Bank of America Corp DE Acquires New Shares in Maplebear Inc. $CART

Key Points

• Bank of America acquired 1.21 million Maplebear shares worth approximately $57.4 million during the second quarter, giving it a 0.52% stake. Institutional investors collectively own 63.09% of the company.
• Maplebear insiders sold 171,407 shares valued at $8.65 million over the past three months, including sizable sales by a director and the chief accounting officer.
• The stock opened at $45.34, while analysts maintain a “Moderate Buy” consensus with an average price target of $56.14. Quarterly revenue rose 14.1% year over year to $1.04 billion, though earnings per share of $0.45 missed estimates.

Bank of America Corp DE bought a new stake in shares of Maplebear Inc. (NASDAQ:CART - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 1,212,089 shares of the company's stock, valued at approximately $57,392,000. Bank of America Corp DE owned 0.52% of Maplebear at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in CART. Geode Capital Management LLC grew its stake in Maplebear by 1.6% in the 4th quarter. Geode Capital Management LLC now owns 3,526,124 shares of the company's stock worth $158,640,000 after buying an additional 54,010 shares in the last quarter. Paragon Capital Management Inc. purchased a new stake in shares of Maplebear during the 1st quarter valued at $1,256,000. Y Intercept Hong Kong Ltd purchased a new stake in shares of Maplebear during the 1st quarter valued at $1,210,000. Maytus Capital Management LLC bought a new stake in shares of Maplebear during the 4th quarter worth $1,124,000. Finally, The Manufacturers Life Insurance Company bought a new stake in shares of Maplebear during the 2nd quarter worth $6,117,000. Hedge funds and other institutional investors own 63.09% of the company's stock.

Insider Activity at Maplebear

In other Maplebear news, CAO Lisa Blackwood-Kapral sold 3,017 shares of the company's stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $47.08, for a total value of $142,040.36. Following the sale, the chief accounting officer owned 37,715 shares in the company, valued at approximately $1,775,622.20. This represents a 7.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ravi Gupta sold 150,000 shares of the firm's stock in a transaction that occurred on 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 transaction, the director directly owned 591,523 shares of the company's stock, valued at $29,936,979.03. This represents a 20.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 171,407 shares of company stock valued at $8,652,305 in the last three months. Company insiders own 24.00% of the company's stock.

Maplebear Stock Down 0.1%

Shares of CART stock opened at $45.34 on Monday. The stock has a market cap of $10.50 billion, a price-to-earnings ratio of 24.78, a PEG ratio of 0.88 and a beta of 0.80. The business's fifty day moving average is $47.92 and its 200 day moving average is $43.58. Maplebear Inc. has a twelve month low of $32.73 and a twelve month high of $52.68.

Maplebear (NASDAQ:CART - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported $0.45 EPS for the quarter, missing the consensus estimate of $0.54 by ($0.09). The firm 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 quarterly revenue was up 14.1% compared to the same quarter last year. During the same period in the prior year, the business posted $0.41 EPS. Equities research analysts expect that Maplebear Inc. will post 2.33 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts recently commented on CART shares. Needham & Company LLC increased their target price on Maplebear from $55.00 to $63.00 and gave the company a "buy" rating in a research note on Friday, August 7th. BNP Paribas Exane upgraded shares of Maplebear from an "underperform" rating to a "neutral" rating and set a $56.00 price objective for the company in a report on Friday, August 7th. Wells Fargo & Company boosted their target price on Maplebear from $47.00 to $54.00 and gave the company an "equal weight" rating in a research note on Friday, August 7th. Argus raised their price target on Maplebear from $50.00 to $58.00 and gave the stock a "buy" rating in a research report on Wednesday, September 2nd. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Maplebear in a research note on Friday, August 7th. Fifteen investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat.com, Maplebear presently has an average rating of "Moderate Buy" and an average price target of $56.14.

About Maplebear

Maplebear Inc, doing business as Instacart, operates an online grocery marketplace that connects consumers with retailers and personal shoppers. Through its website and mobile applications, customers can browse products from participating grocery stores, place orders for delivery or pickup, and receive updates throughout the shopping and fulfillment process.

The company provides retailers with technology and services supporting e-commerce, fulfillment, customer engagement and digital advertising.

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