Carnegie Investment Counsel Buys Shares of 147,470 Maplebear Inc. (NASDAQ:CART)

Key Points

• Carnegie Investment Counsel acquired 147,470 shares of Maplebear Inc. (NASDAQ:CART) valued at approximately $5.5 million, representing a 0.06% ownership stake.
• Maplebear's stock is currently trading at $48.41 following a decrease of $1.43, with a market cap of $12.71 billion and a PE ratio of 31.85.
• Insider Daniel Danker sold 10,037 shares of Maplebear’s stock, reducing his ownership by 2.09%, while insiders have sold a total of 111,055 shares worth over $5.4 million this past quarter.

Carnegie Investment Counsel bought a new position in Maplebear Inc. (NASDAQ:CART - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 147,470 shares of the company's stock, valued at approximately $5,517,000. Carnegie Investment Counsel owned approximately 0.06% of Maplebear at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CART. CWM LLC grew its holdings in Maplebear by 35.1% during the 1st quarter. CWM LLC now owns 1,058 shares of the company's stock valued at $42,000 after buying an additional 275 shares in the last quarter. Signaturefd LLC grew its holdings in Maplebear by 27.1% during the 1st quarter. Signaturefd LLC now owns 1,335 shares of the company's stock valued at $53,000 after buying an additional 285 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in Maplebear by 18.6% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,056 shares of the company's stock valued at $82,000 after buying an additional 322 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in Maplebear by 0.5% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 74,846 shares of the company's stock valued at $2,986,000 after buying an additional 336 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. grew its holdings in Maplebear by 7.6% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 6,166 shares of the company's stock valued at $246,000 after buying an additional 433 shares in the last quarter. 63.09% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on CART. Sanford C. Bernstein increased their target price on Maplebear from $55.00 to $60.00 and gave the company an "outperform" rating in a research report on Monday, July 21st. JPMorgan Chase & Co. lowered their target price on Maplebear from $50.00 to $44.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. Stifel Nicolaus lowered their target price on Maplebear from $57.00 to $54.00 and set a "buy" rating for the company in a research report on Wednesday, April 23rd. Loop Capital increased their target price on Maplebear from $52.00 to $58.00 and gave the company a "buy" rating in a research report on Monday, May 19th. Finally, JMP Securities reiterated a "market outperform" rating and set a $55.00 target price on shares of Maplebear in a research report on Thursday, June 12th. Eleven research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $52.30.

Maplebear Stock Performance

CART stock traded down $0.74 during midday trading on Monday, reaching $47.67. The company's stock had a trading volume of 2,140,060 shares, compared to its average volume of 4,160,904. The stock has a fifty day simple moving average of $46.41 and a two-hundred day simple moving average of $44.51. Maplebear Inc. has a 1 year low of $29.84 and a 1 year high of $53.44. The firm has a market capitalization of $12.51 billion, a price-to-earnings ratio of 31.42, a PEG ratio of 2.04 and a beta of 1.21.

Maplebear (NASDAQ:CART - Get Free Report) last released its 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 business 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 business's revenue for the quarter was up 9.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.43 EPS. As a group, analysts forecast that Maplebear Inc. will post 1.43 EPS for the current fiscal year.

Insider Transactions at Maplebear

In other news, CEO Fidji Simo sold 66,560 shares of the firm's stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $50.01, for a total transaction of $3,328,665.60. Following the transaction, the chief executive officer owned 1,965,445 shares in the company, valued at approximately $98,291,904.45. This trade represents a 3.28% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Daniel Danker sold 10,037 shares of the firm's stock in a transaction on Friday, July 18th. The shares were 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 in the company, valued at approximately $22,954,675.80. This represents a 2.09% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 111,055 shares of company stock worth $5,467,860. Corporate insiders own 26.00% of the company's stock.

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.