Maplebear Inc. $CART Shares Acquired by Ethic Inc.

Key Points

• Ethic Inc. increased its stake in Maplebear Inc. (NASDAQ:CART) by 21.3% in the first quarter, now owning 31,721 shares valued at approximately $1,276,000.
• Maplebear reported a quarterly EPS of $0.41, surpassing expectations, with revenue rising by 11.1% year-over-year to reach $914 million.
• Several analysts upgraded Maplebear’s stock ratings recently, with target prices being set between $58 and $67, reflecting a generally positive outlook.

Ethic Inc. raised its position in Maplebear Inc. (NASDAQ:CART - Free Report) by 21.3% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 31,721 shares of the company's stock after buying an additional 5,570 shares during the quarter. Ethic Inc.'s holdings in Maplebear were worth $1,276,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of CART. CWM LLC increased 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 worth $42,000 after acquiring an additional 275 shares during the period. Signaturefd LLC raised its holdings in Maplebear by 27.1% during the first quarter. Signaturefd LLC now owns 1,335 shares of the company's stock worth $53,000 after purchasing an additional 285 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in Maplebear by 18.6% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,056 shares of the company's stock valued at $82,000 after purchasing an additional 322 shares during the period. Wealthspire Advisors LLC boosted its holdings in Maplebear by 0.5% in the 1st quarter. Wealthspire Advisors LLC now owns 70,951 shares of the company's stock valued at $2,830,000 after purchasing an additional 334 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its holdings in Maplebear by 0.5% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 74,846 shares of the company's stock valued at $2,986,000 after purchasing an additional 336 shares in the last quarter. Hedge funds and other institutional investors own 63.09% of the company's stock.

Insider Activity

In other Maplebear 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 transaction of $230,068.80. Following the completion of the transaction, the general counsel owned 452,000 shares of the company's stock, valued at approximately $22,220,320. This trade represents a 1.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Daniel Danker sold 10,037 shares of the business's stock in a transaction on Friday, July 18th. The stock was sold at an average price of $48.82, for a total value of $490,006.34. Following the completion of the transaction, the insider directly owned 470,190 shares of the company's stock, valued at approximately $22,954,675.80. This trade represents a 2.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 4,975,327 shares of company stock worth $237,736,848 in the last quarter. 26.00% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

CART has been the subject of a number of analyst reports. Barclays increased their target price on Maplebear from $61.00 to $65.00 and gave the stock an "overweight" rating in a research note on Friday, August 8th. Sanford C. Bernstein increased their price objective on Maplebear from $55.00 to $60.00 and gave the stock an "outperform" rating in a research report on Monday, July 21st. Jefferies Financial Group raised their target price on Maplebear from $50.00 to $55.00 and gave the company a "hold" rating in a report on Monday, August 11th. Robert W. Baird decreased their target price on shares of Maplebear from $65.00 to $60.00 and set an "outperform" rating on the stock in a research report on Friday. Finally, Macquarie reiterated an "outperform" rating and issued a $55.00 price target on shares of Maplebear in a report on Tuesday, May 6th. One 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 issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Maplebear has a consensus rating of "Moderate Buy" and an average price target of $55.63.

Maplebear Stock Performance

NASDAQ CART traded down $0.62 during trading hours on Monday, reaching $42.75. The company's stock had a trading volume of 5,386,929 shares, compared to its average volume of 5,832,333. The company's 50-day moving average is $46.86 and its two-hundred day moving average is $44.52. Maplebear Inc. has a fifty-two week low of $33.17 and a fifty-two week high of $53.50. The stock has a market cap of $11.26 billion, a PE ratio of 24.71, a PEG ratio of 1.45 and a beta of 1.21.

Maplebear (NASDAQ:CART - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported $0.41 EPS for the quarter, beating the consensus estimate of $0.39 by $0.02. Maplebear had a net margin of 13.76% and a return on equity of 15.69%. The business had revenue of $914.00 million for the quarter, compared to analyst estimates of $896.55 million. During the same period in the prior year, the business earned $0.20 earnings per share. The company's quarterly revenue was up 11.1% on a year-over-year basis. Equities analysts expect that Maplebear Inc. will post 1.43 earnings per share for the current fiscal year.

Maplebear 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.