Maplebear (NASDAQ:CART) Trading Down 3.3% - Here's What Happened

Key Points

• Maplebear shares fell 3.3% to about $45.29 in mid-day trading, with volume down 88% from the average session.
• Analysts maintain a “Moderate Buy” consensus, with 15 Buy ratings and 9 Holds and an average price target of $56.14; several firms recently raised their targets.
• Quarterly revenue rose 14.1% year over year to $1.04 billion, exceeding estimates, but EPS of $0.45 missed expectations of $0.54. Insiders also sold shares, including a director’s $7.6 million transaction.

Maplebear Inc. (NASDAQ:CART - Get Free Report)'s share price was down 3.3% during mid-day trading on Thursday . The company traded as low as $45.05 and last traded at $45.29. 533,715 shares changed hands during mid-day trading, a decline of 88% from the average session volume of 4,431,799 shares. The stock had previously closed at $46.85.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Needham & Company LLC raised their price target on shares of Maplebear from $55.00 to $63.00 and gave the stock a "buy" rating in a research report on Friday, August 7th. BNP Paribas Exane upgraded shares of Maplebear from an "underperform" rating to a "neutral" rating and set a $56.00 target price on the stock in a research report on Friday, August 7th. Rosenblatt Securities assumed coverage on shares of Maplebear in a report on Tuesday, September 1st. They set a "neutral" rating and a $55.00 target price on the stock. Wells Fargo & Company lifted their price target on shares of Maplebear from $47.00 to $54.00 and gave the company an "equal weight" rating in a research report on Friday, August 7th. Finally, Argus boosted their price target on Maplebear from $50.00 to $58.00 and gave the company a "buy" rating in a research note on Wednesday, September 2nd. Fifteen investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat.com, Maplebear currently has an average rating of "Moderate Buy" and an average price target of $56.14.

Maplebear Stock Down 3.6%

The firm has a 50 day simple moving average of $48.04 and a two-hundred day simple moving average of $43.47. The stock has a market capitalization of $10.46 billion, a P/E ratio of 24.68, a PEG ratio of 0.91 and a beta of 0.80.

Maplebear (NASDAQ:CART - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported $0.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.54 by ($0.09). Maplebear had a net margin of 11.97% and a return on equity of 20.19%. The business had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter in the previous year, the business posted $0.41 EPS. The company's revenue for the quarter was up 14.1% on a year-over-year basis. On average, research analysts predict that Maplebear Inc. will post 2.33 earnings per share for the current year.

Insider Transactions at Maplebear

In other news, insider Morgan Fong sold 18,390 shares of the firm's stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $49.96, for a total value of $918,764.40. Following the sale, the insider directly owned 529,911 shares in the company, valued at approximately $26,474,353.56. This trade represents a 3.35% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ravi Gupta sold 150,000 shares of Maplebear stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $50.61, for a total transaction of $7,591,500.00. Following the sale, the director directly owned 591,523 shares in the company, valued at $29,936,979.03. This trade represents a 20.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 24.00% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. PNC Financial Services Group Inc. increased its holdings in Maplebear by 7.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 6,134 shares of the company's stock worth $276,000 after acquiring an additional 427 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its position in shares of Maplebear by 8.7% in the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 6,450 shares of the company's stock worth $242,000 after buying an additional 514 shares in the last quarter. Versant Capital Management Inc boosted its stake in Maplebear by 94.7% during the second quarter. Versant Capital Management Inc now owns 1,215 shares of the company's stock valued at $58,000 after buying an additional 591 shares during the period. Parallel Advisors LLC boosted its stake in Maplebear by 2.1% during the fourth quarter. Parallel Advisors LLC now owns 31,103 shares of the company's stock valued at $1,399,000 after buying an additional 626 shares during the period. Finally, Janney Montgomery Scott LLC grew its position in Maplebear by 2.2% during the first quarter. Janney Montgomery Scott LLC now owns 29,359 shares of the company's stock worth $1,100,000 after buying an additional 626 shares in the last quarter. 63.09% of the stock is currently owned by institutional investors and hedge funds.

Maplebear Company Profile

Maplebear Inc, doing business as Instacart, operates an online grocery marketplace that connects consumers with retailers and personal shoppers. Through its website and mobile applications, customers can browse products from participating grocery stores, place orders for delivery or pickup, and receive updates throughout the shopping and fulfillment process.

The company provides retailers with technology and services supporting e-commerce, fulfillment, customer engagement and digital advertising.

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