Stifel Nicolaus Has Lowered Expectations for Maplebear (NASDAQ:CART) Stock Price

Maplebear (NASDAQ:CART) had its price target dropped by Stifel Nicolaus from $49.00 to $46.00 in a report issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Stifel Nicolaus’ price objective would suggest a potential upside of 23.15% from the stock’s current price.

CART has been the topic of a number of other research reports. Robert W. Baird lowered their target price on Maplebear from $60.00 to $50.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 1st. BTIG Research restated a “neutral” rating and issued a $55.00 price target on shares of Maplebear in a research note on Tuesday, September 30th. BMO Capital Markets upgraded Maplebear from a “market perform” rating to an “outperform” rating and set a $58.00 price objective on the stock in a research note on Tuesday, November 11th. Argus initiated coverage on Maplebear in a report on Wednesday, January 7th. They issued a “buy” rating and a $52.00 price objective for the company. Finally, Exane BNP Paribas raised shares of Maplebear to a “strong sell” rating in a research note on Wednesday, January 14th. Fifteen analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, Maplebear presently has an average rating of “Hold” and a consensus price target of $51.62.

Maplebear Trading Down 7.4%

Shares of NASDAQ CART traded down $3.00 during midday trading on Tuesday, reaching $37.35. The company’s stock had a trading volume of 3,082,442 shares, compared to its average volume of 5,338,124. The stock has a 50 day simple moving average of $42.88 and a 200-day simple moving average of $43.02. The stock has a market capitalization of $9.81 billion, a price-to-earnings ratio of 20.40, a PEG ratio of 1.02 and a beta of 0.97. Maplebear has a fifty-two week low of $34.78 and a fifty-two week high of $53.50.

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

Insider Activity at Maplebear

In other news, General Counsel Morgan Fong sold 4,914 shares of the stock in a transaction dated Monday, December 22nd. The shares were sold at an average price of $45.21, for a total value of $222,161.94. Following the transaction, the general counsel directly owned 404,940 shares of the company’s stock, valued at $18,307,337.40. This represents a 1.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 26.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Maplebear

A number of hedge funds and other institutional investors have recently modified their holdings of CART. Nordea Investment Management AB raised its holdings in Maplebear by 128.4% during the 3rd quarter. Nordea Investment Management AB now owns 119,828 shares of the company’s stock worth $4,254,000 after purchasing an additional 67,374 shares during the last quarter. JPMorgan Chase & Co. grew its position 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 during the period. Champlain Investment Partners LLC increased its stake 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 acquiring an additional 845,070 shares in the last quarter. Sentry Investment Management LLC acquired a new position in shares of Maplebear during the 2nd quarter valued at $391,000. Finally, Mitsubishi UFJ Trust & Banking Corp boosted its stake in Maplebear by 261.8% during the second quarter. Mitsubishi UFJ Trust & Banking Corp now owns 99,868 shares of the company’s stock worth $4,518,000 after acquiring an additional 72,265 shares in the last quarter. 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.