Maplebear (NASDAQ:CART) Shares Gap Down – Time to Sell?

Shares of Maplebear Inc. (NASDAQ:CART) gapped down before the market opened on Wednesday . The stock had previously closed at $48.34, but opened at $45.37. Maplebear shares last traded at $43.09, with a volume of 710,480 shares.

Analyst Ratings Changes

Several brokerages have recently commented on CART. Barclays increased their price objective on Maplebear from $48.00 to $56.00 and gave the stock an “overweight” rating in a research note on Wednesday. Bank of America increased their price objective on Maplebear from $50.00 to $51.00 and gave the stock a “neutral” rating in a research note on Wednesday. Citigroup increased their price objective on Maplebear from $44.00 to $47.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Oppenheimer increased their price objective on Maplebear from $55.00 to $60.00 and gave the stock an “outperform” rating in a research note on Wednesday. Finally, Needham & Company LLC reissued a “hold” rating on shares of Maplebear in a research note on Wednesday. Twelve research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $47.29.

Maplebear Price Performance

The firm has a fifty day simple moving average of $41.85 and a two-hundred day simple moving average of $36.51. The firm has a market capitalization of $11.20 billion, a P/E ratio of 28.81, a price-to-earnings-growth ratio of 1.50 and a beta of 1.12.

Maplebear (NASDAQ:CART) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.20. Maplebear had a return on equity of 13.32% and a net margin of 13.37%. The business had revenue of $852.00 million during the quarter, compared to analyst estimates of $844.03 million. During the same period in the prior year, the company earned ($20.86) earnings per share. Maplebear’s revenue was up 11.5% compared to the same quarter last year. On average, research analysts anticipate that Maplebear Inc. will post 1.17 EPS for the current year.

Insider Transactions at Maplebear

In other news, CEO Fidji Simo sold 20,750 shares of the firm’s stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $44.39, for a total value of $921,092.50. Following the completion of the transaction, the chief executive officer now directly owns 1,803,278 shares of the company’s stock, valued at $80,047,510.42. This trade represents a 1.14 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Morgan Fong sold 29,253 shares of the firm’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $48.03, for a total value of $1,405,021.59. Following the completion of the transaction, the general counsel now directly owns 258,406 shares of the company’s stock, valued at $12,411,240.18. The trade was a 10.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 118,710 shares of company stock valued at $4,978,164 over the last three months. Company insiders own 36.00% of the company’s stock.

Hedge Funds Weigh In On Maplebear

A number of large investors have recently made changes to their positions in CART. Huntington National Bank purchased a new stake in shares of Maplebear in the third quarter worth $54,000. nVerses Capital LLC raised its position in shares of Maplebear by 1,600.0% in the second quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock worth $55,000 after buying an additional 1,600 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Maplebear in the third quarter worth $74,000. Quarry LP raised its position in shares of Maplebear by 269.5% in the second quarter. Quarry LP now owns 3,928 shares of the company’s stock worth $126,000 after buying an additional 2,865 shares in the last quarter. Finally, Vinva Investment Management Ltd purchased a new stake in shares of Maplebear in the third quarter worth $212,000. 63.09% of the stock is 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.