General Catalyst Group Management LLC Takes $33.65 Million Position in Maplebear Inc. $CART

Key Points

• General Catalyst Group Management bought 710,711 Maplebear shares worth approximately $33.65 million, making CART its third-largest holding and representing about 17.9% of its portfolio. Institutional investors collectively own 63.09% of the company.
• Maplebear reported quarterly revenue of $1.04 billion, up 14.1% year over year, but adjusted earnings of $0.45 per share fell short of analysts’ $0.54 estimate. The stock opened at $50.48, near its 12-month high of $52.05.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $55.90, while insiders sold roughly 349,390 shares worth $16.0 million over the past three months.

General Catalyst Group Management LLC purchased a new position in shares of Maplebear Inc. (NASDAQ:CART - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 710,711 shares of the company's stock, valued at approximately $33,652,000. Maplebear comprises about 17.9% of General Catalyst Group Management LLC's holdings, making the stock its 3rd largest holding. General Catalyst Group Management LLC owned approximately 0.31% of Maplebear as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the company. Allworth Financial LP increased its holdings in Maplebear by 35.7% in the 3rd quarter. Allworth Financial LP now owns 928 shares of the company's stock valued at $34,000 after purchasing an additional 244 shares during the last quarter. Smartleaf Asset Management LLC grew its holdings in shares of Maplebear by 9.6% in the second quarter. Smartleaf Asset Management LLC now owns 2,978 shares of the company's stock valued at $134,000 after purchasing an additional 261 shares in the last quarter. Rafferty Asset Management LLC grew its holdings in shares of Maplebear by 2.5% in the second 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 in the last quarter. Crossmark Global Holdings Inc. increased its stake in Maplebear by 5.0% during the 3rd quarter. Crossmark Global Holdings Inc. now owns 6,423 shares of the company's stock worth $236,000 after buying an additional 304 shares during the period. Finally, Aviva PLC increased its stake in Maplebear by 3.9% during the 4th quarter. Aviva PLC now owns 11,279 shares of the company's stock worth $507,000 after buying an additional 424 shares during the period. Hedge funds and other institutional investors own 63.09% of the company's stock.

Maplebear Trading Down 0.6%

CART stock opened at $50.48 on Friday. Maplebear Inc. has a twelve month low of $32.73 and a twelve month high of $52.05. The company has a market capitalization of $11.69 billion, a P/E ratio of 27.58, a PEG ratio of 0.75 and a beta of 0.78. The business has a 50 day simple moving average of $47.23 and a 200-day simple moving average of $42.13.

Maplebear (NASDAQ:CART - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported $0.45 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.54 by ($0.09). The company had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.03 billion. Maplebear had a net margin of 11.97% and a return on equity of 20.19%. The company's revenue for the quarter was up 14.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.41 EPS. Research analysts predict that Maplebear Inc. will post 2.33 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Ravi Gupta sold 181,000 shares of the stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $41.51, for a total transaction of $7,513,310.00. Following the completion of the transaction, the director directly owned 741,523 shares of the company's stock, valued at approximately $30,780,619.73. This represents a 19.62% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Morgan Fong sold 18,390 shares of the company's stock in a transaction on Monday, August 24th. The stock was sold at an average price of $49.96, for a total value of $918,764.40. Following the transaction, the insider directly owned 529,911 shares in the company, valued at $26,474,353.56. This represents a 3.35% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 349,390 shares of company stock valued at $16,023,574. Company insiders own 24.00% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on CART shares. Oppenheimer increased their target price on shares of Maplebear from $60.00 to $65.00 and gave the stock an "outperform" rating in a report on Friday, August 7th. Benchmark boosted their price target on shares of Maplebear from $55.00 to $63.00 and gave the stock a "buy" rating in a research note on Friday, August 7th. Wedbush started coverage on Maplebear in a research report on Thursday, July 16th. They set an "outperform" rating and a $59.00 price objective on the stock. Wells Fargo & Company increased their price objective on Maplebear from $47.00 to $54.00 and gave the company an "equal weight" rating in a research note on Friday, August 7th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Maplebear in a report on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and eight have given a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $55.90.

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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