Maplebear (NASDAQ:CART) Trading Down 9.4% Following Weak Earnings

Maplebear Inc. (NASDAQ:CART) shares were down 9.4% on Wednesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $39.01 and last traded at $39.6450. Approximately 3,258,107 shares were traded during mid-day trading, a decline of 30% from the average daily volume of 4,678,446 shares. The stock had previously closed at $43.74.

The company reported $0.57 earnings per share for the quarter, missing the consensus estimate of $0.58 by ($0.01). The company had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $1.01 billion. Maplebear had a net margin of 12.50% and a return on equity of 18.67%. Maplebear’s revenue was up 13.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.37 earnings per share.

Analysts Set New Price Targets

Several research analysts have issued reports on CART shares. Stifel Nicolaus decreased their target price on shares of Maplebear from $49.00 to $46.00 and set a “buy” rating for the company in a report on Tuesday, January 27th. Raymond James Financial raised shares of Maplebear from a “hold” rating to a “moderate buy” rating in a research report on Thursday, April 9th. Barclays boosted their price objective on shares of Maplebear from $65.00 to $69.00 and gave the stock an “overweight” rating in a report on Thursday. Jefferies Financial Group raised Maplebear from a “hold” rating to a “buy” rating and upped their price objective for the company from $38.00 to $45.00 in a research report on Monday, March 30th. Finally, BNP Paribas Exane assumed coverage on Maplebear in a research note on Wednesday, January 14th. They set an “underperform” rating and a $41.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Maplebear has an average rating of “Moderate Buy” and a consensus target price of $51.39.

Insider Transactions at Maplebear

In other news, General Counsel Morgan Fong sold 126,083 shares of Maplebear stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $37.09, for a total value of $4,676,418.47. Following the completion of the sale, the general counsel directly owned 386,643 shares in the company, valued at $14,340,588.87. The trade was a 24.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Lisa Blackwood-Kapral sold 9,390 shares of the business’s stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $40.25, for a total transaction of $377,947.50. Following the transaction, the chief accounting officer directly owned 58,971 shares of the company’s stock, valued at $2,373,582.75. The trade was a 13.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 144,863 shares of company stock worth $5,418,135. Insiders own 24.00% of the company’s stock.

Hedge Funds Weigh In On Maplebear

Hedge funds and other institutional investors have recently modified their holdings of the company. PenderFund Capital Management Ltd. bought a new stake in shares of Maplebear in the fourth quarter worth $27,000. Pinnacle Bancorp Inc. bought a new position in Maplebear in the first quarter valued at about $25,000. Hantz Financial Services Inc. boosted its position in Maplebear by 78.6% in the third quarter. Hantz Financial Services Inc. now owns 884 shares of the company’s stock worth $32,000 after purchasing an additional 389 shares during the last quarter. Allworth Financial LP boosted its position in Maplebear by 35.7% in the third quarter. Allworth Financial LP now owns 928 shares of the company’s stock worth $34,000 after purchasing an additional 244 shares during the last quarter. Finally, IFP Advisors Inc grew its stake in shares of Maplebear by 761.3% during the 4th quarter. IFP Advisors Inc now owns 956 shares of the company’s stock valued at $43,000 after purchasing an additional 845 shares during the period. 63.09% of the stock is owned by institutional investors.

Maplebear Stock Performance

The company’s 50-day moving average price is $39.26 and its 200 day moving average price is $39.90. The stock has a market cap of $9.55 billion, a PE ratio of 18.81, a price-to-earnings-growth ratio of 0.53 and a beta of 0.96.

Maplebear Company Profile

Maplebear, Inc, doing business as Instacart, operates a leading online grocery and essentials marketplace that connects consumers, retail partners and personal shoppers through its digital platform. The company enables customers to order groceries, household items and specialty products for same-day or scheduled delivery, as well as in-store pickup. By integrating its technology with retailers’ existing inventory and point-of-sale systems, Maplebear streamlines the shopping experience and provides real-time availability and pricing.

Founded in 2012 and headquartered in San Francisco, Maplebear has grown from a regional startup to a publicly traded company listed on NASDAQ under the ticker CART.