Maplebear (NASDAQ:CART) Reaches New 52-Week Low – Should You Sell?

Shares of Maplebear Inc. (NASDAQ:CART) hit a new 52-week low during trading on Thursday . The stock traded as low as $34.24 and last traded at $34.35, with a volume of 6295902 shares. The stock had previously closed at $36.54.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on CART shares. Benchmark cut their target price on Maplebear from $67.00 to $60.00 and set a “buy” rating on the stock in a research report on Tuesday, November 11th. Jefferies Financial Group boosted their price objective on Maplebear from $41.00 to $48.00 and gave the company a “hold” rating in a report on Thursday, December 11th. BNP Paribas Exane started coverage on Maplebear in a report on Wednesday, January 14th. They set an “underperform” rating and a $41.00 target price for the company. Guggenheim started coverage on shares of Maplebear in a research note on Wednesday, October 15th. They set a “neutral” rating and a $40.00 price target on the stock. Finally, Fox Advisors cut shares of Maplebear from a “strong-buy” rating to a “hold” rating in a research report on Thursday, December 18th. Fifteen research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, Maplebear presently has a consensus rating of “Hold” and an average target price of $51.62.

Maplebear Stock Performance

The company has a 50 day moving average of $42.33 and a 200 day moving average of $42.51. The stock has a market capitalization of $9.02 billion, a price-to-earnings ratio of 18.87, a PEG ratio of 0.93 and a beta of 1.00.

Maplebear (NASDAQ:CART) last announced its quarterly earnings data on Monday, November 10th. The company reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.01. Maplebear had a return on equity of 15.72% and a net margin of 14.09%.The business had revenue of $939.00 million during the quarter, compared to analysts’ expectations of $933.76 million. During the same quarter last year, the business posted $0.42 EPS. The business’s quarterly revenue was up 10.2% compared to the same quarter last year. As a group, research analysts expect that Maplebear Inc. will post 1.43 EPS for the current fiscal year.

Insider Buying and Selling

In other Maplebear news, General Counsel Morgan Fong sold 4,914 shares of the business’s stock in a transaction that occurred on Monday, December 22nd. The shares were sold at an average price of $45.21, for a total transaction of $222,161.94. Following the completion of the transaction, the general counsel owned 404,940 shares in the company, valued at $18,307,337.40. The trade was a 1.20% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 26.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Maplebear

A number of institutional investors and hedge funds have recently modified their holdings of the company. Nordea Investment Management AB lifted its position in Maplebear by 128.4% in the third quarter. Nordea Investment Management AB now owns 119,828 shares of the company’s stock valued at $4,254,000 after purchasing an additional 67,374 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Maplebear by 7.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,040,129 shares of the company’s stock worth $47,055,000 after buying an additional 72,643 shares in the last quarter. Champlain Investment Partners LLC lifted its holdings in shares of Maplebear by 64.4% in the 2nd quarter. Champlain Investment Partners LLC now owns 2,157,010 shares of the company’s stock valued at $97,583,000 after buying an additional 845,070 shares during the period. Thrivent Financial for Lutherans boosted its stake in shares of Maplebear by 3,054.0% in the third quarter. Thrivent Financial for Lutherans now owns 1,407,993 shares of the company’s stock valued at $51,758,000 after buying an additional 1,363,352 shares in the last quarter. Finally, Sentry Investment Management LLC acquired a new position in Maplebear during the second quarter worth $391,000. Institutional investors and hedge funds own 63.09% of the company’s stock.

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.