Cinctive Capital Management LP Takes $623,000 Position in Maplebear Inc. $CART

Key Points

• Cinctive Capital Management LP acquired a new stake in Maplebear Inc. (NASDAQ: CART) during the first quarter, purchasing 15,623 shares valued at approximately $623,000.
• Wall Street firms have raised their price targets for Maplebear, with Barclays and Citigroup both increasing their targets to $65.00 and assigning a "buy" rating, indicating strong confidence in the company's future performance.
• Maplebear's recent financials showed an earnings per share (EPS) of $0.41, exceeding estimates and highlighting a year-over-year revenue increase of 11.1% to $914 million.

Cinctive Capital Management LP bought a new position in shares of Maplebear Inc. (NASDAQ:CART - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 15,623 shares of the company's stock, valued at approximately $623,000.

Other institutional investors also recently modified their holdings of the company. Proathlete Wealth Management LLC bought a new position in Maplebear during the first quarter worth about $26,000. Brooklyn Investment Group bought a new stake in Maplebear in the 1st quarter valued at about $40,000. UMB Bank n.a. grew its position in shares of Maplebear by 914.1% during the 1st quarter. UMB Bank n.a. now owns 1,004 shares of the company's stock worth $40,000 after purchasing an additional 905 shares in the last quarter. Spire Wealth Management bought a new position in shares of Maplebear during the first quarter worth approximately $41,000. Finally, CWM LLC increased its holdings in shares of Maplebear by 35.1% during the first quarter. CWM LLC now owns 1,058 shares of the company's stock worth $42,000 after purchasing an additional 275 shares during the period. Institutional investors own 63.09% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Sanford C. Bernstein boosted their price target on Maplebear from $55.00 to $60.00 and gave the company an "outperform" rating in a research note on Monday, July 21st. Jefferies Financial Group lifted their price objective on Maplebear from $50.00 to $55.00 and gave the company a "hold" rating in a report on Monday, August 11th. Wall Street Zen raised Maplebear from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Citigroup raised their price target on Maplebear from $57.00 to $65.00 and gave the stock a "buy" rating in a research report on Friday, August 8th. Finally, Needham & Company LLC boosted their price target on Maplebear from $56.00 to $66.00 and gave the company a "buy" rating in a research note on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $55.71.

Maplebear Trading Down 2.3%

NASDAQ CART traded down $1.06 on Thursday, hitting $45.93. 5,244,382 shares of the company's stock were exchanged, compared to its average volume of 4,323,271. The stock has a 50-day moving average of $46.83 and a 200-day moving average of $44.04. The stock has a market cap of $12.10 billion, a price-to-earnings ratio of 26.55, a P/E/G ratio of 1.57 and a beta of 1.21. Maplebear Inc. has a 52 week low of $35.14 and a 52 week high of $53.50.

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

Insiders Place Their Bets

In other news, General Counsel Morgan Fong sold 4,680 shares of the firm's stock in a transaction that occurred 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 sale, the general counsel directly owned 452,000 shares in the company, valued at approximately $22,220,320. This trade represents a 1.02% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Grosvenor L.P. Gcm sold 4,864,272 shares of Maplebear stock in a transaction that occurred on Friday, July 25th. The shares were sold at an average price of $47.75, for a total transaction of $232,268,988.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 4,971,102 shares of company stock worth $237,536,372. Insiders own 26.00% of the company's stock.

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.