AMI Asset Management Corp Sells 34,017 Shares of Maplebear Inc. $CART

Key Points

• AMI Asset Management trimmed its Maplebear stake by 7.5% in the first quarter, selling 34,017 shares and ending with 418,759 shares valued at about $15.7 million.
• Maplebear reported quarterly EPS of $0.57, narrowly missing estimates, while revenue came in at $1.02 billion, slightly ahead of forecasts and up 13.6% year over year.
• Analyst sentiment remains mostly positive, with a Moderate Buy consensus and an average price target of $51.09, even as some insiders have recently sold shares.

AMI Asset Management Corp reduced its stake in shares of Maplebear Inc. (NASDAQ:CART - Free Report) by 7.5% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 418,759 shares of the company's stock after selling 34,017 shares during the period. AMI Asset Management Corp owned 0.18% of Maplebear worth $15,687,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CART. Pinnacle Bancorp Inc. bought a new stake in Maplebear during the first quarter worth $25,000. PenderFund Capital Management Ltd. bought a new position in shares of Maplebear during the fourth quarter valued at about $27,000. Allworth Financial LP grew its stake in shares of Maplebear by 35.7% in the third quarter. Allworth Financial LP now owns 928 shares of the company's stock worth $34,000 after purchasing an additional 244 shares during the last quarter. IFP Advisors Inc lifted its holdings in Maplebear by 761.3% in the fourth quarter. IFP Advisors Inc now owns 956 shares of the company's stock worth $43,000 after buying an additional 845 shares during the period. Finally, Sunbelt Securities Inc. increased its stake in shares of Maplebear by 212.7% during the third quarter. Sunbelt Securities Inc. now owns 1,157 shares of the company's stock valued at $43,000 after purchasing an additional 787 shares in the last quarter. 63.09% of the stock is owned by institutional investors.

Maplebear Trading Down 0.5%

Maplebear stock opened at $47.23 on Tuesday. Maplebear Inc. has a 12-month low of $32.73 and a 12-month high of $53.50. The company has a fifty day simple moving average of $42.09 and a 200-day simple moving average of $40.43. The stock has a market cap of $11.10 billion, a P/E ratio of 26.39, a price-to-earnings-growth ratio of 0.65 and a beta of 0.88.

Maplebear (NASDAQ:CART - Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The company reported $0.57 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.58 by ($0.01). The company had revenue of $1.02 billion during the quarter, compared to analyst estimates of $1.01 billion. Maplebear had a net margin of 12.50% and a return on equity of 18.67%. The business's revenue was up 13.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.37 EPS. As a group, sell-side analysts forecast that Maplebear Inc. will post 2.45 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on CART shares. Barclays increased their price objective on shares of Maplebear from $65.00 to $69.00 and gave the company an "overweight" rating in a research report on Thursday, May 7th. Citizens Jmp reiterated a "market outperform" rating and issued a $60.00 target price on shares of Maplebear in a report on Monday, June 15th. Wall Street Zen downgraded shares of Maplebear from a "buy" rating to a "hold" rating in a report on Saturday, May 2nd. Needham & Company LLC restated a "buy" rating and set a $55.00 price target on shares of Maplebear in a research report on Thursday, May 7th. Finally, Weiss Ratings raised Maplebear from a "hold (c-)" rating to a "hold (c)" rating in a research note on Monday, May 11th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $51.09.

Insider Activity at Maplebear

In other news, Director Ravi Gupta sold 181,000 shares of the firm's stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $41.51, for a total transaction of $7,513,310.00. Following the completion of the transaction, the director directly owned 741,523 shares of the company's stock, valued at $30,780,619.73. This trade represents a 19.62% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Lisa Blackwood-Kapral sold 9,390 shares of the firm's stock in a transaction that occurred on Wednesday, April 15th. The stock was sold at an average price of $40.25, for a total transaction of $377,947.50. Following the sale, the chief accounting officer owned 58,971 shares in the company, valued at approximately $2,373,582.75. This trade represents a 13.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 24.00% of the stock is owned by insiders.

Maplebear Profile

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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