Maplebear (NASDAQ:CART) Sets New 12-Month Low – Time to Sell?

Maplebear Inc. (NASDAQ:CART) shares hit a new 52-week low during mid-day trading on Thursday . The company traded as low as $34.78 and last traded at $35.19, with a volume of 2822883 shares traded. The stock had previously closed at $36.39.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Needham & Company LLC upped their price target on Maplebear from $56.00 to $66.00 and gave the company a “buy” rating in a research report on Friday, August 8th. 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. Citigroup upped their price target on Maplebear from $57.00 to $65.00 and gave the company a “buy” rating in a research report on Friday, August 8th. Robert W. Baird reduced their price target on Maplebear from $60.00 to $50.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 1st. Finally, Benchmark upgraded Maplebear from a “hold” rating to a “buy” rating and set a $67.00 price target on the stock in a research report on Friday, August 8th. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $52.12.

Maplebear Trading Down 3.6%

The firm has a 50-day moving average of $40.93 and a 200 day moving average of $44.06. The company has a market cap of $9.24 billion, a P/E ratio of 20.27, a price-to-earnings-growth ratio of 1.12 and a beta of 1.10.

Maplebear (NASDAQ:CART) last announced its earnings results on Thursday, August 7th. The company reported $0.41 EPS for the quarter, beating the consensus estimate of $0.39 by $0.02. The company had revenue of $914.00 million for the quarter, compared to analyst estimates 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 in the prior year, the company earned $0.20 EPS. On average, equities analysts predict that Maplebear Inc. will post 1.43 EPS for the current year.

Insiders Place Their Bets

In other Maplebear news, Director Fidji Simo sold 7,140 shares of the stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $47.30, for a total value of $337,722.00. Following the transaction, the director owned 573,807 shares in the company, valued at approximately $27,141,071.10. This represents a 1.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel Morgan Fong sold 3,546 shares of the stock in a transaction that occurred on Monday, October 20th. The stock was sold at an average price of $38.85, for a total value of $137,762.10. Following the completion of the transaction, the general counsel owned 427,523 shares in the company, valued at approximately $16,609,268.55. The trade was a 0.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 27,556 shares of company stock worth $1,179,482. Corporate insiders own 26.00% of the company’s stock.

Institutional Trading of Maplebear

Several institutional investors and hedge funds have recently modified their holdings of the stock. Illinois Municipal Retirement Fund raised its stake in shares of Maplebear by 63.2% in the third quarter. Illinois Municipal Retirement Fund now owns 106,629 shares of the company’s stock worth $3,920,000 after purchasing an additional 41,281 shares during the last quarter. LSV Asset Management purchased a new stake in shares of Maplebear during the third quarter valued at approximately $2,397,000. Rhumbline Advisers increased its position in shares of Maplebear by 6.1% during the third quarter. Rhumbline Advisers now owns 460,698 shares of the company’s stock valued at $16,935,000 after acquiring an additional 26,352 shares during the last quarter. Versor Investments LP increased its position in shares of Maplebear by 277.4% during the third quarter. Versor Investments LP now owns 21,888 shares of the company’s stock valued at $805,000 after acquiring an additional 16,088 shares during the last quarter. Finally, ProShare Advisors LLC increased its position in shares of Maplebear by 7.7% during the third quarter. ProShare Advisors LLC now owns 7,842 shares of the company’s stock valued at $288,000 after acquiring an additional 558 shares during the last quarter. 63.09% of the stock is owned by hedge funds and other institutional investors.

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.