Amalgamated Bank Acquires 65,410 Shares of Maplebear Inc. (NASDAQ:CART)

Amalgamated Bank increased its stake in shares of Maplebear Inc. (NASDAQ:CART - Free Report) by 739.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 74,252 shares of the company's stock after buying an additional 65,410 shares during the quarter. Amalgamated Bank's holdings in Maplebear were worth $2,962,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the stock. KBC Group NV grew its position in Maplebear by 59.2% during the first quarter. KBC Group NV now owns 6,062 shares of the company's stock worth $242,000 after buying an additional 2,254 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in Maplebear by 18.6% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,056 shares of the company's stock worth $82,000 after buying an additional 322 shares in the last quarter. Illinois Municipal Retirement Fund acquired a new stake in Maplebear during the first quarter worth approximately $640,000. Diversified Trust Co grew its position in Maplebear by 28.3% during the first quarter. Diversified Trust Co now owns 12,542 shares of the company's stock worth $500,000 after buying an additional 2,766 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. boosted its holdings in shares of Maplebear by 0.7% in the 1st quarter. Robeco Institutional Asset Management B.V. now owns 330,141 shares of the company's stock valued at $13,169,000 after purchasing an additional 2,155 shares in the last quarter. Institutional investors and hedge funds own 63.09% of the company's stock.

Insider Buying and Selling

In other news, General Counsel Morgan Fong sold 5,249 shares of Maplebear stock in a transaction dated Monday, April 21st. The stock was sold at an average price of $42.57, for a total value of $223,449.93. Following the completion of the transaction, the general counsel directly owned 484,292 shares of the company's stock, valued at approximately $20,616,310.44. This trade represents a 1.07% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Fidji Simo sold 8,133 shares of Maplebear stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $41.60, for a total value of $338,332.80. Following the completion of the transaction, the chief executive officer directly owned 1,646,426 shares of the company's stock, valued at approximately $68,491,321.60. This trade represents a 0.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 22,287 shares of company stock valued at $967,711 in the last three months. Insiders own 26.00% of the company's stock.

Maplebear Trading Down 0.3%

NASDAQ:CART traded down $0.14 during trading hours on Tuesday, hitting $48.71. 4,840,117 shares of the company were exchanged, compared to its average volume of 3,947,359. The stock has a market capitalization of $12.79 billion, a price-to-earnings ratio of 32.05, a price-to-earnings-growth ratio of 2.06 and a beta of 1.21. Maplebear Inc. has a one year low of $29.84 and a one year high of $53.44. The company has a fifty day simple moving average of $45.20 and a 200 day simple moving average of $44.01.

Maplebear (NASDAQ:CART - Get Free Report) last announced its earnings results on Thursday, May 1st. The company reported $0.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by ($0.01). The company had revenue of $897.00 million for the quarter, compared to the consensus estimate of $896.86 million. Maplebear had a return on equity of 14.12% and a net margin of 12.45%. The firm's revenue for the quarter was up 9.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.43 earnings per share. Equities research analysts predict that Maplebear Inc. will post 1.43 earnings per share for the current fiscal year.

Analysts Set New Price Targets

CART has been the topic of a number of research analyst reports. Loop Capital raised their target price on Maplebear from $52.00 to $58.00 and gave the company a "buy" rating in a report on Monday, May 19th. Stifel Nicolaus reduced their target price on Maplebear from $57.00 to $54.00 and set a "buy" rating on the stock in a report on Wednesday, April 23rd. FBN Securities initiated coverage on Maplebear in a report on Friday, March 28th. They issued a "sector perform" rating and a $44.00 target price on the stock. Macquarie reaffirmed an "outperform" rating and issued a $55.00 target price on shares of Maplebear in a report on Tuesday, May 6th. Finally, Wells Fargo & Company reduced their target price on Maplebear from $47.00 to $44.00 and set an "equal weight" rating on the stock in a report on Thursday, April 3rd. Thirteen analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $51.91.

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.