Maplebear (NASDAQ:CART) Trading Down 5.6% Following Analyst Downgrade

Key Points

• Maplebear Inc. (NASDAQ:CART) stock dropped 5.6% after an analyst downgrade from buy to hold by Wall Street Zen, trading at $35.78.
• Despite the downgrade, some firms have raised their price targets for Maplebear, with JMP Securities and Sanford C. Bernstein both setting targets of $60.00.
• Insider trading activity included CEO Chris Rogers selling over 9,000 shares, reducing his stake in the company, while insiders collectively sold nearly 5 million shares in the last ninety days.

Maplebear Inc. (NASDAQ:CART - Get Free Report) fell 5.6% during trading on Tuesday after Wall Street Zen downgraded the stock from a buy rating to a hold rating. The stock traded as low as $35.86 and last traded at $35.78. 1,408,748 shares changed hands during trading, a decline of 68% from the average session volume of 4,461,802 shares. The stock had previously closed at $37.92.

CART has been the topic of several other reports. JMP Securities upped their price target on Maplebear from $55.00 to $60.00 and gave the company a "market outperform" rating in a research report on Friday, August 8th. Wells Fargo & Company increased their target price on shares of Maplebear from $55.00 to $57.00 and gave the stock an "equal weight" rating in a research note on Friday, September 5th. Sanford C. Bernstein upped their price target on shares of Maplebear from $55.00 to $60.00 and gave the stock an "outperform" rating in a report on Monday, July 21st. BTIG Research lowered their target price on shares of Maplebear from $58.00 to $55.00 and set a "buy" rating on the stock in a research note on Tuesday, September 16th. Finally, Stifel Nicolaus cut their price target on shares of Maplebear from $64.00 to $56.00 and set a "buy" rating for the company in a research note on Wednesday, September 24th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $55.25.

Insider Activity

In other news, CEO Chris Rogers sold 9,259 shares of the business's stock in a transaction dated Monday, September 22nd. The stock was sold at an average price of $42.37, for a total value of $392,303.83. Following the completion of the sale, the chief executive officer owned 739,880 shares of the company's stock, valued at approximately $31,348,715.60. The trade was a 1.24% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Daniel Danker sold 10,037 shares of the stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $48.82, for a total value of $490,006.34. Following the sale, the insider owned 470,190 shares of the company's stock, valued at $22,954,675.80. This represents a 2.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 4,986,367 shares of company stock valued at $238,211,261. Company insiders own 26.00% of the company's stock.

Institutional Trading of Maplebear

Several large investors have recently modified their holdings of the business. Vanguard Group Inc. grew its position in shares of Maplebear by 3.4% in the 1st quarter. Vanguard Group Inc. now owns 16,514,830 shares of the company's stock worth $658,777,000 after buying an additional 546,472 shares during the last quarter. Victory Capital Management Inc. boosted its stake in shares of Maplebear by 62.8% during the 1st 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 in the last quarter. T. Rowe Price Investment Management Inc. increased its position in shares of Maplebear by 10.2% during the first 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 raised its stake in Maplebear by 1.3% in the second quarter. State Street Corp now owns 5,101,870 shares of the company's stock worth $230,809,000 after buying an additional 66,588 shares in the last quarter. Finally, Boston Partners lifted its holdings in Maplebear by 93.3% in the second quarter. Boston Partners now owns 3,961,838 shares of the company's stock worth $179,261,000 after buying an additional 1,911,771 shares during the period. 63.09% of the stock is owned by institutional investors.

Maplebear Stock Down 7.5%

The company's fifty day simple moving average is $45.63 and its 200 day simple moving average is $44.39. The firm has a market capitalization of $9.24 billion, a PE ratio of 20.30, a price-to-earnings-growth ratio of 1.42 and a beta of 1.22.

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

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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