Empowered Funds LLC Increases Position in Maplebear Inc. $CART

Key Points

• Empowered Funds increased its Maplebear stake by 127.9% in the first quarter to 105,193 shares valued at approximately $3.94 million. Institutional investors collectively own 63.09% of CART, with several major funds initiating or expanding positions.
• Analyst sentiment is positive, with a consensus rating of “Moderate Buy” and an average price target of $51.67. Barclays raised its target to $69, while Wells Fargo increased its target to $47.
• CART opened at $44.60, while Maplebear reported quarterly revenue of $1.02 billion, up 13.6% year over year, but earnings of $0.57 per share narrowly missed estimates. Director Ravi Gupta also sold 181,000 shares for about $7.5 million.

Empowered Funds LLC increased its holdings in shares of Maplebear Inc. (NASDAQ:CART - Free Report) by 127.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 105,193 shares of the company's stock after acquiring an additional 59,039 shares during the quarter. Empowered Funds LLC's holdings in Maplebear were worth $3,941,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of CART. Viking Global Investors LP bought a new position in Maplebear in the 2nd quarter valued at $169,782,000. Marshall Wace LLP purchased a new position in shares of Maplebear during the fourth quarter worth about $126,206,000. Norges Bank purchased a new position in shares of Maplebear during the fourth quarter worth about $97,221,000. Dimensional Fund Advisors LP increased its position in shares of Maplebear by 114.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,792,673 shares of the company's stock worth $170,594,000 after purchasing an additional 2,026,567 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. increased its position in shares of Maplebear by 401.4% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 2,281,452 shares of the company's stock worth $102,620,000 after purchasing an additional 1,826,402 shares during the last quarter. Hedge funds and other institutional investors own 63.09% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on CART. Wall Street Zen upgraded shares of Maplebear from a "hold" rating to a "buy" rating in a research report on Saturday, July 18th. Raymond James Financial raised shares of Maplebear from a "hold" rating to a "moderate buy" rating in a report on Thursday, April 9th. Barclays raised their price objective on shares of Maplebear from $65.00 to $69.00 and gave the company an "overweight" rating in a research report on Thursday, May 7th. Wells Fargo & Company lifted their price objective on shares of Maplebear from $45.00 to $47.00 and gave the stock an "equal weight" rating in a report on Thursday, May 7th. Finally, Citizens Jmp reiterated a "market outperform" rating and issued a $60.00 target price on shares of Maplebear in a research report on Monday, June 15th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $51.67.

Maplebear Stock Performance

CART stock opened at $44.60 on Monday. The company has a market capitalization of $10.48 billion, a PE ratio of 24.92, a price-to-earnings-growth ratio of 0.61 and a beta of 0.78. Maplebear Inc. has a one year low of $32.73 and a one year high of $53.50. The company's 50 day moving average price is $44.38 and its two-hundred day moving average price is $40.68.

Maplebear (NASDAQ:CART - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $0.57 earnings per share for the quarter, missing analysts' consensus estimates of $0.58 by ($0.01). Maplebear had a return on equity of 18.67% and a net margin of 12.50%.The business had revenue of $1.02 billion during the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter in the previous year, the firm posted $0.37 earnings per share. The company's revenue was up 13.6% compared to the same quarter last year. On average, research analysts predict that Maplebear Inc. will post 2.46 EPS for the current year.

Insider Buying and Selling

In related news, Director Ravi Gupta sold 181,000 shares of Maplebear stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $41.51, for a total value of $7,513,310.00. Following the transaction, the director owned 741,523 shares in the company, valued at $30,780,619.73. This trade represents a 19.62% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 24.00% of the stock is currently owned by insiders.

Maplebear Company Profile

Maplebear, Inc, doing business as Instacart, operates a leading online grocery and essentials marketplace that connects consumers, retail partners and personal shoppers through its digital platform. The company enables customers to order groceries, household items and specialty products for same-day or scheduled delivery, as well as in-store pickup. By integrating its technology with retailers' existing inventory and point-of-sale systems, Maplebear streamlines the shopping experience and provides real-time availability and pricing.

Founded in 2012 and headquartered in San Francisco, Maplebear has grown from a regional startup to a publicly traded company listed on NASDAQ under the ticker CART.

Want to see what other hedge funds are holding CART? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Maplebear Inc. (NASDAQ:CART - Free Report).

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