BI Asset Management Fondsmaeglerselskab A S Purchases 54,881 Shares of Maplebear Inc. $CART

Key Points

• BI Asset Management Fondsmaeglerselskab A S increased its stake in Maplebear Inc. (NASDAQ:CART) by 104.7%, acquiring an additional 54,881 shares during the first quarter, bringing its total holdings to 107,301 shares valued at approximately $4.28 million.
• Several brokerages have raised their target prices for Maplebear, with Stifel Nicolaus projecting a new target of $64.00, reflecting a positive outlook as the stock garners multiple "buy" ratings.
• Maplebear reported $0.41 earnings per share in its recent quarterly earnings, exceeding expectations, with a revenue growth of 11.1% year-over-year, amounting to $914 million.

BI Asset Management Fondsmaeglerselskab A S lifted its holdings in shares of Maplebear Inc. (NASDAQ:CART - Free Report) by 104.7% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 107,301 shares of the company's stock after purchasing an additional 54,881 shares during the period. BI Asset Management Fondsmaeglerselskab A S's holdings in Maplebear were worth $4,280,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Hsbc Holdings PLC bought a new stake in shares of Maplebear during the 1st quarter valued at about $2,348,000. Wellington Management Group LLP boosted its position in shares of Maplebear by 37.0% during the 1st quarter. Wellington Management Group LLP now owns 760,263 shares of the company's stock valued at $30,327,000 after purchasing an additional 205,381 shares in the last quarter. Northern Trust Corp boosted its position in shares of Maplebear by 68.2% during the 1st quarter. Northern Trust Corp now owns 1,322,190 shares of the company's stock valued at $52,742,000 after purchasing an additional 535,894 shares in the last quarter. Brooklyn Investment Group bought a new stake in shares of Maplebear during the 1st quarter valued at about $40,000. Finally, Algert Global LLC boosted its position in shares of Maplebear by 72.3% during the 1st quarter. Algert Global LLC now owns 114,760 shares of the company's stock valued at $4,578,000 after purchasing an additional 48,142 shares in the last quarter. Institutional investors own 63.09% of the company's stock.

Maplebear Stock Performance

Shares of Maplebear stock traded down $1.15 on Friday, hitting $43.37. The company had a trading volume of 4,823,176 shares, compared to its average volume of 5,749,222. The stock has a market capitalization of $11.43 billion, a price-to-earnings ratio of 25.07, a P/E/G ratio of 1.45 and a beta of 1.21. Maplebear Inc. has a 1 year low of $33.17 and a 1 year high of $53.50. The stock has a 50 day moving average of $46.88 and a 200-day moving average of $44.60.

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

Analysts Set New Price Targets

A number of research firms recently weighed in on CART. Macquarie reaffirmed an "outperform" rating and set a $55.00 price target on shares of Maplebear in a research note on Tuesday, May 6th. Barclays upped their price target on Maplebear from $61.00 to $65.00 and gave the stock an "overweight" rating in a research note on Friday, August 8th. Citigroup upped their price target on Maplebear from $57.00 to $65.00 and gave the stock a "buy" rating in a research note on Friday, August 8th. Jefferies Financial Group upped their price target on Maplebear from $50.00 to $55.00 and gave the stock a "hold" rating in a research note on Monday, August 11th. Finally, Loop Capital upped their price target on Maplebear from $52.00 to $58.00 and gave the stock a "buy" rating in a research note on Monday, May 19th. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $55.63.

Insiders Place Their Bets

In other Maplebear news, insider Daniel Danker sold 10,037 shares of the business's stock in a transaction on Friday, July 18th. The stock was sold at an average price of $48.82, for a total value of $490,006.34. Following the transaction, the insider owned 470,190 shares of the company's stock, valued at approximately $22,954,675.80. The trade was a 2.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Morgan Fong sold 4,680 shares of the stock in a transaction on Monday, July 21st. The shares were sold at an average price of $49.16, for a total value of $230,068.80. Following the transaction, the general counsel directly owned 452,000 shares of the company's stock, valued at approximately $22,220,320. This trade represents a 1.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 4,975,327 shares of company stock valued at $237,736,848. 26.00% of the stock is currently owned by insiders.

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.