HB Wealth Management LLC Purchases New Holdings in Maplebear Inc. $CART

Key Points

• HB Wealth Management LLC acquired a new stake in Maplebear Inc. by purchasing 10,151 shares, valued at approximately $459,000, in the second quarter.
• Several institutional investors have increased their holdings in Maplebear, with a total of 63.09% of the stock now owned by these entities.
• Analysts have mixed ratings on Maplebear, with a consensus rating of "Moderate Buy" and an average target price of $53.42 following recent upgrades and downgrades from various firms.

HB Wealth Management LLC purchased a new stake in Maplebear Inc. (NASDAQ:CART - Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 10,151 shares of the company's stock, valued at approximately $459,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Janney Montgomery Scott LLC raised its position in Maplebear by 3.2% during the second quarter. Janney Montgomery Scott LLC now owns 29,272 shares of the company's stock worth $1,324,000 after acquiring an additional 916 shares in the last quarter. Generate Investment Management Ltd acquired a new position in shares of Maplebear during the 2nd quarter worth about $14,477,000. Scott & Selber Inc. acquired a new position in shares of Maplebear during the 2nd quarter worth about $2,483,000. HS Management Partners LLC bought a new stake in shares of Maplebear in the 2nd quarter valued at about $15,689,000. Finally, ST Germain D J Co. Inc. acquired a new stake in Maplebear in the 2nd quarter valued at about $148,000. 63.09% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have issued reports on CART. Bank of America upped their price objective on Maplebear from $53.00 to $58.00 and gave the company a "neutral" rating in a research note on Friday, August 8th. Weiss Ratings reissued a "hold (c)" rating on shares of Maplebear in a research report on Saturday, September 27th. Piper Sandler downgraded shares of Maplebear from an "overweight" rating to a "neutral" rating and set a $41.00 target price for the company. in a report on Friday. BTIG Research reissued a "neutral" rating and issued a $55.00 price target on shares of Maplebear in a report on Tuesday, September 30th. Finally, Wells Fargo & Company reduced their price objective on Maplebear from $57.00 to $47.00 and set an "equal weight" rating for the company in a report on Friday. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $53.42.

Maplebear Stock Performance

NASDAQ CART opened at $38.18 on Monday. The firm's fifty day moving average price is $44.70 and its two-hundred day moving average price is $44.33. The stock has a market cap of $10.06 billion, a PE ratio of 22.07, a PEG ratio of 1.28 and a beta of 1.10. Maplebear Inc. has a fifty-two week low of $34.87 and a fifty-two week high of $53.50.

Maplebear (NASDAQ:CART - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported $0.41 EPS for the quarter, beating analysts' consensus estimates of $0.39 by $0.02. The company had revenue of $914.00 million during the quarter, compared to analysts' expectations of $896.55 million. Maplebear had a return on equity of 15.69% and a net margin of 13.76%.Maplebear's revenue was up 11.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.20 EPS. As a group, sell-side analysts predict that Maplebear Inc. will post 1.43 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Daniel Danker sold 10,037 shares of the firm's stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $48.82, for a total value of $490,006.34. Following the completion of the transaction, the insider owned 470,190 shares in the company, valued at $22,954,675.80. This trade represents a 2.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Grosvenor L.P. Gcm sold 4,864,272 shares of the business's stock in a transaction that occurred on Friday, July 25th. The stock was sold at an average price of $47.75, for a total transaction of $232,268,988.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 4,986,367 shares of company stock valued at $238,211,261. 26.00% of the stock is currently owned by company 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.

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