Maplebear (NASDAQ:CART) Shares Gap Down After Analyst Downgrade

Maplebear Inc. (NASDAQ:CART - Get Free Report) gapped down prior to trading on Wednesday after JPMorgan Chase & Co. lowered their price target on the stock from $52.00 to $50.00. The stock had previously closed at $48.78, but opened at $43.76. JPMorgan Chase & Co. currently has an overweight rating on the stock. Maplebear shares last traded at $44.07, with a volume of 3,790,643 shares traded.

A number of other research firms have also recently weighed in on CART. Robert W. Baird increased their price objective on shares of Maplebear from $44.00 to $51.00 and gave the stock an "outperform" rating in a report on Wednesday, November 13th. 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 research note on Tuesday, February 25th. Seaport Res Ptn upgraded Maplebear to a "strong-buy" rating in a research report on Wednesday, February 12th. Wedbush lowered their target price on Maplebear from $48.00 to $46.00 and set a "neutral" rating on the stock in a research report on Wednesday. Finally, Oppenheimer cut their target price on Maplebear from $65.00 to $60.00 and set an "outperform" rating on the stock in a research note on Wednesday. Thirteen research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $49.92.

Insider Buying and Selling

In related news, CEO Fidji Simo sold 20,750 shares of the firm's stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $42.74, for a total value of $886,855.00. Following the completion of the transaction, the chief executive officer now owns 1,771,993 shares of the company's stock, valued at approximately $75,734,980.82. This trade represents a 1.16 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Alan Ramsay sold 2,314 shares of the business's stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $46.28, for a total transaction of $107,091.92. Following the sale, the chief accounting officer now directly owns 85,421 shares in the company, valued at approximately $3,953,283.88. This trade represents a 2.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 46,061 shares of company stock valued at $1,987,318. 36.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in Maplebear by 16.8% during the 4th quarter. Vanguard Group Inc. now owns 15,968,358 shares of the company's stock valued at $661,409,000 after acquiring an additional 2,300,288 shares in the last quarter. T. Rowe Price Investment Management Inc. boosted its holdings in shares of Maplebear by 15.5% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 4,744,652 shares of the company's stock worth $196,524,000 after purchasing an additional 635,930 shares during the period. Victory Capital Management Inc. grew its position in Maplebear by 11,501.2% during the fourth quarter. Victory Capital Management Inc. now owns 4,526,673 shares of the company's stock valued at $187,495,000 after purchasing an additional 4,487,654 shares in the last quarter. Pacer Advisors Inc. acquired a new position in Maplebear in the 3rd quarter valued at approximately $158,701,000. Finally, Jacobs Levy Equity Management Inc. lifted its position in Maplebear by 85.0% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 3,081,847 shares of the company's stock worth $127,650,000 after buying an additional 1,416,426 shares in the last quarter. 63.09% of the stock is owned by institutional investors and hedge funds.

Maplebear Trading Up 0.9 %

The business's 50-day simple moving average is $46.43 and its 200-day simple moving average is $42.80. The company has a market cap of $10.56 billion, a PE ratio of 27.58, a P/E/G ratio of 1.19 and a beta of 1.07.

Maplebear (NASDAQ:CART - Get Free Report) last released its quarterly earnings data on Tuesday, February 25th. The company reported $0.53 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.37 by $0.16. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. The firm had revenue of $883.00 million during the quarter, compared to analysts' expectations of $889.98 million. On average, research analysts predict that Maplebear Inc. will post 1.43 earnings per share for the current fiscal year.

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.