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

Key Points

• Maplebear's rating has been downgraded from "buy" to "hold" by Wall Street Zen, amid mixed reviews from other research firms about the company's stock.
• The company reported a quarterly earnings per share of $0.41, which exceeded analysts' expectations, along with a revenue increase of 11.1% compared to the same quarter last year.
• CEO Chris Rogers sold 9,259 shares of the company stock, reducing his ownership by 1.24%, amidst significant insider selling totaling nearly 5 million shares in the past 90 days.

Maplebear (NASDAQ:CART - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "buy" rating to a "hold" rating in a research note issued on Monday.

Several other research firms have also recently weighed in on CART. Stifel Nicolaus cut their price target on Maplebear from $64.00 to $56.00 and set a "buy" rating for the company in a report on Wednesday, September 24th. Barclays raised their target price on shares of Maplebear from $61.00 to $65.00 and gave the company an "overweight" rating in a report on Friday, August 8th. Wedbush reissued an "underperform" rating and issued a $42.00 target price (down from $55.00) on shares of Maplebear in a report on Thursday, August 21st. Robert W. Baird cut their target price on shares of Maplebear from $65.00 to $60.00 and set an "outperform" rating for the company in a report on Friday, August 22nd. Finally, BTIG Research dropped their price objective on shares of Maplebear from $58.00 to $55.00 and set a "buy" rating for the company in a research note on Tuesday, September 16th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Maplebear presently has a consensus rating of "Moderate Buy" and a consensus target price of $55.25.

Maplebear Stock Performance

CART opened at $42.32 on Monday. The stock has a market capitalization of $11.15 billion, a price-to-earnings ratio of 24.46, a PEG ratio of 1.42 and a beta of 1.22. The company has a fifty day moving average of $45.85 and a 200 day moving average of $44.39. Maplebear has a fifty-two week low of $35.14 and a fifty-two week high of $53.50.

Maplebear (NASDAQ:CART - Get Free Report) last issued its quarterly earnings data 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 firm had revenue of $914.00 million during the quarter, compared to analyst estimates of $896.55 million. Maplebear had a return on equity of 15.69% and a net margin of 13.76%.The business's quarterly revenue was up 11.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.20 earnings per share. On average, equities research analysts forecast that Maplebear will post 1.43 earnings per share for the current year.

Insider Activity

In other Maplebear news, CEO Chris Rogers sold 9,259 shares of the business's stock in a transaction that occurred on Monday, September 22nd. The stock was sold at an average price of $42.37, for a total transaction of $392,303.83. Following the completion of the transaction, the chief executive officer owned 739,880 shares in the company, valued at $31,348,715.60. The trade was a 1.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Grosvenor L.P. Gcm sold 4,864,272 shares of the business's stock in a transaction that occurred 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 disclosure for this sale can be found here. Insiders sold 4,986,367 shares of company stock worth $238,211,261 in the last 90 days. Company insiders own 26.00% of the company's stock.

Hedge Funds Weigh In On Maplebear

A number of large investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in shares of Maplebear by 3.4% during the first quarter. Vanguard Group Inc. now owns 16,514,830 shares of the company's stock valued at $658,777,000 after purchasing an additional 546,472 shares during the period. Victory Capital Management Inc. boosted its stake in shares of Maplebear by 62.8% during the first quarter. Victory Capital Management Inc. now owns 7,368,232 shares of the company's stock valued at $293,919,000 after purchasing an additional 2,841,559 shares during the period. T. Rowe Price Investment Management Inc. boosted its position in Maplebear by 10.2% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 5,226,979 shares of the company's stock valued at $208,505,000 after buying an additional 482,327 shares during the period. State Street Corp boosted its position in Maplebear by 1.3% in the 2nd quarter. State Street Corp now owns 5,101,870 shares of the company's stock valued at $230,809,000 after buying an additional 66,588 shares during the period. Finally, Boston Partners boosted its position in Maplebear by 93.3% in the 2nd quarter. Boston Partners now owns 3,961,838 shares of the company's stock valued at $179,261,000 after buying an additional 1,911,771 shares during the period. Hedge funds and other institutional investors own 63.09% of the company's stock.

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.

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