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

Maplebear Inc. (NASDAQ:CART)’s share price 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.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. BMO Capital Markets assumed coverage on Maplebear in a research note on Tuesday, January 9th. They set a “market perform” rating and a $26.00 price objective for the company. Barclays increased their price objective on Maplebear from $40.00 to $41.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 14th. Sanford C. Bernstein upgraded Maplebear from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $30.00 to $43.00 in a research note on Thursday, March 14th. Moffett Nathanson reiterated a “neutral” rating and set a $37.00 price objective (up from $36.00) on shares of Maplebear in a research note on Thursday, April 11th. Finally, Wolfe Research increased 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. Ten investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, Maplebear presently has a consensus rating of “Moderate Buy” and a consensus target price of $38.16.

Maplebear Trading Up 2.6 %

The stock has a fifty day simple moving average of $34.85 and a 200-day simple moving average of $28.41.

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

Insiders Place Their Bets

In other Maplebear news, Director Jeffrey D. Jordan sold 760,479 shares of the firm’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $26.01, for a total transaction of $19,780,058.79. Following the transaction, the director now owns 20,783 shares in the company, valued at $540,565.83. The sale was disclosed in a document filed with the SEC, which is available through this link. In other news, General Counsel Morgan Fong sold 18,687 shares of the firm’s stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $34.86, for a total transaction of $651,428.82. Following the sale, the general counsel now owns 418,973 shares of the company’s stock, valued at $14,605,398.78. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Jeffrey D. Jordan sold 760,479 shares of Maplebear stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $26.01, for a total value of $19,780,058.79. Following the completion of the sale, the director now directly owns 20,783 shares in the company, valued at approximately $540,565.83. The disclosure for this sale can be found here. Over the last quarter, insiders have purchased 2,157,745 shares of company stock worth $61,771,955 and have sold 1,027,279 shares worth $29,422,416.

Institutional Investors Weigh In On Maplebear

A number of hedge funds and other institutional investors have recently bought and sold shares of CART. SC US Ttgp LTD. acquired a new stake in Maplebear in the 3rd quarter valued at approximately $1,180,490,000. KPCB DGF II Associates LLC acquired a new stake in Maplebear in the 3rd quarter valued at approximately $119,544,000. Canaan Partners IX LLC bought a new position in Maplebear in the fourth quarter valued at approximately $87,508,000. WELLCOME TRUST LTD THE as trustee of the WELLCOME TRUST bought a new position in Maplebear in the third quarter valued at approximately $105,469,000. Finally, Norges Bank bought a new position in Maplebear in the fourth quarter valued at approximately $78,674,000. Institutional investors and hedge funds own 63.09% of the company’s stock.

Maplebear Company Profile

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.