Beacon Pointe Advisors LLC Buys Shares of 190,197 Maplebear Inc. $CART

Key Points

• Beacon Pointe Advisors purchased 190,197 Maplebear shares worth approximately $9 million, joining other institutional investors that collectively own 63.09% of the company.
• Maplebear reported quarterly revenue of $1.04 billion, up 14.1% year over year, but earnings per share of $0.45 fell short of the $0.54 analyst consensus.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $55.90, while insiders have sold 349,390 shares worth approximately $16 million over the past 90 days.

Beacon Pointe Advisors LLC bought a new stake in shares of Maplebear Inc. (NASDAQ:CART - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 190,197 shares of the company's stock, valued at approximately $9,006,000. Beacon Pointe Advisors LLC owned 0.08% of Maplebear 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. Allworth Financial LP boosted its stake in shares of Maplebear by 35.7% during the 3rd quarter. Allworth Financial LP now owns 928 shares of the company's stock worth $34,000 after acquiring an additional 244 shares during the last quarter. Smartleaf Asset Management LLC grew its stake in shares of Maplebear by 9.6% during the 2nd quarter. Smartleaf Asset Management LLC now owns 2,978 shares of the company's stock valued at $134,000 after acquiring an additional 261 shares during the period. Rafferty Asset Management LLC increased its holdings in Maplebear by 2.5% in the 2nd quarter. Rafferty Asset Management LLC now owns 11,000 shares of the company's stock worth $498,000 after acquiring an additional 273 shares in the last quarter. Crossmark Global Holdings Inc. increased its holdings in Maplebear by 5.0% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 6,423 shares of the company's stock worth $236,000 after acquiring an additional 304 shares in the last quarter. Finally, Aviva PLC raised its stake in Maplebear by 3.9% during the 4th quarter. Aviva PLC now owns 11,279 shares of the company's stock worth $507,000 after acquiring an additional 424 shares during the period. 63.09% of the stock is owned by hedge funds and other institutional investors.

Maplebear Stock Performance

Shares of NASDAQ:CART opened at $50.54 on Friday. The firm has a market cap of $11.70 billion, a price-to-earnings ratio of 27.62, a P/E/G ratio of 0.74 and a beta of 0.78. The firm has a fifty day moving average price of $47.35 and a 200 day moving average price of $42.19. Maplebear Inc. has a fifty-two week low of $32.73 and a fifty-two week high of $52.05.

Maplebear (NASDAQ:CART - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported $0.45 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.54 by ($0.09). The company had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.03 billion. Maplebear had a net margin of 11.97% and a return on equity of 20.19%. The business's revenue was up 14.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.41 earnings per share. As a group, research analysts predict that Maplebear Inc. will post 2.33 earnings per share for the current year.

Wall Street Analysts Forecast Growth

CART has been the topic of several analyst reports. Needham & Company LLC lifted their price target on shares of Maplebear from $55.00 to $63.00 and gave the company a "buy" rating in a 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 report on Friday, August 7th. Oppenheimer increased their price target on Maplebear from $60.00 to $65.00 and gave the stock an "outperform" rating in a research note on Friday, August 7th. Citigroup raised their price target on Maplebear from $50.00 to $58.00 and gave the company a "buy" rating in a report on Monday, August 10th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Maplebear in a research report on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and eight have given a Hold rating to the company. According to MarketBeat, Maplebear currently has an average rating of "Moderate Buy" and an average price target of $55.90.

Insider Activity at Maplebear

In other news, insider Morgan Fong sold 18,390 shares of the stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $49.96, for a total transaction of $918,764.40. Following the completion of the transaction, the insider directly owned 529,911 shares in the company, valued at approximately $26,474,353.56. This represents a 3.35% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 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 completion of the transaction, the director directly owned 591,523 shares of the company's stock, valued at approximately $29,936,979.03. This trade represents a 20.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 349,390 shares of company stock worth $16,023,574 over the last ninety days. Insiders own 24.00% of the company's stock.

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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