Southpoint Capital Advisors LP Boosts Stock Holdings in Maplebear Inc. (NASDAQ:CART)

Southpoint Capital Advisors LP raised its holdings in shares of Maplebear Inc. (NASDAQ:CART) by 56.3% during the third quarter, according to its most recent filing with the SEC. The firm owned 2,500,000 shares of the company’s stock after purchasing an additional 900,000 shares during the period. Maplebear accounts for about 2.4% of Southpoint Capital Advisors LP’s portfolio, making the stock its 19th largest position. Southpoint Capital Advisors LP’s holdings in Maplebear were worth $101,850,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Huntington National Bank purchased a new position in shares of Maplebear in the 3rd quarter worth approximately $54,000. nVerses Capital LLC grew its position in shares of Maplebear by 1,600.0% in the 2nd quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock worth $55,000 after buying an additional 1,600 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Maplebear in the 3rd quarter worth approximately $74,000. Quarry LP boosted its stake in Maplebear by 269.5% in the 2nd quarter. Quarry LP now owns 3,928 shares of the company’s stock worth $126,000 after purchasing an additional 2,865 shares in the last quarter. Finally, Vinva Investment Management Ltd acquired a new stake in Maplebear in the 3rd quarter worth approximately $212,000. Hedge funds and other institutional investors own 63.09% of the company’s stock.

Maplebear Stock Performance

Shares of NASDAQ CART opened at $43.67 on Friday. The firm has a market cap of $11.22 billion, a PE ratio of 29.31, a PEG ratio of 1.12 and a beta of 1.12. The firm has a fifty day moving average of $43.20 and a 200 day moving average of $37.09. Maplebear Inc. has a one year low of $22.13 and a one year high of $50.01.

Maplebear (NASDAQ:CART) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.22 by $0.20. Maplebear had a net margin of 13.37% and a return on equity of 13.78%. The company had revenue of $852.00 million during the quarter, compared to analyst estimates of $844.03 million. During the same quarter in the previous year, the firm earned ($20.86) EPS. The firm’s revenue was up 11.5% compared to the same quarter last year. On average, equities analysts predict that Maplebear Inc. will post 1.4 EPS for the current fiscal year.

Insider Transactions at Maplebear

In other news, CEO Fidji Simo sold 20,750 shares of the company’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $42.97, for a total transaction of $891,627.50. Following the completion of the sale, the chief executive officer now owns 1,804,243 shares of the company’s stock, valued at $77,528,321.71. This represents a 1.14 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Morgan Fong sold 10,992 shares of the company’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $41.38, for a total transaction of $454,848.96. Following the sale, the general counsel now directly owns 298,984 shares of the company’s stock, valued at $12,371,957.92. The trade was a 3.55 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 110,954 shares of company stock valued at $4,890,405 over the last 90 days. 36.00% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of analysts recently commented on the stock. Raymond James assumed coverage on shares of Maplebear in a research note on Tuesday, September 24th. They issued a “market perform” rating for the company. Wedbush lifted their target price on shares of Maplebear from $35.00 to $38.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Cantor Fitzgerald restated an “overweight” rating and set a $45.00 price objective on shares of Maplebear in a research note on Monday, October 7th. Robert W. Baird lifted their price objective on shares of Maplebear from $44.00 to $51.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Finally, 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, November 13th. Twelve equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat, Maplebear currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.29.

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.