Maplebear (NASDAQ:CART) Cut to Hold at Wall Street Zen

Key Points

• Maplebear was downgraded from a "buy" rating to a "hold" rating by Wall Street Zen, reflecting a more cautious outlook on the stock.
• Despite the downgrade, several analysts have raised their price targets, with Loop Capital increasing it from $52 to $58 and Needham & Company raising it from $56 to $66.
• The company's most recent earnings report surpassed expectations, with an EPS of $0.41, beating the consensus estimate of $0.39, and a revenue increase of 11.1% year-over-year.

Wall Street Zen lowered shares of Maplebear (NASDAQ:CART - Free Report) from a buy rating to a hold rating in a research report released on Saturday morning.

CART has been the topic of several other research reports. Wells Fargo & Company lifted their price target on Maplebear from $55.00 to $57.00 and gave the stock an "equal weight" rating in a research report on Friday, September 5th. Barclays increased their price objective on Maplebear from $61.00 to $65.00 and gave the stock an "overweight" rating in a research report on Friday, August 8th. JMP Securities increased their price objective on Maplebear from $55.00 to $60.00 and gave the stock a "market outperform" rating in a research report on Friday, August 8th. Stifel Nicolaus increased their price objective on Maplebear from $55.00 to $64.00 and gave the stock a "buy" rating in a research report on Friday, August 8th. Finally, Bank of America boosted their target price on Maplebear from $53.00 to $58.00 and gave the stock a "neutral" rating in a research report on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $55.71.

Maplebear Trading Up 0.0%

NASDAQ:CART traded up $0.02 during mid-day trading on Friday, hitting $46.38. The stock had a trading volume of 4,292,266 shares, compared to its average volume of 4,192,443. The stock has a 50-day simple moving average of $46.77 and a two-hundred day simple moving average of $44.09. The company has a market capitalization of $12.22 billion, a PE ratio of 26.81, a PEG ratio of 1.55 and a beta of 1.22. Maplebear has a twelve month low of $35.14 and a twelve month high of $53.50.

Maplebear (NASDAQ:CART - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported $0.41 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.39 by $0.02. The firm had revenue of $914.00 million during the quarter, compared to the consensus estimate of $896.55 million. Maplebear had a return on equity of 15.69% and a net margin of 13.76%.The firm's quarterly revenue was up 11.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.20 earnings per share. Sell-side analysts predict that Maplebear will post 1.43 EPS for the current fiscal year.

Insider Activity

In related news, General Counsel Morgan Fong sold 4,680 shares of the firm's stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $49.16, for a total transaction of $230,068.80. Following the sale, the general counsel owned 452,000 shares in the company, valued at approximately $22,220,320. This trade represents a 1.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Grosvenor L.P. Gcm sold 4,864,272 shares of the firm's stock in a transaction that occurred on Friday, July 25th. The stock was sold at an average price of $47.75, for a total transaction of $232,268,988.00. The disclosure for this sale can be found here. Insiders have sold a total of 4,971,102 shares of company stock worth $237,536,372 in the last three months. 26.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Maplebear

Hedge funds have recently modified their holdings of the stock. Proathlete Wealth Management LLC acquired a new stake in shares of Maplebear in the first quarter worth approximately $26,000. UMB Bank n.a. boosted its position in shares of Maplebear by 914.1% in the first quarter. UMB Bank n.a. now owns 1,004 shares of the company's stock worth $40,000 after acquiring an additional 905 shares during the last quarter. Brooklyn Investment Group acquired a new stake in shares of Maplebear in the first quarter worth approximately $40,000. Spire Wealth Management acquired a new stake in shares of Maplebear in the first quarter worth approximately $41,000. Finally, CWM LLC boosted its position in shares of Maplebear by 35.1% in the first quarter. CWM LLC now owns 1,058 shares of the company's stock worth $42,000 after acquiring an additional 275 shares during the last quarter. 63.09% of the stock is 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.