Federated Hermes Inc. Increases Position in Maplebear Inc. (NASDAQ:CART)

Key Points

• Federated Hermes Inc. increased its stake in Maplebear Inc. by 15.0%, owning approximately 1.08% of the company, valued at $112.98 million.
• Maplebear's stock reported a quarterly earnings per share of $0.37, missing the consensus estimate by $0.01, despite a 9.4% year-over-year revenue growth.
• Insider trading activity includes the General Counsel and CEO selling shares, resulting in a decrease of 1.02% and 0.34% in their ownership, respectively.

Federated Hermes Inc. raised its holdings in shares of Maplebear Inc. (NASDAQ:CART - Free Report) by 15.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,832,384 shares of the company's stock after buying an additional 370,120 shares during the period. Federated Hermes Inc. owned about 1.08% of Maplebear worth $112,984,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Proathlete Wealth Management LLC purchased a new position in shares of Maplebear during the first quarter valued at approximately $26,000. NewEdge Advisors LLC boosted its position in shares of Maplebear by 277.9% during 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 during the period. UMB Bank n.a. boosted its position 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 valued at $40,000 after buying an additional 905 shares during the period. Spire Wealth Management purchased a new position in shares of Maplebear during the first quarter valued at approximately $41,000. Finally, CWM LLC boosted its position 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 buying an additional 275 shares during the period. Hedge funds and other institutional investors own 63.09% of the company's stock.

Wall Street Analyst Weigh In

CART has been the subject of several recent analyst reports. Loop Capital boosted their target price on Maplebear from $52.00 to $58.00 and gave the company a "buy" rating in a research report on Monday, May 19th. Sanford C. Bernstein boosted their target price on Maplebear from $55.00 to $60.00 and gave the company an "outperform" rating in a research report on Monday, July 21st. Barclays lifted their price target on shares of Maplebear from $58.00 to $61.00 and gave the company an "overweight" rating in a research note on Friday, May 2nd. Citigroup lifted their price target on shares of Maplebear from $55.00 to $57.00 and gave the company a "buy" rating in a research note on Tuesday, May 13th. Finally, Macquarie reaffirmed an "outperform" rating and set a $55.00 price target on shares of Maplebear in a research note on Tuesday, May 6th. Eleven analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Maplebear has an average rating of "Moderate Buy" and an average price target of $52.35.

Maplebear Stock Performance

NASDAQ:CART traded down $0.96 during trading hours on Friday, reaching $47.01. The company's stock had a trading volume of 2,220,648 shares, compared to its average volume of 4,161,522. The company has a market capitalization of $12.34 billion, a P/E ratio of 30.91, a price-to-earnings-growth ratio of 1.81 and a beta of 1.21. Maplebear Inc. has a 12 month low of $29.84 and a 12 month high of $53.44. The stock has a 50 day moving average price of $46.45 and a two-hundred day moving average price of $44.59.

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

Insider Buying and Selling at Maplebear

In other news, insider Daniel Danker sold 10,037 shares of the company's stock in a transaction on Friday, July 18th. The stock was sold at an average price of $48.82, for a total transaction of $490,006.34. Following the transaction, the insider directly owned 470,190 shares of the company's stock, valued at approximately $22,954,675.80. This represents a 2.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, General Counsel Morgan Fong sold 4,680 shares of the company'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 transaction, the general counsel directly owned 452,000 shares in the company, valued at approximately $22,220,320. The trade was a 1.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 4,975,327 shares of company stock valued at $237,736,848. Corporate insiders own 26.00% of the company's stock.

About Maplebear

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.