HighTower Advisors LLC Sells 51,375 Shares of Maplebear Inc. $CART

Key Points

• HighTower Advisors cut its Maplebear stake by 75.3% in the second quarter, selling 51,375 shares and retaining 16,867 shares worth approximately $799,000. Institutional investors collectively own 63.09% of the company.
• Analysts remain broadly positive on Maplebear, with a “Moderate Buy” consensus rating and an average price target of $56.14; several firms recently raised their targets to between $59 and $65.
• Maplebear’s latest quarterly revenue rose 14.1% year over year to $1.04 billion, exceeding estimates, though earnings per share of $0.45 fell short of the $0.54 consensus forecast. Shares opened at $46.81, within a 52-week range of $32.73 to $52.68.

HighTower Advisors LLC lessened its stake in shares of Maplebear Inc. (NASDAQ:CART - Free Report) by 75.3% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 16,867 shares of the company's stock after selling 51,375 shares during the period. HighTower Advisors LLC's holdings in Maplebear were worth $799,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the stock. Pinnacle Bancorp Inc. purchased a new position in Maplebear in the first quarter valued at about $25,000. IFP Advisors Inc increased its stake in shares of Maplebear by 761.3% during the 4th quarter. IFP Advisors Inc now owns 956 shares of the company's stock worth $43,000 after purchasing an additional 845 shares during the last quarter. Versant Capital Management Inc raised its holdings in shares of Maplebear by 94.7% in the 2nd quarter. Versant Capital Management Inc now owns 1,215 shares of the company's stock worth $58,000 after purchasing an additional 591 shares during the period. Allworth Financial LP bought a new stake in shares of Maplebear in the 2nd quarter worth approximately $62,000. Finally, Global Retirement Partners LLC purchased a new position in Maplebear in the second quarter valued at approximately $67,000. Institutional investors own 63.09% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Wedbush started coverage on Maplebear in a report on Thursday, July 16th. They set an "outperform" rating and a $59.00 price objective for the company. Benchmark boosted their target price on Maplebear from $55.00 to $63.00 and gave the company a "buy" rating in a research note on Friday, August 7th. JPMorgan Chase & Co. upped their price target on Maplebear from $55.00 to $62.00 and gave the company an "overweight" rating in a research report on Friday, August 7th. BNP Paribas Exane upgraded Maplebear from an "underperform" rating to a "neutral" rating and set a $56.00 price target for the company in a research note on Friday, August 7th. Finally, Oppenheimer lifted their price objective on Maplebear from $60.00 to $65.00 and gave the stock an "outperform" rating in a report on Friday, August 7th. Fifteen analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat.com, Maplebear has an average rating of "Moderate Buy" and a consensus target price of $56.14.

Maplebear Price Performance

Shares of NASDAQ:CART opened at $46.81 on Wednesday. The firm has a fifty day moving average price of $48.05 and a two-hundred day moving average price of $43.41. The company has a market cap of $10.84 billion, a price-to-earnings ratio of 25.58, a PEG ratio of 0.96 and a beta of 0.80. Maplebear Inc. has a one year low of $32.73 and a one year high of $52.68.

Maplebear (NASDAQ:CART - Get Free Report) last released 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 return on equity of 20.19% and a net margin of 11.97%.The firm had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.03 billion. During the same period in the previous year, the company posted $0.41 EPS. The company's revenue for the quarter was up 14.1% compared to the same quarter last year. Equities research analysts expect that Maplebear Inc. will post 2.33 EPS for the current fiscal year.

Insider Activity

In related news, Director Ravi Gupta sold 150,000 shares of the business's stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $50.61, for a total transaction of $7,591,500.00. Following the completion of the transaction, the director directly owned 591,523 shares in the company, valued at $29,936,979.03. The trade was a 20.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Morgan Fong sold 18,390 shares of the company's stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $49.96, for a total value of $918,764.40. Following the completion of the transaction, the insider owned 529,911 shares in the company, valued at $26,474,353.56. This represents a 3.35% 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. 24.00% of the stock is owned by insiders.

Maplebear Profile

Maplebear Inc, doing business as Instacart, operates an online grocery marketplace that connects consumers with retailers and personal shoppers. Through its website and mobile applications, customers can browse products from participating grocery stores, place orders for delivery or pickup, and receive updates throughout the shopping and fulfillment process.

The company provides retailers with technology and services supporting e-commerce, fulfillment, customer engagement and digital advertising.

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