Harbor Capital Advisors Inc. Makes New Investment in Maplebear Inc. (NASDAQ:CART)

Harbor Capital Advisors Inc. acquired a new position in Maplebear Inc. (NASDAQ:CART - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 86,108 shares of the company's stock, valued at approximately $3,435,000.

Several other large investors also recently made changes to their positions in the business. Wilmington Savings Fund Society FSB lifted its position in Maplebear by 120.2% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 1,795 shares of the company's stock worth $74,000 after buying an additional 980 shares in the last quarter. Certuity LLC lifted its position in shares of Maplebear by 67.8% during the fourth quarter. Certuity LLC now owns 56,435 shares of the company's stock worth $2,338,000 after purchasing an additional 22,798 shares in the last quarter. Allworth Financial LP grew its stake in shares of Maplebear by 101.4% during the fourth quarter. Allworth Financial LP now owns 834 shares of the company's stock valued at $37,000 after purchasing an additional 420 shares during the last quarter. CIBC Asset Management Inc increased its holdings in shares of Maplebear by 5.4% in the fourth quarter. CIBC Asset Management Inc now owns 8,554 shares of the company's stock valued at $354,000 after purchasing an additional 440 shares in the last quarter. Finally, Kornitzer Capital Management Inc. KS raised its position in Maplebear by 19.5% in the 4th quarter. Kornitzer Capital Management Inc. KS now owns 245,000 shares of the company's stock worth $10,148,000 after purchasing an additional 40,000 shares during the last quarter. Institutional investors own 63.09% of the company's stock.

Insider Activity

In other news, General Counsel Morgan Fong sold 5,249 shares of the firm's stock in a transaction dated Monday, April 21st. The shares were sold at an average price of $42.57, for a total transaction of $223,449.93. Following the completion of the sale, the general counsel now owns 484,292 shares in the company, valued at approximately $20,616,310.44. This trade represents a 1.07% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Fidji Simo sold 2,033 shares of the company's stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $40.00, for a total transaction of $81,320.00. Following the completion of the transaction, the chief executive officer now owns 1,654,559 shares in the company, valued at approximately $66,182,360. This trade represents a 0.12% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 19,640 shares of company stock valued at $843,579. 26.00% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on CART. FBN Securities assumed coverage on Maplebear in a research note on Friday, March 28th. They issued a "sector perform" rating and a $44.00 target price for the company. Wedbush dropped their price objective on Maplebear from $48.00 to $46.00 and set a "neutral" rating for the company in a report on Wednesday, February 26th. Barclays raised their target price 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. Needham & Company LLC reissued a "buy" rating and set a $56.00 price target on shares of Maplebear in a research note on Friday, May 2nd. Finally, Seaport Res Ptn upgraded shares of Maplebear to a "strong-buy" rating in a report on Wednesday, February 12th. Thirteen equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $51.91.

Maplebear Stock Performance

Maplebear stock traded down $0.52 during midday trading on Thursday, reaching $43.65. The stock had a trading volume of 639,720 shares, compared to its average volume of 4,003,218. The stock has a market capitalization of $11.46 billion, a P/E ratio of 29.30, a price-to-earnings-growth ratio of 1.19 and a beta of 1.30. The firm's fifty day simple moving average is $43.50 and its 200-day simple moving average is $43.73. Maplebear Inc. has a 1-year low of $29.84 and a 1-year high of $53.44.

Maplebear (NASDAQ:CART - Get Free Report) last announced its earnings results on Thursday, May 1st. The company reported $0.37 EPS for the quarter, missing the consensus estimate 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 13.78% and a net margin of 13.37%. The business's revenue for the quarter was up 9.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.43 EPS. On average, sell-side analysts anticipate 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.