BlackRock Inc. Makes New $750.48 Million Investment in Maplebear Inc. $CART

Key Points

• BlackRock acquired 15.85 million Maplebear shares during the second quarter, valued at approximately $750.5 million and representing about 6.74% of the company. Institutional investors collectively own 63.09% of CART.
• Analysts remain generally positive, with Maplebear receiving a “Moderate Buy” consensus rating and an average price target of $55.90. Several firms recently raised their targets to between $54 and $63.
• 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 consensus estimate. The stock recently traded at $49.83, near its 12-month high of $51.81.

BlackRock Inc. acquired a new position in shares of Maplebear Inc. (NASDAQ:CART - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 15,849,574 shares of the company's stock, valued at approximately $750,477,000. BlackRock Inc. owned about 6.74% of Maplebear as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in CART. Pinnacle Bancorp Inc. purchased a new position in shares of Maplebear during the 1st quarter worth about $25,000. PenderFund Capital Management Ltd. acquired a new stake in shares of Maplebear in the fourth quarter worth approximately $27,000. Allworth Financial LP grew its holdings in Maplebear by 35.7% in the third quarter. Allworth Financial LP now owns 928 shares of the company's stock valued at $34,000 after purchasing an additional 244 shares during the period. IFP Advisors Inc grew its holdings in Maplebear by 761.3% in the fourth quarter. IFP Advisors Inc now owns 956 shares of the company's stock valued at $43,000 after purchasing an additional 845 shares during the period. Finally, Sunbelt Securities Inc. grew its holdings in Maplebear by 212.7% in the third quarter. Sunbelt Securities Inc. now owns 1,157 shares of the company's stock valued at $43,000 after purchasing an additional 787 shares during the period. Hedge funds and other institutional investors own 63.09% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on CART shares. Wells Fargo & Company lifted their price target on shares of Maplebear from $47.00 to $54.00 and gave the company an "equal weight" rating in a report on Friday, August 7th. Weiss Ratings restated a "hold (c)" rating on shares of Maplebear in a report on Friday, August 7th. Benchmark increased their target price on Maplebear from $55.00 to $63.00 and gave the stock a "buy" rating in a research report on Friday, August 7th. Needham & Company LLC lifted their target price on Maplebear from $55.00 to $63.00 and gave the company a "buy" rating in a report on Friday, August 7th. Finally, Citigroup lifted their target price on Maplebear from $50.00 to $58.00 and gave the company a "buy" rating in a report on Monday, August 10th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $55.90.

Maplebear Price Performance

Shares of CART stock opened at $49.83 on Friday. The company's fifty day moving average price is $46.61 and its two-hundred day moving average price is $41.66. The firm has a market capitalization of $11.54 billion, a P/E ratio of 27.23, a P/E/G ratio of 0.73 and a beta of 0.78. Maplebear Inc. has a 12 month low of $32.73 and a 12 month high of $51.81.

Maplebear (NASDAQ:CART - Get Free Report) last announced 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 business had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same quarter in the prior year, the business earned $0.41 earnings per share. The firm's revenue was up 14.1% on a year-over-year basis. On average, sell-side analysts anticipate that Maplebear Inc. will post 2.33 EPS for the current year.

Insiders Place Their Bets

In other Maplebear news, Director Ravi Gupta sold 150,000 shares of Maplebear stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $50.61, for a total transaction of $7,591,500.00. Following the sale, the director directly owned 591,523 shares in the company, valued at $29,936,979.03. The trade was a 20.23% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 24.00% of the stock is currently owned by company insiders.

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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