Maplebear (NASDAQ:CART) Stock Price Down 3.5% - Should You Sell?

Key Points

• Maplebear Inc. (NASDAQ:CART) shares fell 3.5% to $45.33 during mid-day trading, with a significant decline in trading volume by 91% compared to the average.
• Wall Street analysts have mixed opinions on the stock, with price targets revised downwards by Wedbush to $42.00, while Barclays increased theirs to $65.00, indicating a range of ratings from "Strong Buy" to "Sell."
• Insider trading activity includes a notable sale of nearly 4.9 million shares by Grosvenor L.P. Gcm, raising questions about insider sentiment and market confidence in Maplebear's stock.

Maplebear Inc. (NASDAQ:CART - Get Free Report) shares dropped 3.5% during mid-day trading on Thursday . The stock traded as low as $45.20 and last traded at $45.33. Approximately 375,370 shares changed hands during mid-day trading, a decline of 91% from the average daily volume of 4,338,423 shares. The stock had previously closed at $46.99.

Wall Street Analyst Weigh In

CART has been the topic of several recent analyst reports. Wedbush reiterated an "underperform" rating and issued a $42.00 price target (down previously from $55.00) on shares of Maplebear in a research note on Thursday, August 21st. Bank of America lifted their price target on Maplebear from $53.00 to $58.00 and gave the company a "neutral" rating in a research note on Friday, August 8th. Wells Fargo & Company lifted their price target on Maplebear from $55.00 to $57.00 and gave the company an "equal weight" rating in a research note on Friday, September 5th. Robert W. Baird cut their price objective on Maplebear from $65.00 to $60.00 and set an "outperform" rating on the stock in a report on Friday, August 22nd. Finally, Barclays raised their price objective on Maplebear from $61.00 to $65.00 and gave the company an "overweight" rating in a report on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $55.71.

Maplebear Stock Performance

The stock has a market capitalization of $12.19 billion, a price-to-earnings ratio of 26.72, a P/E/G ratio of 1.52 and a beta of 1.21. The company has a fifty day simple moving average of $46.86 and a 200 day simple moving average of $44.06.

Maplebear (NASDAQ:CART - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported $0.41 EPS for the quarter, topping the consensus estimate of $0.39 by $0.02. The firm had revenue of $914.00 million for 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 business's quarterly revenue was up 11.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.20 EPS. As a group, equities analysts predict that Maplebear Inc. will post 1.43 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Maplebear news, insider Grosvenor L.P. Gcm sold 4,864,272 shares of Maplebear stock in a transaction dated Friday, July 25th. The stock was sold at an average price of $47.75, for a total transaction of $232,268,988.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Daniel Danker sold 10,037 shares of Maplebear stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $48.82, for a total value of $490,006.34. Following the transaction, the insider directly owned 470,190 shares in the company, valued at $22,954,675.80. The trade was a 2.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 4,971,102 shares of company stock valued at $237,536,372 over the last 90 days. 26.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Principal Financial Group Inc. raised its position in shares of Maplebear by 4,154.7% in the 1st quarter. Principal Financial Group Inc. now owns 372,581 shares of the company's stock worth $14,862,000 after acquiring an additional 363,824 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Maplebear by 18.6% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,056 shares of the company's stock worth $82,000 after acquiring an additional 322 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its position in shares of Maplebear by 7.6% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 6,166 shares of the company's stock worth $246,000 after acquiring an additional 433 shares in the last quarter. Golden State Wealth Management LLC raised its position in shares of Maplebear by 100.0% in the 1st quarter. Golden State Wealth Management LLC now owns 1,066 shares of the company's stock worth $43,000 after acquiring an additional 533 shares in the last quarter. Finally, New York State Teachers Retirement System raised its position in shares of Maplebear by 542.8% in the 1st quarter. New York State Teachers Retirement System now owns 101,720 shares of the company's stock worth $4,058,000 after acquiring an additional 85,896 shares in the last quarter. 63.09% of the stock is owned by 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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