Heron Bay Capital Management Makes New Investment in Maplebear Inc. $CART

Key Points

• Heron Bay Capital Management acquired 61,961 Maplebear shares during the second quarter, valued at approximately $2.93 million. Institutional investors collectively own 63.09% of the company.
• Maplebear’s latest quarterly revenue rose 14.1% year over year to $1.04 billion, exceeding estimates, but earnings per share of $0.45 missed the $0.54 consensus forecast.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $55.90 target price, while director Ravi Gupta sold 150,000 shares at an average price of $50.61.

Heron Bay Capital Management acquired a new stake in Maplebear Inc. (NASDAQ:CART - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm acquired 61,961 shares of the company's stock, valued at approximately $2,934,000.

Other hedge funds have also recently modified their holdings of the company. Royal Bank of Canada grew its holdings in shares of Maplebear by 51.2% in the first quarter. Royal Bank of Canada now owns 131,789 shares of the company's stock valued at $5,256,000 after acquiring an additional 44,642 shares in the last quarter. NewEdge Advisors LLC lifted its holdings in Maplebear by 71.6% during the first quarter. NewEdge Advisors LLC now owns 1,673 shares of the company's stock worth $67,000 after acquiring an additional 698 shares during the period. Jones Financial Companies Lllp boosted its position in Maplebear by 358.5% in the first quarter. Jones Financial Companies Lllp now owns 3,200 shares of the company's stock worth $128,000 after purchasing an additional 2,502 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in Maplebear by 17.4% in the first quarter. Goldman Sachs Group Inc. now owns 390,711 shares of the company's stock worth $15,585,000 after purchasing an additional 57,879 shares during the last quarter. Finally, Empowered Funds LLC bought a new position in Maplebear in the 1st quarter valued at $268,000. Institutional investors own 63.09% of the company's stock.

Insiders Place Their Bets

In other Maplebear news, Director Ravi Gupta sold 150,000 shares of the stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $50.61, for a total value of $7,591,500.00. Following the sale, the director directly owned 591,523 shares in the company, valued at $29,936,979.03. This represents a 20.23% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 24.00% of the company's stock.

Maplebear Price Performance

NASDAQ:CART opened at $49.83 on Friday. Maplebear Inc. has a 1 year low of $32.73 and a 1 year high of $51.81. The stock's fifty day moving average price is $46.61 and its two-hundred day moving average price is $41.66. The company has a market cap of $11.54 billion, a P/E ratio of 27.23, a P/E/G ratio of 0.75 and a beta of 0.78.

Maplebear (NASDAQ:CART - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported $0.45 earnings per share for the quarter, missing the consensus estimate of $0.54 by ($0.09). Maplebear had a net margin of 11.97% and a return on equity of 20.19%. The company had revenue of $1.04 billion during the quarter, compared to analysts' expectations of $1.03 billion. During the same quarter last year, the firm posted $0.41 earnings per share. Maplebear's revenue for the quarter was up 14.1% compared to the same quarter last year. On average, analysts expect that Maplebear Inc. will post 2.33 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have recently commented on CART. Citizens Jmp reiterated a "market outperform" rating and set a $60.00 target price on shares of Maplebear in a research note on Monday, June 15th. Guggenheim upped their price target on Maplebear from $44.00 to $46.00 and gave the company a "neutral" rating in a research report on Friday, August 7th. Weiss Ratings reiterated a "hold (c)" rating on shares of Maplebear in a research note on Friday, August 7th. Cantor Fitzgerald boosted their price objective on Maplebear from $56.00 to $63.00 and gave the company an "overweight" rating in a research note on Friday, August 7th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Maplebear from $55.00 to $62.00 and gave the company an "overweight" rating in a report on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $55.90.

About Maplebear

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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