Comerica Bank Purchases 123,915 Shares of Maplebear Inc. $CART

Key Points

• Comerica Bank dramatically increased its holdings in Maplebear Inc. by 38,245.4% in Q1, owning 124,239 shares worth approximately $4.96 million after acquiring an additional 123,915 shares.
• Insider transactions revealed that General Counsel Morgan Fong sold 4,680 shares for around $230,069, while Grosvenor L.P. Gcm sold a significant 4.86 million shares for approximately $232.27 million.
$55.00 to $66.00, leading to an average price target of $55.63 and a consensus rating of "Moderate Buy."

Comerica Bank grew its position in Maplebear Inc. (NASDAQ:CART - Free Report) by 38,245.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 124,239 shares of the company's stock after purchasing an additional 123,915 shares during the quarter. Comerica Bank's holdings in Maplebear were worth $4,956,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Proathlete Wealth Management LLC bought a new position in shares of Maplebear in the first quarter valued at approximately $26,000. NewEdge Advisors LLC raised its position in shares of Maplebear by 277.9% in the fourth quarter. NewEdge Advisors LLC now owns 975 shares of the company's stock valued at $40,000 after purchasing an additional 717 shares during the period. UMB Bank n.a. raised its position in shares of Maplebear by 914.1% in the first quarter. UMB Bank n.a. now owns 1,004 shares of the company's stock valued at $40,000 after purchasing an additional 905 shares during the period. Brooklyn Investment Group bought a new position in shares of Maplebear in the first quarter valued at approximately $40,000. Finally, Spire Wealth Management bought a new position in shares of Maplebear in the first quarter valued at approximately $41,000. Institutional investors own 63.09% of the company's stock.

Insider Activity at Maplebear

In other news, insider Grosvenor L.P. Gcm sold 4,864,272 shares of the firm's 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel Morgan Fong sold 4,680 shares of the firm's stock in a transaction that occurred on Monday, July 21st. The stock was sold at an average price of $49.16, for a total transaction of $230,068.80. Following the transaction, the general counsel directly owned 452,000 shares of the company's stock, valued at $22,220,320. This represents a 1.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 4,975,327 shares of company stock worth $237,736,848. 26.00% of the stock is currently owned by corporate insiders.

Maplebear Stock Performance

CART stock traded up $0.49 during mid-day trading on Tuesday, hitting $43.86. 4,463,730 shares of the company were exchanged, compared to its average volume of 4,376,042. The firm has a market cap of $11.55 billion, a P/E ratio of 25.35, a P/E/G ratio of 1.45 and a beta of 1.22. The firm's 50 day simple moving average is $46.85 and its 200 day simple moving average is $44.28. Maplebear Inc. has a 1-year low of $33.17 and a 1-year 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 for the quarter, topping the consensus estimate of $0.39 by $0.02. The company had revenue of $914.00 million during the quarter, compared to analysts' expectations of $896.55 million. Maplebear had a net margin of 13.76% and a return on equity of 15.69%. The business's quarterly revenue was up 11.1% on a year-over-year basis. During the same period last year, the business earned $0.20 EPS. On average, equities research analysts predict that Maplebear Inc. will post 1.43 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have recently commented on CART. Benchmark raised shares of Maplebear from a "hold" rating to a "buy" rating and set a $67.00 price target on the stock in a research report on Friday, August 8th. Needham & Company LLC boosted their target price on shares of Maplebear from $56.00 to $66.00 and gave the stock a "buy" rating in a research report on Friday, August 8th. Citigroup boosted their target price on shares of Maplebear from $57.00 to $65.00 and gave the stock a "buy" rating in a research report on Friday, August 8th. Stifel Nicolaus boosted their target price on shares of Maplebear from $55.00 to $64.00 and gave the stock a "buy" rating in a research report on Friday, August 8th. Finally, Wedbush reaffirmed an "underperform" rating and set a $42.00 target price (down previously from $55.00) on shares of Maplebear in a research report on Thursday, August 21st. One investment 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 assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $55.63.

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.