Renaissance Capital LLC Has $7.56 Million Stake in Maplebear Inc. (NASDAQ:CART)

Renaissance Capital LLC raised its holdings in Maplebear Inc. (NASDAQ:CART) by 20.0% during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 185,593 shares of the company’s stock after purchasing an additional 30,989 shares during the quarter. Maplebear accounts for approximately 5.0% of Renaissance Capital LLC’s investment portfolio, making the stock its 8th biggest position. Renaissance Capital LLC’s holdings in Maplebear were worth $7,561,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of CART. Nomura Holdings Inc. acquired a new position in Maplebear during the fourth quarter worth about $587,000. Kapitalo Investimentos Ltda bought a new position in shares of Maplebear in the 4th quarter valued at $69,000. Arkfeld Wealth Strategies L.L.C. bought a new stake in Maplebear during the 1st quarter worth $448,000. Counterpoint Mutual Funds LLC acquired a new position in Maplebear in the 1st quarter worth about $263,000. Finally, Hodges Capital Management Inc. bought a new position in Maplebear in the first quarter valued at about $6,211,000. Institutional investors and hedge funds own 63.09% of the company’s stock.

Maplebear Price Performance

CART opened at $43.00 on Wednesday. Maplebear Inc. has a fifty-two week low of $22.13 and a fifty-two week high of $45.01. The firm has a market capitalization of $11.38 billion and a P/E ratio of -2.17. The company’s 50-day moving average is $37.20 and its 200 day moving average is $35.31.

Maplebear (NASDAQ:CART) last announced its earnings results on Tuesday, August 6th. The company reported $0.20 earnings per share for the quarter, topping analysts’ consensus estimates of $0.13 by $0.07. The firm had revenue of $823.00 million for the quarter, compared to the consensus estimate of $806.35 million. Maplebear had a negative return on equity of 49.98% and a negative net margin of 52.21%. The business’s revenue was up 14.9% compared to the same quarter last year. On average, equities research analysts expect that Maplebear Inc. will post 1.14 earnings per share for the current year.

Insider Activity

In related news, General Counsel Morgan Fong sold 9,506 shares of the business’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $35.02, for a total value of $332,900.12. Following the transaction, the general counsel now directly owns 372,335 shares of the company’s stock, valued at approximately $13,039,171.70. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, General Counsel Morgan Fong sold 9,506 shares of Maplebear stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $35.02, for a total value of $332,900.12. Following the sale, the general counsel now owns 372,335 shares of the company’s stock, valued at approximately $13,039,171.70. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Alan Ramsay sold 2,626 shares of the company’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $35.02, for a total value of $91,962.52. Following the transaction, the chief accounting officer now directly owns 107,910 shares in the company, valued at $3,779,008.20. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 66,955 shares of company stock valued at $2,480,317 in the last ninety days. 36.00% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts have recently issued reports on CART shares. Bank of America upped their price objective on Maplebear from $41.00 to $45.00 and gave the company a “neutral” rating in a research note on Tuesday, September 24th. Morgan Stanley dropped their price target on shares of Maplebear from $45.00 to $41.00 and set an “equal weight” rating for the company in a research note on Tuesday, September 24th. Raymond James assumed coverage on shares of Maplebear in a research note on Tuesday, September 24th. They issued a “market perform” rating on the stock. Piper Sandler raised their target price on Maplebear from $47.00 to $50.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 7th. Finally, Macquarie lifted their target price on Maplebear from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Thursday, August 8th. Eleven equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $43.33.

About Maplebear

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.