HS Management Partners LLC Makes New Investment in Maplebear Inc. $CART

Key Points

• HS Management Partners LLC invested approximately $15.7 million in Maplebear Inc. by acquiring 346,800 shares, making it the firm's 24th largest holding.
• Maplebear reported a quarterly earnings per share (EPS) of $0.41, exceeding estimates by $0.02, and achieved a revenue of $914 million, a year-over-year increase of 11.1%.
• Several institutions increased their holdings in Maplebear, with Victory Capital Management boosting its stake by 62.8%, amounting to over $293 million worth of shares.

HS Management Partners LLC purchased a new position in shares of Maplebear Inc. (NASDAQ:CART - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 346,800 shares of the company's stock, valued at approximately $15,689,000. Maplebear comprises approximately 1.3% of HS Management Partners LLC's investment portfolio, making the stock its 24th largest holding. HS Management Partners LLC owned 0.13% of Maplebear at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of CART. Victory Capital Management Inc. boosted its stake in shares of Maplebear by 62.8% during the 1st quarter. Victory Capital Management Inc. now owns 7,368,232 shares of the company's stock worth $293,919,000 after purchasing an additional 2,841,559 shares during the last quarter. Champlain Investment Partners LLC acquired a new stake in shares of Maplebear during the 1st quarter worth about $52,333,000. Westfield Capital Management Co. LP acquired a new stake in shares of Maplebear during the 1st quarter worth about $48,639,000. Invesco Ltd. boosted its stake in shares of Maplebear by 82.5% during the 1st quarter. Invesco Ltd. now owns 2,575,624 shares of the company's stock worth $102,742,000 after purchasing an additional 1,164,702 shares during the last quarter. Finally, Clark Capital Management Group Inc. acquired a new stake in shares of Maplebear during the 1st quarter worth about $39,233,000. 63.09% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Maplebear

In related news, insider Grosvenor L.P. Gcm sold 4,864,272 shares of the firm's stock in a transaction that occurred on Friday, July 25th. The shares were sold at an average price of $47.75, for a total value of $232,268,988.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, 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 transaction 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. The trade was a 2.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 4,986,367 shares of company stock valued at $238,211,261 in the last three months. 26.00% of the stock is owned by company insiders.

Maplebear Stock Performance

NASDAQ CART opened at $42.32 on Friday. Maplebear Inc. has a one year low of $35.14 and a one year high of $53.50. The company's 50 day moving average price is $45.85 and its 200 day moving average price is $44.31. The firm has a market capitalization of $11.15 billion, a price-to-earnings ratio of 24.46, a PEG ratio of 1.42 and a beta of 1.21.

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

Wall Street Analyst Weigh In

Several research firms have issued reports on CART. Wall Street Zen raised shares of Maplebear from a "hold" rating to a "buy" rating in a research note on Sunday, September 21st. JMP Securities raised their target price on shares of Maplebear from $55.00 to $60.00 and gave the stock a "market outperform" rating in a research report on Friday, August 8th. Barclays raised their target price on shares of Maplebear from $61.00 to $65.00 and gave the stock an "overweight" rating in a research report on Friday, August 8th. 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, Citigroup raised their target price on shares of Maplebear from $57.00 to $65.00 and gave the stock a "buy" 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, seven have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $55.25.

Maplebear Company 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.

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