marketplace.

Founded in 2012, Maplebear serves customers across the United States and Canada.