Hodges Capital Management Inc. Sells 26,950 Shares of Maplebear Inc. $CART

Key Points

• Hodges Capital Management Inc. reduced its stake in Maplebear Inc. by 58.7%, selling 26,950 shares and holding 18,950 shares valued at $756,000 as of its latest SEC filing.
• Significant increases in holdings were noted among other investors, with Principal Financial Group Inc. raising its stake by 4,154.7% to become one of the largest shareholders with 372,581 shares worth $14.86 million.
• Analysts have generally positive outlooks on Maplebear, with a consensus target price of $55.71 and many analysts upgrading their ratings, reflecting increased confidence in the stock's performance.

Hodges Capital Management Inc. reduced its holdings in shares of Maplebear Inc. (NASDAQ:CART - Free Report) by 58.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 18,950 shares of the company's stock after selling 26,950 shares during the quarter. Hodges Capital Management Inc.'s holdings in Maplebear were worth $756,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Proathlete Wealth Management LLC purchased a new stake in Maplebear in the first quarter worth $26,000. UMB Bank n.a. increased its position in Maplebear by 914.1% in the first quarter. UMB Bank n.a. now owns 1,004 shares of the company's stock worth $40,000 after buying an additional 905 shares during the last quarter. Brooklyn Investment Group purchased a new stake in Maplebear in the first quarter worth $40,000. Spire Wealth Management purchased a new stake in Maplebear in the first quarter worth $41,000. Finally, CWM LLC increased its position in Maplebear by 35.1% in the first quarter. CWM LLC now owns 1,058 shares of the company's stock worth $42,000 after buying an additional 275 shares during the last quarter. 63.09% of the stock is currently owned by institutional investors.

Maplebear Stock Up 0.0%

NASDAQ:CART traded up $0.02 during trading hours on Monday, hitting $46.38. 4,292,266 shares of the company's stock traded hands, compared to its average volume of 4,192,443. The firm has a market cap of $12.22 billion, a P/E ratio of 26.81, a P/E/G ratio of 1.55 and a beta of 1.21. Maplebear Inc. has a 52 week low of $35.14 and a 52 week high of $53.50. The business's fifty day simple moving average is $46.77 and its two-hundred day simple moving average is $44.09.

Maplebear (NASDAQ:CART - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.02. The company had revenue of $914.00 million during the quarter, compared to analyst estimates of $896.55 million. Maplebear had a return on equity of 15.69% and a net margin of 13.76%.The firm's quarterly revenue was up 11.1% on a year-over-year basis. During the same quarter last year, the company earned $0.20 earnings per share. On average, analysts expect that Maplebear Inc. will post 1.43 EPS for the current year.

Insiders Place Their Bets

In other Maplebear news, insider Grosvenor L.P. Gcm sold 4,864,272 shares of Maplebear stock in a transaction dated Friday, July 25th. The stock was sold at an average price of $47.75, for a total transaction of $232,268,988.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Daniel Danker sold 10,037 shares of Maplebear stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $48.82, for a total value of $490,006.34. Following the sale, the insider directly owned 470,190 shares of the company's stock, valued at approximately $22,954,675.80. This trade represents a 2.09% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 4,971,102 shares of company stock worth $237,536,372 over the last three months. Corporate insiders own 26.00% of the company's stock.

Analyst Upgrades and Downgrades

CART has been the subject of a number of recent research reports. Wells Fargo & Company raised their target price on Maplebear from $55.00 to $57.00 and gave the stock an "equal weight" rating in a research report on Friday, September 5th. Needham & Company LLC raised their target price on Maplebear from $56.00 to $66.00 and gave the stock a "buy" rating in a research report on Friday, August 8th. Morgan Stanley raised their target price on Maplebear from $45.00 to $48.00 and gave the stock an "equal weight" rating in a research report on Friday, August 15th. Wedbush reissued an "underperform" rating and issued a $42.00 target price (down from $55.00) on shares of Maplebear in a research report on Thursday, August 21st. Finally, JMP Securities lifted their price target on Maplebear from $55.00 to $60.00 and gave the company a "market outperform" rating in a research report on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Maplebear has a consensus rating of "Moderate Buy" and an average target price of $55.71.

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.