Maplebear (NASDAQ:CART) Sets New 12-Month Low - What's Next?

Key Points

• Maplebear Inc. shares reached a new 52-week low of $34.87 on Wednesday, closing at $36.76 after trading over 21 million shares.
• Equity analysts have mixed ratings on the stock, with target prices ranging from $42.00 to $65.00, resulting in a consensus rating of "Moderate Buy."
• Insider trading activity revealed significant stock sales, including CEO Chris Rogers selling over 9,259 shares; insiders have sold nearly 5 million shares in the last 90 days.

Shares of Maplebear Inc. (NASDAQ:CART - Get Free Report) hit a new 52-week low on Wednesday . The stock traded as low as $34.87 and last traded at $36.76, with a volume of 21502491 shares trading hands. The stock had previously closed at $37.92.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Stifel Nicolaus decreased their target price on Maplebear from $64.00 to $56.00 and set a "buy" rating for the company in a report on Wednesday, September 24th. Wells Fargo & Company upped their target price on Maplebear from $55.00 to $57.00 and gave the company an "equal weight" rating in a report on Friday, September 5th. Citigroup upped their target price on Maplebear from $57.00 to $65.00 and gave the company a "buy" rating in a report on Friday, August 8th. BTIG Research restated a "neutral" rating and set a $55.00 target price on shares of Maplebear in a report on Tuesday. Finally, Wedbush restated an "underperform" rating and set a $42.00 target price (down previously from $55.00) on shares of Maplebear in a report on Thursday, August 21st. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $54.96.

Maplebear Stock Down 3.1%

The business has a fifty day simple moving average of $45.37 and a 200-day simple moving average of $44.33. The firm has a market cap of $9.68 billion, a P/E ratio of 21.25, a P/E/G ratio of 1.27 and a beta of 1.22.

Maplebear (NASDAQ:CART - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported $0.41 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.39 by $0.02. The business 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 quarter in the prior year, the company earned $0.20 earnings per share. On average, sell-side analysts anticipate that Maplebear Inc. will post 1.43 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Chris Rogers sold 9,259 shares of the firm's stock in a transaction 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 directly owned 739,880 shares in the company, valued at $31,348,715.60. This trade represents a 1.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Morgan Fong sold 4,680 shares of the firm's stock in a transaction on Monday, July 21st. The shares were sold at an average price of $49.16, for a total value of $230,068.80. Following the transaction, the general counsel owned 452,000 shares of the company's stock, valued at $22,220,320. The trade was a 1.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 4,986,367 shares of company stock valued at $238,211,261 in the last 90 days. Corporate insiders own 26.00% of the company's stock.

Hedge Funds Weigh In On Maplebear

Several institutional investors and hedge funds have recently modified their holdings of the stock. Texas Permanent School Fund Corp increased its holdings in shares of Maplebear by 7.6% during the second quarter. Texas Permanent School Fund Corp now owns 106,669 shares of the company's stock valued at $4,826,000 after acquiring an additional 7,578 shares in the last quarter. Osaic Holdings Inc. increased its holdings in shares of Maplebear by 485.0% during the second quarter. Osaic Holdings Inc. now owns 96,871 shares of the company's stock valued at $4,382,000 after acquiring an additional 80,312 shares in the last quarter. Thrivent Financial for Lutherans increased its holdings in shares of Maplebear by 1.7% during the second quarter. Thrivent Financial for Lutherans now owns 44,641 shares of the company's stock valued at $2,020,000 after acquiring an additional 730 shares in the last quarter. Stance Capital LLC bought a new position in shares of Maplebear during the second quarter valued at $1,342,000. Finally, State of Wyoming increased its holdings in shares of Maplebear by 5.5% during the second quarter. State of Wyoming now owns 10,059 shares of the company's stock valued at $455,000 after acquiring an additional 525 shares in the last quarter. 63.09% of the stock is currently owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.