Jefferies Financial Group Issues Pessimistic Forecast for Maplebear (NASDAQ:CART) Stock Price

Key Points

• Jefferies Financial Group has reduced its price target for Maplebear (NASDAQ:CART) from $55 to $43, indicating a "hold" rating on the stock while suggesting an upside of 11.63% from the current price.
• Recent earnings showed that Maplebear reported $0.41 EPS, surpassing expectations and reflecting an 11.1% year-over-year revenue increase, reaching $914 million for the quarter.
• Insider trading activity has been significant, with over 4.9 million shares sold by insiders in the last 90 days, representing a notable turnover in ownership.

Maplebear (NASDAQ:CART - Get Free Report) had its price objective decreased by equities research analysts at Jefferies Financial Group from $55.00 to $43.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has a "hold" rating on the stock. Jefferies Financial Group's target price points to a potential upside of 11.63% from the company's current price.

CART has been the subject of a number of other research reports. Weiss Ratings reissued a "hold (c+)" rating on shares of Maplebear in a research report on Tuesday. Robert W. Baird reduced their price objective on Maplebear from $60.00 to $50.00 and set an "outperform" rating on the stock in a research note on Wednesday, October 1st. Piper Sandler downgraded shares of Maplebear from an "overweight" rating to a "neutral" rating and set a $41.00 target price for the company. in a research report on Friday, October 3rd. Benchmark upgraded shares of Maplebear from a "hold" rating to a "buy" rating and set a $67.00 price target on the stock in a report on Friday, August 8th. Finally, Needham & Company LLC lifted their price target on shares of Maplebear from $56.00 to $66.00 and gave the company a "buy" rating in a research report on Friday, August 8th. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $52.40.

Maplebear Price Performance

CART stock traded down $0.47 on Friday, hitting $38.52. 2,582,666 shares of the company were exchanged, compared to its average volume of 4,692,286. The stock has a market capitalization of $10.15 billion, a price-to-earnings ratio of 22.27, a price-to-earnings-growth ratio of 1.21 and a beta of 1.10. Maplebear has a twelve month low of $34.87 and a twelve month high of $53.50. The business's fifty day moving average is $43.12 and its two-hundred day moving average is $44.19.

Maplebear (NASDAQ:CART - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported $0.41 earnings per share for the quarter, beating analysts' consensus estimates of $0.39 by $0.02. The company had revenue of $914.00 million for the quarter, compared to analyst estimates of $896.55 million. Maplebear had a net margin of 13.76% and a return on equity of 15.69%. Maplebear's revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter last year, the business earned $0.20 EPS. Equities research analysts expect that Maplebear will post 1.43 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Grosvenor L.P. Gcm sold 4,864,272 shares of the company's stock in a transaction on Friday, July 25th. The shares were sold at an average price of $47.75, for a total value of $232,268,988.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Morgan Fong sold 4,680 shares of Maplebear stock in a transaction on Monday, July 21st. The stock was sold at an average price of $49.16, for a total transaction of $230,068.80. Following the sale, the general counsel directly owned 452,000 shares in the company, valued at $22,220,320. This trade represents a 1.02% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 4,962,097 shares of company stock worth $237,040,063 in the last 90 days. 26.00% of the stock is owned by insiders.

Institutional Trading of Maplebear

Hedge funds and other institutional investors have recently modified their holdings of the business. SRH Advisors LLC lifted its stake in shares of Maplebear by 203.7% in the third quarter. SRH Advisors LLC now owns 4,100 shares of the company's stock worth $151,000 after acquiring an additional 2,750 shares in the last quarter. Carnegie Investment Counsel increased its holdings in Maplebear by 83.5% during the 3rd quarter. Carnegie Investment Counsel now owns 542,936 shares of the company's stock worth $19,958,000 after purchasing an additional 247,061 shares during the last quarter. AMI Asset Management Corp acquired a new position in shares of Maplebear in the 3rd quarter valued at approximately $16,693,000. CWM LLC raised its position in shares of Maplebear by 42.2% in the 3rd quarter. CWM LLC now owns 1,634 shares of the company's stock valued at $60,000 after purchasing an additional 485 shares in the last quarter. Finally, Swedbank AB purchased a new position in shares of Maplebear during the 3rd quarter valued at approximately $8,462,000. 63.09% of the stock is owned by hedge funds and other institutional investors.

About Maplebear

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.

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