Encompass More Asset Management Takes $744,000 Position in Maplebear Inc. (NASDAQ:CART)

Key Points

• Encompass More Asset Management has acquired 18,663 shares of Maplebear Inc. (NASDAQ:CART), valued at approximately $744,000, indicating growing institutional interest.
• Several large investors, including Wellington Management Group and Alliancebernstein, significantly increased their stakes in Maplebear, illustrating a robust confidence in the company's outlook.
• Analysts have generally given Maplebear a consensus rating of "Moderate Buy", with target prices ranging from $52.00 to $60.00, suggesting potential upside for the stock.

Encompass More Asset Management bought a new stake in Maplebear Inc. (NASDAQ:CART - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 18,663 shares of the company's stock, valued at approximately $744,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in CART. Proathlete Wealth Management LLC acquired a new stake in shares of Maplebear during the first quarter worth approximately $26,000. NewEdge Advisors LLC increased its holdings in shares of Maplebear by 277.9% during the fourth quarter. NewEdge Advisors LLC now owns 975 shares of the company's stock worth $40,000 after buying an additional 717 shares in the last quarter. UMB Bank n.a. increased its holdings in shares of Maplebear by 914.1% during the first quarter. UMB Bank n.a. now owns 1,004 shares of the company's stock worth $40,000 after buying an additional 905 shares in the last quarter. Spire Wealth Management bought a new stake in shares of Maplebear during the first quarter valued at approximately $41,000. Finally, CWM LLC grew its stake in shares of Maplebear by 35.1% during the first quarter. CWM LLC now owns 1,058 shares of the company's stock valued at $42,000 after purchasing an additional 275 shares during the last quarter. Institutional investors own 63.09% of the company's stock.

Maplebear Stock Performance

Shares of NASDAQ CART traded up $1.67 during midday trading on Thursday, hitting $49.39. 6,970,193 shares of the company's stock traded hands, compared to its average volume of 3,340,483. Maplebear Inc. has a 1 year low of $31.15 and a 1 year high of $53.44. The stock has a market capitalization of $12.97 billion, a price-to-earnings ratio of 32.49, a price-to-earnings-growth ratio of 1.85 and a beta of 1.21. The firm has a fifty day moving average of $46.59 and a 200 day moving average of $44.66.

Maplebear (NASDAQ:CART - Get Free Report) last posted 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. Maplebear had a return on equity of 14.12% and a net margin of 12.45%. The firm's quarterly revenue was up 11.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.20 earnings per share. On average, equities analysts anticipate that Maplebear Inc. will post 1.43 earnings per share for the current year.

Insider Buying and Selling

In related news, General Counsel Morgan Fong sold 4,680 shares of the firm's stock in a transaction on Monday, July 21st. The stock was sold at an average price of $49.16, for a total value of $230,068.80. Following the completion of the sale, the general counsel directly owned 452,000 shares in the company, valued at $22,220,320. This trade represents a 1.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Levien Meredith A. Kopit sold 4,225 shares of the firm's stock in a transaction 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 sale, the director owned 20,829 shares of the company's stock, valued at approximately $988,336.05. This represents a 16.86% 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 valued at $237,736,848 over the last 90 days. 26.00% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

CART has been the topic of several research analyst reports. Robert W. Baird increased their price target on shares of Maplebear from $47.00 to $52.00 and gave the company an "outperform" rating in a research note on Thursday, July 17th. Barclays increased their target price on shares of Maplebear from $58.00 to $61.00 and gave the stock an "overweight" rating in a report on Friday, May 2nd. Wall Street Zen lowered shares of Maplebear from a "buy" rating to a "hold" rating in a report on Friday, May 30th. Stifel Nicolaus lifted their price target on shares of Maplebear from $54.00 to $55.00 and gave the company a "buy" rating in a research note on Tuesday, July 29th. Finally, Loop Capital lifted their price target on shares of Maplebear from $52.00 to $58.00 and gave the company a "buy" rating in a research note on Monday, May 19th. Eleven research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $52.35.

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.