Harbor Capital Advisors Inc. Buys New Position in Maplebear Inc. (NASDAQ:CART)

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

Several other large investors have also recently made changes to their positions in the business. Jones Financial Companies Lllp raised its position in Maplebear by 46.6% in the 4th quarter. Jones Financial Companies Lllp now owns 698 shares of the company's stock worth $29,000 after purchasing an additional 222 shares during the period. Allworth Financial LP increased its holdings in shares of Maplebear by 101.4% in the fourth quarter. Allworth Financial LP now owns 834 shares of the company's stock worth $37,000 after buying an additional 420 shares during the period. NewEdge Advisors LLC lifted its stake in shares of Maplebear by 277.9% in the 4th quarter. NewEdge Advisors LLC now owns 975 shares of the company's stock valued at $40,000 after acquiring an additional 717 shares during the last quarter. UMB Bank n.a. lifted its stake in shares of Maplebear by 914.1% in the 1st quarter. UMB Bank n.a. now owns 1,004 shares of the company's stock valued at $40,000 after acquiring an additional 905 shares during the last quarter. Finally, Anderson Financial Strategies LLC purchased a new stake in Maplebear during the 4th quarter valued at about $46,000. 63.09% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on CART shares. Mizuho dropped their price target on shares of Maplebear from $55.00 to $52.00 and set an "outperform" rating for the company in a research report on Wednesday, February 26th. FBN Securities initiated coverage on shares of Maplebear in a report on Friday, March 28th. They set a "sector perform" rating and a $44.00 target price for the company. Wedbush cut their target price on Maplebear from $48.00 to $46.00 and set a "neutral" rating on the stock in a research note on Wednesday, February 26th. Jefferies Financial Group upped their price target on Maplebear from $48.00 to $50.00 and gave the company a "hold" rating in a research report on Tuesday, May 27th. Finally, Morgan Stanley increased their price objective on Maplebear from $44.00 to $45.00 and gave the stock an "equal weight" rating in a report on Wednesday, February 26th. Thirteen 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. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $51.91.

Maplebear Stock Performance

Shares of CART traded down $0.71 on Friday, hitting $43.37. 3,407,036 shares of the stock traded hands, compared to its average volume of 4,023,535. Maplebear Inc. has a one year low of $29.84 and a one year high of $53.44. The company has a market capitalization of $11.39 billion, a PE ratio of 29.11, a P/E/G ratio of 1.19 and a beta of 1.30. The business has a 50 day simple moving average of $43.76 and a 200 day simple moving average of $43.73.

Maplebear (NASDAQ:CART - Get Free Report) last issued 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). Maplebear had a net margin of 13.37% and a return on equity of 13.78%. The business had revenue of $897.00 million for the quarter, compared to analysts' expectations of $896.86 million. During the same quarter in the prior year, the business posted $0.43 earnings per share. The business's revenue for the quarter was up 9.4% on a year-over-year basis. On average, equities analysts expect that Maplebear Inc. will post 1.43 earnings per share for the current year.

Insider Buying and Selling

In other news, General Counsel Morgan Fong sold 5,249 shares of the firm's stock in a transaction on Monday, April 21st. The stock was sold at an average price of $42.57, for a total value of $223,449.93. Following the transaction, the general counsel now directly owns 484,292 shares in the company, valued at $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 is available at this link. Also, CEO Fidji Simo sold 8,133 shares of Maplebear stock in a transaction on Monday, April 14th. The stock was sold at an average price of $41.60, for a total value of $338,332.80. Following the completion of the sale, the chief executive officer now directly owns 1,646,426 shares of the company's stock, valued at $68,491,321.60. The trade was a 0.49% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 19,640 shares of company stock worth $843,579. 26.00% of the stock is owned by corporate insiders.

About Maplebear

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.