Maplebear Inc. (NASDAQ:CART) Stake Raised by Bank of New York Mellon Corp

Bank of New York Mellon Corp grew its holdings in shares of Maplebear Inc. (NASDAQ:CART - Free Report) by 102.2% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,200,200 shares of the company's stock after purchasing an additional 606,720 shares during the period. Bank of New York Mellon Corp owned 0.46% of Maplebear worth $47,876,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Jones Financial Companies Lllp raised its stake in Maplebear by 46.6% during the fourth quarter. Jones Financial Companies Lllp now owns 698 shares of the company's stock worth $29,000 after acquiring an additional 222 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its stake 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 acquiring an additional 322 shares during the period. Wealth Enhancement Advisory Services LLC raised its stake in Maplebear by 0.5% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 74,846 shares of the company's stock worth $2,986,000 after acquiring an additional 336 shares during the period. Cambridge Investment Research Advisors Inc. raised its stake in Maplebear by 7.6% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 6,166 shares of the company's stock worth $246,000 after acquiring an additional 433 shares during the period. Finally, WCG Wealth Advisors LLC raised its stake in Maplebear by 3.3% during the fourth quarter. WCG Wealth Advisors LLC now owns 14,256 shares of the company's stock worth $590,000 after acquiring an additional 451 shares during the period. 63.09% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Wall Street Zen lowered shares of Maplebear from a "buy" rating to a "hold" rating in a research note on Friday, May 30th. Wells Fargo & Company reduced their target price on shares of Maplebear from $47.00 to $44.00 and set an "equal weight" rating for the company in a research note on Thursday, April 3rd. FBN Securities assumed coverage on shares of Maplebear in a research note on Friday, March 28th. They set a "sector perform" rating and a $44.00 target price for the company. Macquarie reissued an "outperform" rating and set a $55.00 target price on shares of Maplebear in a research note on Tuesday, May 6th. Finally, Stifel Nicolaus reduced their target price on shares of Maplebear from $57.00 to $54.00 and set a "buy" rating for the company in a research note on Wednesday, April 23rd. Eleven research 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 stock. According to data from MarketBeat.com, Maplebear has an average rating of "Moderate Buy" and an average price target of $51.95.

Maplebear Stock Performance

CART traded up $1.43 during trading on Thursday, reaching $49.23. The company had a trading volume of 371,703 shares, compared to its average volume of 3,942,415. The firm's 50-day simple moving average is $45.71 and its 200 day simple moving average is $44.21. The company has a market cap of $12.92 billion, a price-to-earnings ratio of 32.41, a PEG ratio of 2.05 and a beta of 1.21. Maplebear Inc. has a 12-month low of $29.84 and a 12-month high of $53.44.

Maplebear (NASDAQ:CART - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The company reported $0.37 earnings per share for the quarter, missing analysts' consensus estimates of $0.38 by ($0.01). The company had revenue of $897.00 million during the quarter, compared to analysts' expectations of $896.86 million. Maplebear had a return on equity of 14.12% and a net margin of 12.45%. The company's revenue for the quarter was up 9.4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.43 EPS. On average, sell-side analysts expect that Maplebear Inc. will post 1.43 EPS for the current year.

Insider Buying and Selling

In related news, CEO Fidji Simo sold 14,233 shares of the stock in a transaction dated Monday, July 14th. The stock was sold at an average price of $47.86, for a total value of $681,191.38. Following the completion of the sale, the chief executive officer directly owned 2,032,005 shares of the company's stock, valued at approximately $97,251,759.30. This represents a 0.70% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Levien Meredith A. Kopit sold 4,225 shares of the stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $47.45, for a total value of $200,476.25. Following the completion of the sale, the director directly owned 20,829 shares of the company's stock, valued at approximately $988,336.05. This represents a 16.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 28,387 shares of company stock valued at $1,310,570. 26.00% of the stock is owned by corporate insiders.

Maplebear Profile

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.