Generate Investment Management Ltd Makes New $14.48 Million Investment in Maplebear Inc. $CART

Key Points

• Generate Investment Management Ltd made a new investment of approximately $14.48 million in Maplebear Inc. during the second quarter, acquiring 320,000 shares, which represents about 0.12% ownership.
• Insider activity includes General Counsel Morgan Fong selling 4,680 shares for over $230,000 and CEO Fidji Simo selling 66,560 shares for approximately $3.33 million, indicating a decrease in their holdings.
• In recent analyst ratings, Maplebear has received several updates, with Needham & Company and Citigroup raising their price targets, while Wall Street Zen downgraded the stock from "buy" to "hold."

Generate Investment Management Ltd bought a new stake in Maplebear Inc. (NASDAQ:CART - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 320,000 shares of the company's stock, valued at approximately $14,477,000. Generate Investment Management Ltd owned about 0.12% of Maplebear at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in CART. Scott & Selber Inc. purchased a new stake in shares of Maplebear during the 2nd quarter valued at approximately $2,483,000. HS Management Partners LLC acquired a new stake in Maplebear during the second quarter worth $15,689,000. ST Germain D J Co. Inc. acquired a new stake in Maplebear during the second quarter worth $148,000. Congress Asset Management Co. raised its position in Maplebear by 13.0% in the second quarter. Congress Asset Management Co. now owns 332,174 shares of the company's stock valued at $15,028,000 after purchasing an additional 38,283 shares during the period. Finally, Norden Group LLC lifted its stake in shares of Maplebear by 14.1% in the 2nd quarter. Norden Group LLC now owns 6,632 shares of the company's stock valued at $300,000 after purchasing an additional 818 shares during the last quarter. Institutional investors and hedge funds own 63.09% of the company's stock.

Insider Buying and Selling

In other Maplebear news, General Counsel Morgan Fong sold 4,680 shares of the firm's stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $49.16, for a total transaction of $230,068.80. Following 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Fidji Simo sold 66,560 shares of the firm's stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $50.01, for a total value of $3,328,665.60. Following the transaction, the chief executive officer owned 1,965,445 shares in the company, valued at $98,291,904.45. This represents a 3.28% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 4,986,367 shares of company stock valued at $238,211,261 over the last ninety days. Company insiders own 26.00% of the company's stock.

Analyst Ratings Changes

CART has been the subject of a number of recent analyst reports. Wall Street Zen downgraded Maplebear from a "buy" rating to a "hold" rating in a research report on Monday. Needham & Company LLC lifted their price target on shares of Maplebear from $56.00 to $66.00 and gave the company a "buy" rating in a research report on Friday, August 8th. Citigroup increased their price objective on shares of Maplebear from $57.00 to $65.00 and gave the stock a "buy" rating in a research report on Friday, August 8th. Sanford C. Bernstein lifted their target price on shares of Maplebear from $55.00 to $60.00 and gave the company an "outperform" rating in a report on Monday, July 21st. Finally, Bank of America upped their price target on Maplebear from $53.00 to $58.00 and gave the stock a "neutral" rating in a research note on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Maplebear has a consensus rating of "Moderate Buy" and a consensus target price of $55.25.

Maplebear Trading Down 0.2%

Maplebear stock opened at $42.32 on Monday. The stock has a market cap of $11.15 billion, a P/E ratio of 24.46, a price-to-earnings-growth ratio of 1.42 and a beta of 1.22. The company has a fifty day simple moving average of $45.85 and a 200-day simple moving average of $44.39. Maplebear Inc. has a 12-month low of $35.14 and a 12-month high of $53.50.

Maplebear (NASDAQ:CART - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported $0.41 EPS for the quarter, beating analysts' consensus estimates of $0.39 by $0.02. The business had revenue of $914.00 million for the quarter, compared to the consensus estimate of $896.55 million. Maplebear had a return on equity of 15.69% and a net margin of 13.76%.The business's revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.20 EPS. As a group, sell-side analysts forecast 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.

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