98,749 Shares in Maplebear Inc. $CART Acquired by Empowered Funds LLC

Key Points

• Empowered Funds LLC acquired 98,749 Maplebear shares during the second quarter, valued at approximately $4.68 million. Institutional investors collectively own 63.09% of the company.
• Maplebear insiders recently sold shares, including a director’s sale of 150,000 shares for about $7.59 million. Corporate insiders still own 24% of the stock.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $55.90, while the stock recently opened at $50.52. In its latest quarter, revenue rose 14.1% year over year to $1.04 billion, though earnings per share of $0.45 missed estimates.

Empowered Funds LLC bought a new position in shares of Maplebear Inc. (NASDAQ:CART - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 98,749 shares of the company's stock, valued at approximately $4,676,000.

Several other large investors have also added to or reduced their stakes in the company. Pinnacle Bancorp Inc. bought a new position in shares of Maplebear in the first quarter worth approximately $25,000. PenderFund Capital Management Ltd. purchased a new stake in shares of Maplebear in the fourth quarter worth $27,000. Allworth Financial LP raised its position in shares of Maplebear by 35.7% during the 3rd quarter. Allworth Financial LP now owns 928 shares of the company's stock valued at $34,000 after purchasing an additional 244 shares during the period. IFP Advisors Inc raised its position in shares of Maplebear by 761.3% during the 4th quarter. IFP Advisors Inc now owns 956 shares of the company's stock valued at $43,000 after purchasing an additional 845 shares during the period. Finally, Sunbelt Securities Inc. lifted its stake in shares of Maplebear by 212.7% during the 3rd quarter. Sunbelt Securities Inc. now owns 1,157 shares of the company's stock valued at $43,000 after buying an additional 787 shares in the last quarter. Hedge funds and other institutional investors own 63.09% of the company's stock.

Insider Activity

In other Maplebear news, Director Ravi Gupta sold 150,000 shares of the stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $50.61, for a total transaction of $7,591,500.00. Following the completion of the transaction, the director owned 591,523 shares of the company's stock, valued at $29,936,979.03. This represents a 20.23% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Morgan Fong sold 18,390 shares of the firm's stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $49.96, for a total value of $918,764.40. Following the transaction, the insider owned 529,911 shares of the company's stock, valued at approximately $26,474,353.56. The trade was a 3.35% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 24.00% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

CART has been the subject of several recent analyst reports. Citizens Jmp reaffirmed a "market outperform" rating and issued a $60.00 target price on shares of Maplebear in a report on Monday, June 15th. Guggenheim raised their price target on Maplebear from $44.00 to $46.00 and gave the company a "neutral" rating in a report on Friday, August 7th. Benchmark boosted their price objective on Maplebear from $55.00 to $63.00 and gave the company a "buy" rating in a research report on Friday, August 7th. JPMorgan Chase & Co. upped their price objective on Maplebear from $55.00 to $62.00 and gave the stock an "overweight" rating in a research note on Friday, August 7th. Finally, Cantor Fitzgerald upped their price objective on Maplebear from $56.00 to $63.00 and gave the stock an "overweight" rating in a research note on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $55.90.

Maplebear Stock Performance

CART stock opened at $50.52 on Tuesday. The company's fifty day moving average price is $47.47 and its 200-day moving average price is $42.35. Maplebear Inc. has a one year low of $32.73 and a one year high of $52.05. The company has a market capitalization of $11.70 billion, a PE ratio of 27.61, a price-to-earnings-growth ratio of 0.74 and a beta of 0.78.

Maplebear (NASDAQ:CART - Get Free Report) last posted its earnings results on Thursday, August 6th. The company reported $0.45 earnings per share for the quarter, missing the consensus estimate of $0.54 by ($0.09). The company had revenue of $1.04 billion for the quarter, compared to analysts' expectations of $1.03 billion. Maplebear had a net margin of 11.97% and a return on equity of 20.19%. The business's revenue was up 14.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.41 earnings per share. On average, research analysts predict that Maplebear Inc. will post 2.33 EPS for the current fiscal year.

About Maplebear

Maplebear, Inc, doing business as Instacart, operates a leading online grocery and essentials marketplace that connects consumers, retail partners and personal shoppers through its digital platform. The company enables customers to order groceries, household items and specialty products for same-day or scheduled delivery, as well as in-store pickup. By integrating its technology with retailers' existing inventory and point-of-sale systems, Maplebear streamlines the shopping experience and provides real-time availability and pricing.

Founded in 2012 and headquartered in San Francisco, Maplebear has grown from a regional startup to a publicly traded company listed on NASDAQ under the ticker CART.

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