Bank of New York Mellon Corp Buys New Shares in Maplebear Inc. $CART

Key Points

• Bank of New York Mellon acquired 955,410 Maplebear shares worth approximately $45.2 million, while institutional investors collectively own 63.09% of the company.
• Maplebear reported quarterly revenue of $1.04 billion, up 14.1% year over year and slightly above estimates, but earnings per share of $0.45 missed the $0.54 consensus.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $55.90, compared with a recent share price of $50.48.

Bank of New York Mellon Corp purchased a new position in Maplebear Inc. (NASDAQ:CART - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 955,410 shares of the company's stock, valued at approximately $45,239,000. Bank of New York Mellon Corp owned approximately 0.41% of Maplebear as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CART. Viking Global Investors LP purchased a new position in shares of Maplebear during the 2nd quarter valued at $169,782,000. Marshall Wace LLP purchased a new position in shares of Maplebear in the fourth quarter valued at about $126,206,000. Norges Bank bought a new position in shares of Maplebear in the fourth quarter worth about $97,221,000. Dimensional Fund Advisors LP boosted its stake in shares of Maplebear by 114.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,792,673 shares of the company's stock worth $170,594,000 after acquiring an additional 2,026,567 shares during the period. Finally, Jacobs Levy Equity Management Inc. grew its position in shares of Maplebear by 401.4% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 2,281,452 shares of the company's stock worth $102,620,000 after purchasing an additional 1,826,402 shares in the last quarter. Institutional investors own 63.09% of the company's stock.

Maplebear Price Performance

Shares of CART stock opened at $50.48 on Friday. The company has a market cap of $11.69 billion, a PE ratio of 27.58, a price-to-earnings-growth ratio of 0.75 and a beta of 0.78. Maplebear Inc. has a 1 year low of $32.73 and a 1 year high of $52.05. The stock's 50 day simple moving average is $47.23 and its two-hundred day simple moving average is $42.13.

Maplebear (NASDAQ:CART - Get Free Report) last released 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). Maplebear had a net margin of 11.97% and a return on equity of 20.19%. The company had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same period in the prior year, the firm posted $0.41 EPS. The business's revenue for the quarter was up 14.1% compared to the same quarter last year. Equities research analysts expect that Maplebear Inc. will post 2.33 EPS for the current year.

Insider Transactions at Maplebear

In related news, Director Ravi Gupta sold 181,000 shares of Maplebear stock in a transaction dated 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 approximately $30,780,619.73. The trade was a 19.62% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Morgan Fong sold 18,390 shares of the company's stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $49.96, for a total transaction of $918,764.40. Following the transaction, the insider owned 529,911 shares in the company, valued at $26,474,353.56. The trade was a 3.35% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 349,390 shares of company stock valued at $16,023,574. 24.00% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on CART. Barclays lifted their price objective on shares of Maplebear from $69.00 to $77.00 and gave the company an "overweight" rating in a research report on Friday, August 7th. BNP Paribas Exane raised shares of Maplebear from an "underperform" rating to a "neutral" rating and set a $56.00 target price for the company in a research note on Friday, August 7th. Wedbush initiated coverage on shares of Maplebear in a report on Thursday, July 16th. They issued an "outperform" rating and a $59.00 price target on the stock. Wells Fargo & Company boosted their price target on shares of Maplebear from $47.00 to $54.00 and gave the stock an "equal weight" rating in a research note on Friday, August 7th. Finally, Needham & Company LLC increased their price objective on shares of Maplebear from $55.00 to $63.00 and gave the company a "buy" rating in a report on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $55.90.

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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