Jacobs Levy Equity Management Inc. Acquires New Shares in Maplebear Inc. (NASDAQ:CART)

Jacobs Levy Equity Management Inc. acquired a new stake in shares of Maplebear Inc. (NASDAQ:CART) during the first quarter, according to its most recent filing with the SEC. The fund acquired 311,350 shares of the company’s stock, valued at approximately $11,610,000. Jacobs Levy Equity Management Inc. owned 0.12% of Maplebear as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Parallel Advisors LLC raised its stake in shares of Maplebear by 139.3% during the 4th quarter. Parallel Advisors LLC now owns 1,065 shares of the company’s stock valued at $25,000 after purchasing an additional 620 shares during the period. Cantor Fitzgerald L. P. boosted its holdings in Maplebear by 389.5% during the 4th quarter. Cantor Fitzgerald L. P. now owns 1,850 shares of the company’s stock valued at $43,000 after acquiring an additional 2,489 shares during the period. Kapitalo Investimentos Ltda purchased a new stake in Maplebear during the 4th quarter valued at about $69,000. Amalgamated Bank purchased a new stake in Maplebear during the 4th quarter valued at about $94,000. Finally, International Assets Investment Management LLC purchased a new stake in Maplebear during the 4th quarter valued at about $110,000. 63.09% of the stock is currently owned by institutional investors.

Maplebear Stock Performance

NASDAQ CART traded up $0.17 during trading on Wednesday, hitting $34.41. 576,476 shares of the stock traded hands, compared to its average volume of 4,094,543. The firm has a 50-day simple moving average of $33.25 and a 200-day simple moving average of $32.78. Maplebear Inc. has a 12-month low of $22.13 and a 12-month high of $42.95.

Maplebear (NASDAQ:CART) last announced its earnings results on Wednesday, May 8th. The company reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.39. The company had revenue of $820.00 million during the quarter, compared to analysts’ expectations of $794.08 million. The company’s revenue for the quarter was up 8.0% on a year-over-year basis. On average, research analysts predict that Maplebear Inc. will post 1.02 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have weighed in on CART. Morgan Stanley increased their price objective on Maplebear from $43.00 to $45.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 23rd. Needham & Company LLC reiterated a “hold” rating on shares of Maplebear in a report on Tuesday, May 7th. Barclays increased their price objective on Maplebear from $41.00 to $43.00 and gave the stock an “overweight” rating in a report on Thursday, May 9th. Citigroup increased their price objective on Maplebear from $42.00 to $44.00 and gave the stock a “buy” rating in a report on Thursday, May 9th. Finally, Loop Capital increased their target price on Maplebear from $46.00 to $49.00 and gave the stock a “buy” rating in a research report on Thursday, May 16th. Eleven equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $41.60.

Insider Buying and Selling

In other news, CAO Alan Ramsay sold 2,550 shares of the business’s stock in a transaction on Monday, May 20th. The shares were sold at an average price of $33.21, for a total transaction of $84,685.50. Following the completion of the sale, the chief accounting officer now directly owns 113,086 shares of the company’s stock, valued at $3,755,586.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CAO Alan Ramsay sold 2,550 shares of the business’s stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $33.21, for a total value of $84,685.50. Following the completion of the sale, the chief accounting officer now owns 113,086 shares in the company, valued at $3,755,586.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel Morgan Fong sold 9,228 shares of the stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $33.20, for a total value of $306,369.60. Following the completion of the transaction, the general counsel now directly owns 391,069 shares in the company, valued at approximately $12,983,490.80. The disclosure for this sale can be found here. In the last three months, insiders sold 53,388 shares of company stock valued at $1,795,513. Insiders own 36.00% 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.