Altimeter Capital Management LP Buys Shares of 2,537,618 Maplebear Inc. (NASDAQ:CART)

Altimeter Capital Management LP purchased a new stake in Maplebear Inc. (NASDAQ:CART - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 2,537,618 shares of the company's stock, valued at approximately $105,108,000. Maplebear makes up 1.9% of Altimeter Capital Management LP's investment portfolio, making the stock its 12th largest holding. Altimeter Capital Management LP owned approximately 0.99% of Maplebear as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in CART. Wilmington Savings Fund Society FSB purchased a new stake in shares of Maplebear in the third quarter valued at about $33,000. Franklin Resources Inc. grew its position in Maplebear by 182.0% in the third quarter. Franklin Resources Inc. now owns 272,928 shares of the company's stock worth $11,692,000 after acquiring an additional 176,137 shares during the period. Nordea Investment Management AB purchased a new stake in Maplebear in the fourth quarter valued at $2,078,000. Watts Gwilliam & Co. LLC grew its holdings in shares of Maplebear by 39.0% during the 4th quarter. Watts Gwilliam & Co. LLC now owns 7,300 shares of the company's stock worth $313,000 after purchasing an additional 2,047 shares during the period. Finally, Wealth Enhancement Advisory Services LLC purchased a new stake in Maplebear in the 4th quarter valued at about $1,166,000. Institutional investors and hedge funds own 63.09% of the company's stock.

Insider Buying and Selling

In other Maplebear news, General Counsel Morgan Fong sold 5,249 shares of the company's stock in a transaction on Monday, April 21st. The shares were sold at an average price of $42.57, for a total transaction of $223,449.93. Following the completion of the transaction, the general counsel now owns 484,292 shares in the company, valued at approximately $20,616,310.44. This represents a 1.07 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Fidji Simo sold 2,033 shares of Maplebear stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $40.00, for a total transaction of $81,320.00. Following the completion of the sale, the chief executive officer now directly owns 1,654,559 shares in the company, valued at approximately $66,182,360. The trade was a 0.12 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 36,165 shares of company stock worth $1,541,785 in the last 90 days. Company insiders own 26.00% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on CART. Morgan Stanley lifted their price target on shares of Maplebear from $44.00 to $45.00 and gave the company an "equal weight" rating in a research report on Wednesday, February 26th. Macquarie restated an "outperform" rating and set a $55.00 price target on shares of Maplebear in a research note on Tuesday. BTIG Research raised Maplebear from a "neutral" rating to a "buy" rating and set a $58.00 price objective for the company in a research note on Tuesday, January 14th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $55.00 price objective on shares of Maplebear in a report on Wednesday, February 26th. Finally, Bank of America lifted their target price on Maplebear from $51.00 to $53.00 and gave the company a "neutral" rating in a research report on Tuesday, February 25th. Twelve equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Maplebear currently has a consensus rating of "Moderate Buy" and an average price target of $50.61.

Maplebear Stock Down 3.1 %

CART traded down $1.48 on Tuesday, reaching $45.61. The company had a trading volume of 4,744,608 shares, compared to its average volume of 4,138,735. The stock has a 50-day moving average price of $40.18 and a 200-day moving average price of $43.50. The stock has a market capitalization of $11.97 billion, a PE ratio of 30.61, a P/E/G ratio of 1.19 and a beta of 1.19. Maplebear Inc. has a 1 year low of $29.84 and a 1 year high of $53.44.

Maplebear (NASDAQ:CART - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The company reported $0.37 EPS for the quarter, missing the consensus estimate of $0.38 by ($0.01). The firm had revenue of $897.00 million for the quarter, compared to analyst estimates of $896.86 million. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. The company's quarterly revenue was up 9.4% on a year-over-year basis. During the same period last year, the firm earned $0.43 EPS. As a group, analysts expect that Maplebear Inc. will post 1.43 earnings per share for the current fiscal year.

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.