Gateway Investment Advisers LLC Acquires Shares of 26,098 Maplebear Inc. $CART

Key Points

• Gateway Investment Advisers disclosed a new fourth-quarter stake in Maplebear, buying 26,098 shares worth about $1.17 million.
• Maplebear’s latest quarterly results were mixed: EPS of $0.57 narrowly missed expectations, while revenue of $1.02 billion slightly beat estimates and rose 13.6% year over year.
• Wall Street remains cautiously positive on the stock, with a Moderate Buy consensus rating and an average price target of $51.39, even as some insiders recently sold shares.

Gateway Investment Advisers LLC bought a new stake in Maplebear Inc. (NASDAQ:CART - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 26,098 shares of the company's stock, valued at approximately $1,174,000.

Several other large investors have also made changes to their positions in the company. Allworth Financial LP boosted its holdings in Maplebear by 35.7% in the third quarter. Allworth Financial LP now owns 928 shares of the company's stock valued at $34,000 after acquiring an additional 244 shares during the last quarter. Smartleaf Asset Management LLC raised its holdings in Maplebear by 9.6% during the 2nd quarter. Smartleaf Asset Management LLC now owns 2,978 shares of the company's stock worth $134,000 after purchasing an additional 261 shares during the last quarter. Rafferty Asset Management LLC lifted its position in Maplebear by 2.5% during the 2nd quarter. Rafferty Asset Management LLC now owns 11,000 shares of the company's stock valued at $498,000 after purchasing an additional 273 shares during the period. Crossmark Global Holdings Inc. boosted its stake in shares of Maplebear by 5.0% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 6,423 shares of the company's stock valued at $236,000 after purchasing an additional 304 shares during the last quarter. Finally, Hantz Financial Services Inc. boosted its stake in shares of Maplebear by 78.6% in the 3rd quarter. Hantz Financial Services Inc. now owns 884 shares of the company's stock valued at $32,000 after purchasing an additional 389 shares during the last quarter. Institutional investors and hedge funds own 63.09% of the company's stock.

Maplebear Stock Performance

Shares of NASDAQ:CART opened at $40.35 on Friday. The company has a 50 day moving average price of $39.26 and a two-hundred day moving average price of $39.90. The company has a market capitalization of $9.55 billion, a PE ratio of 22.54, a PEG ratio of 0.56 and a beta of 0.96. Maplebear Inc. has a 52 week low of $32.73 and a 52 week high of $53.50.

Maplebear (NASDAQ:CART - Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $0.57 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.58 by ($0.01). Maplebear had a net margin of 12.50% and a return on equity of 18.67%. The firm had revenue of $1.02 billion during the quarter, compared to analyst estimates of $1.01 billion. During the same period last year, the firm earned $0.37 EPS. Maplebear's quarterly revenue was up 13.6% on a year-over-year basis. On average, sell-side analysts forecast that Maplebear Inc. will post 2.42 earnings per share for the current year.

Insider Activity

In other Maplebear news, CAO Lisa Blackwood-Kapral sold 9,390 shares of the business's stock in a transaction dated Wednesday, April 15th. The stock was sold at an average price of $40.25, for a total value of $377,947.50. Following the completion of the transaction, the chief accounting officer directly owned 58,971 shares of the company's stock, valued at approximately $2,373,582.75. The trade was a 13.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Morgan Fong sold 126,083 shares of the firm's stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $37.09, for a total value of $4,676,418.47. Following the sale, the general counsel directly owned 386,643 shares in the company, valued at approximately $14,340,588.87. This represents a 24.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 144,863 shares of company stock worth $5,418,135. Corporate insiders own 24.00% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Jefferies Financial Group raised shares of Maplebear from a "hold" rating to a "buy" rating and boosted their price target for the stock from $38.00 to $45.00 in a research note on Monday, March 30th. Argus raised shares of Maplebear to a "strong-buy" rating in a research note on Thursday, March 5th. Benchmark lowered their target price on shares of Maplebear from $60.00 to $53.00 and set a "buy" rating for the company in a report on Tuesday, February 10th. Needham & Company LLC reissued a "buy" rating and issued a $55.00 price target on shares of Maplebear in a research note on Thursday. Finally, Raymond James Financial upgraded Maplebear from a "hold" rating to a "moderate buy" rating in a research report on Thursday, April 9th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, nine have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, Maplebear currently has a consensus rating of "Moderate Buy" and a consensus target price of $51.39.

Maplebear 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.

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