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

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

Several other research firms have also recently commented on CART. Stifel Nicolaus lowered their price target on shares of Maplebear from $57.00 to $54.00 and set a "buy" rating on the stock in a report on Wednesday, April 23rd. Cantor Fitzgerald restated an "overweight" rating and set a $55.00 price target on shares of Maplebear in a report on Wednesday, February 26th. Needham & Company LLC restated a "buy" rating and set a $56.00 price target on shares of Maplebear in a report on Friday, May 2nd. BMO Capital Markets raised their price target on shares of Maplebear from $48.00 to $49.00 and gave the company a "market perform" rating in a report on Wednesday, February 26th. Finally, Bank of America raised their price target on shares of Maplebear from $51.00 to $53.00 and gave the company a "neutral" rating in a report on Tuesday, February 25th. Thirteen research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Maplebear has a consensus rating of "Moderate Buy" and an average target price of $51.61.

Maplebear Stock Performance

Shares of NASDAQ:CART traded up $0.77 during mid-day trading on Friday, hitting $46.44. The stock had a trading volume of 2,791,426 shares, compared to its average volume of 4,027,162. The company's 50 day moving average is $42.57 and its 200-day moving average is $43.57. The company has a market cap of $12.19 billion, a PE ratio of 31.17, a P/E/G ratio of 1.19 and a beta of 1.19. Maplebear has a 12-month low of $29.84 and a 12-month high of $53.44.

Maplebear (NASDAQ:CART - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The company reported $0.37 EPS for the quarter, missing the consensus estimate of $0.38 by ($0.01). Maplebear had a net margin of 13.37% and a return on equity of 13.78%. The company had revenue of $897.00 million for the quarter, compared to analysts' expectations of $896.86 million. During the same quarter in the prior year, the firm earned $0.43 earnings per share. The company's revenue was up 9.4% on a year-over-year basis. On average, equities research analysts predict that Maplebear will post 1.43 EPS for the current fiscal year.

Insider Activity

In other Maplebear news, General Counsel Morgan Fong sold 5,249 shares of the business's stock in a transaction dated Monday, April 21st. The shares were sold at an average price of $42.57, for a total value of $223,449.93. Following the transaction, the general counsel now directly owns 484,292 shares in the company, valued at $20,616,310.44. The trade was a 1.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Fidji Simo sold 2,033 shares of the business's stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $40.00, for a total transaction of $81,320.00. Following the completion of the transaction, the chief executive officer now owns 1,654,559 shares in the company, valued at approximately $66,182,360. This trade represents a 0.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 15,415 shares of company stock worth $643,103. Corporate insiders own 26.00% of the company's stock.

Hedge Funds Weigh In On Maplebear

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CART. Victory Capital Management Inc. boosted its position in Maplebear by 11,501.2% in the fourth quarter. Victory Capital Management Inc. now owns 4,526,673 shares of the company's stock valued at $187,495,000 after buying an additional 4,487,654 shares in the last quarter. Boston Partners acquired a new position in shares of Maplebear during the fourth quarter worth approximately $111,506,000. Altimeter Capital Management LP acquired a new position in shares of Maplebear during the fourth quarter worth approximately $105,108,000. Vanguard Group Inc. lifted its position in shares of Maplebear by 16.8% during the fourth quarter. Vanguard Group Inc. now owns 15,968,358 shares of the company's stock worth $661,409,000 after purchasing an additional 2,300,288 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Maplebear during the fourth quarter worth approximately $95,162,000. 63.09% of the stock is currently owned by institutional investors and hedge funds.

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.