CWA Asset Management Group LLC Invests $2.54 Million in Maplebear Inc. (NASDAQ:CART)

CWA Asset Management Group LLC bought a new stake 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 and Exchange Commission. The institutional investor bought 63,697 shares of the company's stock, valued at approximately $2,541,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in CART. Allworth Financial LP increased its position in Maplebear by 101.4% during the 4th quarter. Allworth Financial LP now owns 834 shares of the company's stock valued at $37,000 after purchasing an additional 420 shares during the period. CIBC Asset Management Inc increased its position in Maplebear by 5.4% during the 4th quarter. CIBC Asset Management Inc now owns 8,554 shares of the company's stock valued at $354,000 after purchasing an additional 440 shares during the period. Kornitzer Capital Management Inc. KS increased its position in Maplebear by 19.5% during the 4th quarter. Kornitzer Capital Management Inc. KS now owns 245,000 shares of the company's stock valued at $10,148,000 after purchasing an additional 40,000 shares during the period. Atria Wealth Solutions Inc. increased its position in Maplebear by 10.8% during the 4th quarter. Atria Wealth Solutions Inc. now owns 17,765 shares of the company's stock valued at $736,000 after purchasing an additional 1,738 shares during the period. Finally, Ieq Capital LLC increased its position in Maplebear by 1.9% during the 4th quarter. Ieq Capital LLC now owns 225,957 shares of the company's stock valued at $9,359,000 after purchasing an additional 4,140 shares during the period. Institutional investors and hedge funds own 63.09% of the company's stock.

Maplebear Trading Up 1.4%

Shares of CART traded up $0.61 during trading hours on Friday, reaching $43.75. The stock had a trading volume of 6,092,347 shares, compared to its average volume of 4,010,818. The firm has a 50-day simple moving average of $44.20 and a 200 day simple moving average of $43.72. Maplebear Inc. has a 12 month low of $29.84 and a 12 month high of $53.44. The company has a market capitalization of $11.49 billion, a price-to-earnings ratio of 28.78, a P/E/G ratio of 1.84 and a beta of 1.30.

Maplebear (NASDAQ:CART - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The company reported $0.37 earnings per share for the quarter, missing the consensus estimate of $0.38 by ($0.01). Maplebear had a net margin of 12.45% and a return on equity of 14.12%. The company had revenue of $897.00 million for the quarter, compared to the consensus estimate of $896.86 million. During the same quarter last year, the business posted $0.43 earnings per share. Maplebear's revenue was up 9.4% on a year-over-year basis. On average, equities analysts forecast that Maplebear Inc. will post 1.43 EPS for the current year.

Insider Buying and Selling at Maplebear

In other Maplebear news, CEO Fidji Simo sold 8,133 shares of the firm's stock in a transaction on Monday, April 14th. The stock was sold at an average price of $41.60, for a total transaction of $338,332.80. Following the transaction, the chief executive officer now directly owns 1,646,426 shares in the company, valued at approximately $68,491,321.60. This trade represents a 0.49% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Levien Meredith A. Kopit sold 4,225 shares of the firm's stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $47.45, for a total value of $200,476.25. Following the transaction, the director now owns 20,829 shares in the company, valued at approximately $988,336.05. This trade represents a 16.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 17,607 shares of company stock worth $762,259. Corporate insiders own 26.00% of the company's stock.

Analysts Set New Price Targets

CART has been the subject of a number of recent analyst reports. Wells Fargo & Company decreased their target price on shares of Maplebear from $47.00 to $44.00 and set an "equal weight" rating for the company in a research report on Thursday, April 3rd. Bank of America raised their price objective on shares of Maplebear from $51.00 to $53.00 and gave the stock a "neutral" rating in a research report on Tuesday, February 25th. BMO Capital Markets raised their price objective on shares of Maplebear from $48.00 to $49.00 and gave the stock a "market perform" rating in a research report on Wednesday, February 26th. Barclays raised their price objective on shares of Maplebear from $58.00 to $61.00 and gave the stock an "overweight" rating in a research report on Friday, May 2nd. Finally, JMP Securities reaffirmed a "market outperform" rating and set a $55.00 price objective on shares of Maplebear in a research report on Thursday, June 12th. Thirteen investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Maplebear currently has an average rating of "Moderate Buy" and an average target price of $51.91.

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.