Maplebear Inc. $CART Shares Acquired by Ardmore Road Asset Management LP

Key Points

• Ardmore Road Asset Management LP significantly increased its stake in Maplebear Inc. by acquiring 175,000 shares, bringing its total ownership to 400,000 shares, which represents approximately 1.6% of its investment portfolio.
• Maplebear reported a 12-month high of $53.50, with earnings per share of $0.41 for the last quarter, surpassing analysts' expectations of $0.39.
• Institutional investors hold over 63% of Maplebear's shares, reflecting strong interest and confidence from large investment firms.

Ardmore Road Asset Management LP raised its stake in Maplebear Inc. (NASDAQ:CART - Free Report) by 77.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 400,000 shares of the company's stock after buying an additional 175,000 shares during the period. Maplebear comprises 1.6% of Ardmore Road Asset Management LP's holdings, making the stock its 27th biggest holding. Ardmore Road Asset Management LP owned about 0.15% of Maplebear worth $15,956,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently added to or reduced their stakes in CART. Victory Capital Management Inc. boosted its position in Maplebear by 62.8% in the 1st quarter. Victory Capital Management Inc. now owns 7,368,232 shares of the company's stock valued at $293,919,000 after buying an additional 2,841,559 shares during the period. Altimeter Capital Management LP purchased a new stake in Maplebear in the 4th quarter valued at about $105,108,000. Jacobs Levy Equity Management Inc. boosted its position in Maplebear by 85.0% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 3,081,847 shares of the company's stock valued at $127,650,000 after buying an additional 1,416,426 shares during the period. Champlain Investment Partners LLC bought a new stake in shares of Maplebear in the 1st quarter valued at about $52,333,000. Finally, Westfield Capital Management Co. LP bought a new stake in shares of Maplebear in the 1st quarter valued at about $48,639,000. 63.09% of the stock is owned by hedge funds and other institutional investors.

Maplebear Stock Down 1.1%

Shares of NASDAQ CART traded down $0.48 during trading hours on Monday, hitting $43.37. 3,111,388 shares of the stock were exchanged, compared to its average volume of 5,852,252. The company has a market cap of $11.43 billion, a PE ratio of 25.07, a PEG ratio of 1.45 and a beta of 1.22. The firm has a fifty day moving average price of $46.85 and a 200-day moving average price of $44.28. Maplebear Inc. has a 12 month low of $33.17 and a 12 month high of $53.50.

Maplebear (NASDAQ:CART - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported $0.41 EPS for the quarter, topping the consensus estimate of $0.39 by $0.02. The firm had revenue of $914.00 million during the quarter, compared to analyst estimates of $896.55 million. Maplebear had a net margin of 13.76% and a return on equity of 15.69%. Maplebear's revenue was up 11.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.20 EPS. As a group, equities analysts anticipate that Maplebear Inc. will post 1.43 earnings per share for the current fiscal year.

Insider Activity

In related news, General Counsel Morgan Fong sold 4,680 shares of the business's stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $49.16, for a total transaction of $230,068.80. Following the completion of the transaction, the general counsel owned 452,000 shares in the company, valued at $22,220,320. The trade was a 1.02% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Fidji Simo sold 66,560 shares of the business's stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $50.01, for a total transaction of $3,328,665.60. Following the transaction, the chief executive officer owned 1,965,445 shares of the company's stock, valued at approximately $98,291,904.45. This trade represents a 3.28% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 4,975,327 shares of company stock worth $237,736,848 over the last 90 days. 26.00% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on CART shares. Sanford C. Bernstein boosted their price target on shares of Maplebear from $55.00 to $60.00 and gave the company an "outperform" rating in a report on Monday, July 21st. Loop Capital boosted their price target on shares of Maplebear from $52.00 to $58.00 and gave the company a "buy" rating in a report on Monday, May 19th. Jefferies Financial Group boosted their price target on shares of Maplebear from $50.00 to $55.00 and gave the company a "hold" rating in a report on Monday, August 11th. Morgan Stanley boosted their price target on shares of Maplebear from $45.00 to $48.00 and gave the company an "equal weight" rating in a report on Friday, August 15th. Finally, JMP Securities boosted their price target on shares of Maplebear from $55.00 to $60.00 and gave the company a "market outperform" rating in a report on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Maplebear currently has a consensus rating of "Moderate Buy" and an average target price of $55.63.

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.