Maplebear (NASDAQ:CART) Shares Gap Down to $36.09

Maplebear Inc. (NASDAQ:CART) gapped down before the market opened on Tuesday . The stock had previously closed at $36.09, but opened at $34.41. Maplebear shares last traded at $34.10, with a volume of 2,072,115 shares.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on CART. Benchmark downgraded Maplebear from a “buy” rating to a “hold” rating in a report on Tuesday, January 23rd. Macquarie initiated coverage on shares of Maplebear in a research report on Monday, March 25th. They set an “outperform” rating and a $42.00 target price on the stock. Wolfe Research lifted their target price on Maplebear from $35.00 to $39.00 and gave the stock an “outperform” rating in a report on Tuesday, March 5th. Piper Sandler increased their price target on Maplebear from $36.00 to $45.00 and gave the stock an “overweight” rating in a report on Friday, March 15th. Finally, Loop Capital assumed coverage on shares of Maplebear in a research note on Friday. They issued a “buy” rating and a $46.00 price objective for the company. Ten analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $38.16.

Maplebear Stock Down 5.5 %

The business has a 50 day moving average price of $34.60 and a two-hundred day moving average price of $28.31.

Maplebear (NASDAQ:CART) last issued its quarterly earnings results on Tuesday, February 13th. The company reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.52. The business had revenue of $803.00 million for the quarter, compared to the consensus estimate of $804.62 million. The company’s quarterly revenue was up 6.1% compared to the same quarter last year. As a group, research analysts forecast that Maplebear Inc. will post 0.53 earnings per share for the current fiscal year.

Insider Transactions at Maplebear

In related news, CFO Nick Giovanni sold 10,000 shares of the business’s stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $36.97, for a total value of $369,700.00. Following the transaction, the chief financial officer now directly owns 576,977 shares of the company’s stock, valued at approximately $21,330,839.69. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CEO Fidji Simo sold 20,750 shares of the stock in a transaction that occurred on Tuesday, March 26th. The shares were sold at an average price of $38.06, for a total transaction of $789,745.00. Following the completion of the transaction, the chief executive officer now directly owns 888,365 shares of the company’s stock, valued at approximately $33,811,171.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Nick Giovanni sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $36.97, for a total transaction of $369,700.00. Following the sale, the chief financial officer now owns 576,977 shares of the company’s stock, valued at approximately $21,330,839.69. The disclosure for this sale can be found here. In the last ninety days, insiders have acquired 2,157,745 shares of company stock worth $61,771,955 and have sold 1,008,592 shares worth $28,770,988.

Hedge Funds Weigh In On Maplebear

Several institutional investors have recently bought and sold shares of CART. FMR LLC purchased a new position in shares of Maplebear during the 3rd quarter valued at $56,424,000. Blackstone Inc. bought a new position in Maplebear in the 3rd quarter worth approximately $17,369,000. KPCB DGF II Associates LLC bought a new position in Maplebear in the 3rd quarter worth approximately $119,544,000. Monashee Investment Management LLC purchased a new position in Maplebear in the 3rd quarter valued at approximately $6,069,000. Finally, Hudson Bay Capital Management LP bought a new stake in Maplebear during the 3rd quarter valued at $904,000. Hedge funds and other institutional investors own 63.09% of the company’s stock.

About Maplebear

Maplebear Inc, doing business as Instacart, provides online grocery shopping services to households in North America. It sells and delivers grocery products. The company offers its services through a mobile application and website. It also provides software-as-a-service solutions to retailers. The company was incorporated in 2012 and is based in San Francisco, California.