Robert W. Baird Issues Pessimistic Forecast for Maplebear (NASDAQ:CART) Stock Price

Maplebear (NASDAQ:CART) had its target price cut by Robert W. Baird from $60.00 to $50.00 in a research report released on Wednesday morning, MarketBeat reports. They currently have an outperform rating on the stock.

Other equities research analysts also recently issued research reports about the stock. Benchmark raised shares of Maplebear from a “hold” rating to a “buy” rating and set a $67.00 target price for the company in a research note on Friday, August 8th. Wedbush reiterated an “underperform” rating and set a $42.00 target price (down from $55.00) on shares of Maplebear in a report on Thursday, August 21st. BTIG Research reaffirmed a “neutral” rating and set a $55.00 price target on shares of Maplebear in a research report on Tuesday. Wall Street Zen cut Maplebear from a “buy” rating to a “hold” rating in a research note on Monday. Finally, Morgan Stanley lifted their price target on shares of Maplebear from $45.00 to $48.00 and gave the company an “equal weight” rating in a research note on Friday, August 15th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, nine have issued 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 an average target price of $54.54.

Maplebear Price Performance

Shares of NASDAQ CART opened at $37.45 on Wednesday. The company’s 50 day simple moving average is $45.12 and its 200 day simple moving average is $44.29. Maplebear has a fifty-two week low of $34.87 and a fifty-two week high of $53.50. The firm has a market capitalization of $9.87 billion, a P/E ratio of 21.65, a P/E/G ratio of 1.23 and a beta of 1.11.

Maplebear (NASDAQ:CART) last posted its quarterly earnings results on Thursday, August 7th. The company reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.39 by $0.02. The company had revenue of $914.00 million for the quarter, compared to the consensus estimate of $896.55 million. Maplebear had a return on equity of 15.69% and a net margin of 13.76%.The firm’s quarterly revenue was up 11.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.20 EPS. Sell-side analysts expect that Maplebear will post 1.43 EPS for the current fiscal year.

Insider Transactions at Maplebear

In other Maplebear news, insider Daniel Danker sold 10,037 shares of the company’s stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $48.82, for a total value of $490,006.34. Following the sale, the insider owned 470,190 shares in the company, valued at $22,954,675.80. This represents a 2.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Morgan Fong sold 3,546 shares of the business’s stock in a transaction that occurred on Monday, September 22nd. The stock was sold at an average price of $42.39, for a total value of $150,314.94. Following the transaction, the general counsel directly owned 431,069 shares in the company, valued at $18,273,014.91. The trade was a 0.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 4,986,367 shares of company stock valued at $238,211,261. 26.00% of the stock is owned by company insiders.

Institutional Trading of Maplebear

A number of hedge funds have recently modified their holdings of the stock. Principal Financial Group Inc. raised its holdings in Maplebear by 4,154.7% in the 1st quarter. Principal Financial Group Inc. now owns 372,581 shares of the company’s stock valued at $14,862,000 after acquiring an additional 363,824 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its position in Maplebear by 18.6% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,056 shares of the company’s stock worth $82,000 after buying an additional 322 shares during the period. Cambridge Investment Research Advisors Inc. increased its position in Maplebear by 7.6% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 6,166 shares of the company’s stock worth $246,000 after buying an additional 433 shares during the period. Golden State Wealth Management LLC boosted its position in shares of Maplebear by 100.0% in the first quarter. Golden State Wealth Management LLC now owns 1,066 shares of the company’s stock valued at $43,000 after acquiring an additional 533 shares during the period. Finally, New York State Teachers Retirement System increased its position in Maplebear by 542.8% during the first quarter. New York State Teachers Retirement System now owns 101,720 shares of the company’s stock worth $4,058,000 after acquiring an additional 85,896 shares during the period. Institutional investors and hedge funds own 63.09% of the company’s stock.

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.