Adero Partners LLC acquired a new position in Maplebear Inc. (NASDAQ:CART – Free Report) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 11,191 shares of the company’s stock, valued at approximately $456,000.
A number of other hedge funds have also recently added to or reduced their stakes in CART. Huntington National Bank bought a new stake in Maplebear in the third quarter valued at $54,000. nVerses Capital LLC lifted its stake in Maplebear by 1,600.0% in the second quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock valued at $55,000 after buying an additional 1,600 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new stake in Maplebear in the third quarter valued at $74,000. Quarry LP lifted its stake in Maplebear by 269.5% in the second quarter. Quarry LP now owns 3,928 shares of the company’s stock valued at $126,000 after buying an additional 2,865 shares during the last quarter. Finally, Oppenheimer & Co. Inc. bought a new stake in Maplebear in the first quarter valued at $213,000. Institutional investors and hedge funds own 63.09% of the company’s stock.
Insider Activity at Maplebear
In related news, CEO Fidji Simo sold 33,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $35.27, for a total value of $1,163,910.00. Following the completion of the sale, the chief executive officer now directly owns 1,844,778 shares in the company, valued at approximately $65,065,320.06. The trade was a 1.76 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Alan Ramsay sold 2,486 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $41.39, for a total value of $102,895.54. Following the completion of the sale, the chief accounting officer now owns 99,225 shares of the company’s stock, valued at approximately $4,106,922.75. This trade represents a 2.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 118,710 shares of company stock valued at $4,978,164. 36.00% of the stock is owned by corporate insiders.
Maplebear Stock Performance
Maplebear (NASDAQ:CART – Get Free Report) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $0.42 EPS for the quarter, beating the consensus estimate of $0.22 by $0.20. The business had revenue of $852.00 million during the quarter, compared to analysts’ expectations of $844.03 million. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. The firm’s quarterly revenue was up 11.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($20.86) EPS. On average, analysts predict that Maplebear Inc. will post 1.4 EPS for the current year.
Wall Street Analyst Weigh In
A number of research firms have issued reports on CART. Wedbush raised their target price on Maplebear from $35.00 to $38.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Bank of America raised their target price on Maplebear from $50.00 to $51.00 and gave the company a “neutral” rating in a research note on Wednesday. Piper Sandler lifted their price objective on shares of Maplebear from $50.00 to $58.00 and gave the company an “overweight” rating in a research note on Wednesday. Oppenheimer lifted their price objective on shares of Maplebear from $55.00 to $60.00 and gave the company an “outperform” rating in a research note on Wednesday. Finally, Needham & Company LLC restated a “hold” rating on shares of Maplebear in a research note on Wednesday. Twelve equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, Maplebear has an average rating of “Moderate Buy” and a consensus target price of $47.29.
View Our Latest Analysis on CART
Maplebear Profile
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.
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