Geode Capital Management LLC Grows Stock Position in Maplebear Inc. $CART

Key Points

• Geode Capital Management increased its Maplebear stake by 1.6% in the fourth quarter, bringing its holdings to 3.53 million shares worth about $158.6 million.
• Other institutional investors also added to or established positions in CART, and 63.09% of the stock is now held by hedge funds and other institutions.
• Analyst sentiment remains broadly positive: Maplebear has a Moderate Buy consensus rating with an average price target of $51.09, even after a recent earnings miss by $0.01 per share.

Geode Capital Management LLC increased its holdings in shares of Maplebear Inc. (NASDAQ:CART - Free Report) by 1.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,526,124 shares of the company's stock after buying an additional 54,010 shares during the quarter. Geode Capital Management LLC owned about 1.34% of Maplebear worth $158,640,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Viking Global Investors LP purchased a new position in Maplebear during the second quarter worth approximately $169,782,000. Holocene Advisors LP acquired a new position in shares of Maplebear in the 3rd quarter valued at $90,167,000. Bank of America Corp DE boosted its holdings in shares of Maplebear by 75.9% in the 3rd quarter. Bank of America Corp DE now owns 3,036,736 shares of the company's stock valued at $111,630,000 after purchasing an additional 1,310,392 shares during the last quarter. Picton Mahoney Asset Management boosted its holdings in shares of Maplebear by 102.3% in the 3rd quarter. Picton Mahoney Asset Management now owns 18,332 shares of the company's stock valued at $673,000 after purchasing an additional 812,389 shares during the last quarter. Finally, ANTIPODES PARTNERS Ltd boosted its holdings in shares of Maplebear by 6,623.9% in the 4th quarter. ANTIPODES PARTNERS Ltd now owns 762,626 shares of the company's stock valued at $34,305,000 after purchasing an additional 751,284 shares during the last quarter. 63.09% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently commented on CART shares. Wall Street Zen downgraded Maplebear from a "buy" rating to a "hold" rating in a report on Saturday, May 2nd. Jefferies Financial Group raised shares of Maplebear from a "hold" rating to a "buy" rating and increased their target price for the stock from $38.00 to $45.00 in a research report on Monday, March 30th. Argus raised shares of Maplebear to a "strong-buy" rating in a research report on Thursday, March 5th. Barclays increased their target price on shares of Maplebear from $65.00 to $69.00 and gave the stock an "overweight" rating in a research report on Thursday, May 7th. Finally, Weiss Ratings raised shares of Maplebear from a "hold (c-)" rating to a "hold (c)" rating in a research report on Monday, May 11th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $51.09.

Maplebear Stock Performance

CART opened at $39.98 on Thursday. The company has a market cap of $9.40 billion, a PE ratio of 22.34, a price-to-earnings-growth ratio of 0.56 and a beta of 0.88. Maplebear Inc. has a 1 year low of $32.73 and a 1 year high of $53.50. The firm has a 50 day moving average price of $40.30 and a 200 day moving average price of $40.22.

Maplebear (NASDAQ:CART - Get Free Report) last announced its earnings results on Wednesday, May 6th. The company reported $0.57 EPS for the quarter, missing the consensus estimate of $0.58 by ($0.01). The company had revenue of $1.02 billion for the quarter, compared to analysts' expectations of $1.01 billion. Maplebear had a net margin of 12.50% and a return on equity of 18.67%. The business's quarterly revenue was up 13.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.37 earnings per share. On average, sell-side analysts predict that Maplebear Inc. will post 2.43 earnings per share for the current year.

Insider Activity

In related news, 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 transaction 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 trade represents a 24.59% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Lisa Blackwood-Kapral sold 9,390 shares of the firm's stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $40.25, for a total value of $377,947.50. Following the sale, the chief accounting officer owned 58,971 shares in the company, valued at approximately $2,373,582.75. The trade was a 13.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 144,863 shares of company stock worth $5,418,135. Company insiders own 24.00% of the company's stock.

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.

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