Corebridge Financial Inc. Buys 177,637 Shares of Maplebear Inc. $CART

Key Points

• Corebridge Financial Inc. significantly increased its stake in Maplebear Inc. by 15,366.5%, holding approximately 178,793 shares valued at over $7 million as of its latest SEC filing.
• Multiple analysts have raised their price targets for Maplebear, with Needham & Company raising it from $56.00 to $66.00, indicating strong growth expectations for the company.
• Maplebear recently reported earnings of $0.41 per share for the quarter, exceeding analysts' expectations, and its revenue of $914.00 million was up 11.1% year-over-year.

Corebridge Financial Inc. grew its holdings in Maplebear Inc. (NASDAQ:CART - Free Report) by 15,366.5% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 178,793 shares of the company's stock after buying an additional 177,637 shares during the quarter. Corebridge Financial Inc. owned approximately 0.07% of Maplebear worth $7,132,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CART. Proathlete Wealth Management LLC acquired a new stake in shares of Maplebear in the first quarter valued at $26,000. NewEdge Advisors LLC increased its stake 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 buying an additional 717 shares in the last quarter. UMB Bank n.a. increased its stake 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 buying an additional 905 shares in the last quarter. Brooklyn Investment Group acquired a new stake in shares of Maplebear in the first quarter valued at $40,000. Finally, Spire Wealth Management acquired a new stake in shares of Maplebear in the first quarter valued at $41,000. 63.09% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Levien Meredith A. Kopit sold 4,225 shares of the business's stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $47.45, for a total value of $200,476.25. Following the completion of the transaction, the director directly owned 20,829 shares in the company, valued at approximately $988,336.05. The trade was a 16.86% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Fidji Simo sold 66,560 shares of the business's stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $50.01, for a total value of $3,328,665.60. Following the completion of the transaction, the chief executive officer owned 1,965,445 shares of the company's stock, valued at $98,291,904.45. This represents a 3.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 4,975,327 shares of company stock worth $237,736,848 in the last three months. 26.00% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on CART shares. Stifel Nicolaus raised their target price on Maplebear from $55.00 to $64.00 and gave the company a "buy" rating in a research note on Friday, August 8th. Jefferies Financial Group lifted their price objective on Maplebear from $50.00 to $55.00 and gave the stock a "hold" rating in a research report on Monday, August 11th. Macquarie reiterated an "outperform" rating and issued a $55.00 price objective on shares of Maplebear in a research report on Tuesday, May 6th. Benchmark upgraded Maplebear from a "hold" rating to a "buy" rating and set a $67.00 price objective for the company in a research report on Friday, August 8th. Finally, Wells Fargo & Company lifted their price objective on Maplebear from $47.00 to $55.00 and gave the stock an "equal weight" rating in a research report 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 issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Maplebear has an average rating of "Moderate Buy" and a consensus price target of $55.63.

Maplebear Price Performance

Shares of Maplebear stock traded up $0.49 during 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 capitalization of $11.55 billion, a P/E ratio of 25.35, a price-to-earnings-growth ratio of 1.45 and a beta of 1.22. Maplebear Inc. has a 1-year low of $33.17 and a 1-year high of $53.50. The firm's fifty day moving average price is $46.85 and its 200 day moving average price is $44.28.

Maplebear (NASDAQ:CART - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $914.00 million during the quarter, compared to analyst estimates of $896.55 million. During the same period in the previous year, the firm earned $0.20 EPS. Maplebear's quarterly revenue was up 11.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Maplebear Inc. will post 1.43 earnings per share for the current year.

Maplebear Company 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.