Hsbc Holdings PLC Makes New Investment in Maplebear Inc. $CART

Key Points

• Hsbc Holdings PLC has acquired a new position in Maplebear Inc. by purchasing 59,443 shares valued at approximately $2,348,000.
• Several institutional investors, including Vanguard Group and Victory Capital Management, have modified their holdings in Maplebear, reflecting a trend of increasing investment interest.
• Analysts have varying opinions on Maplebear's stock, with ratings ranging from "Strong Buy" to "Underperform," and an average target price set at $55.63.

Hsbc Holdings PLC bought a new stake in Maplebear Inc. (NASDAQ:CART - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 59,443 shares of the company's stock, valued at approximately $2,348,000.

Several other hedge funds and other institutional investors have also made changes to their positions in CART. Envestnet Asset Management Inc. grew its stake in shares of Maplebear by 35.0% in the fourth quarter. Envestnet Asset Management Inc. now owns 13,628 shares of the company's stock valued at $564,000 after buying an additional 3,532 shares in the last quarter. NewEdge Advisors LLC grew its stake in shares of Maplebear by 277.9% in the fourth quarter. NewEdge Advisors LLC now owns 975 shares of the company's stock valued at $40,000 after buying an additional 717 shares in the last quarter. Stifel Financial Corp grew its stake in shares of Maplebear by 8.0% in the fourth quarter. Stifel Financial Corp now owns 27,602 shares of the company's stock valued at $1,143,000 after buying an additional 2,041 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Maplebear by 25.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,221,676 shares of the company's stock valued at $50,603,000 after buying an additional 249,259 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its stake in shares of Maplebear by 2.0% in the fourth quarter. The Manufacturers Life Insurance Company now owns 49,158 shares of the company's stock valued at $2,036,000 after buying an additional 954 shares in the last quarter. 63.09% of the stock is owned by institutional investors.

Maplebear Price Performance

CART stock traded down $0.48 during midday trading on Monday, reaching $43.37. The company had a trading volume of 3,111,388 shares, compared to its average volume of 5,852,252. The company has a market capitalization of $11.43 billion, a price-to-earnings ratio of 25.07, a price-to-earnings-growth ratio of 1.45 and a beta of 1.22. The stock has a 50 day moving average price of $46.86 and a 200-day moving average price of $44.34. Maplebear Inc. has a 1-year low of $33.17 and a 1-year high of $53.50.

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 analysts' consensus estimates of $0.39 by $0.02. The business had revenue of $914.00 million during the quarter, compared to the consensus estimate of $896.55 million. Maplebear had a return on equity of 15.69% and a net margin of 13.76%.Maplebear's revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.20 earnings per share. As a group, research analysts anticipate that Maplebear Inc. will post 1.43 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms have commented on CART. Wall Street Zen raised shares of Maplebear from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Stifel Nicolaus lifted their price objective on shares of Maplebear from $55.00 to $64.00 and gave the stock a "buy" rating in a research report on Friday, August 8th. Wedbush reaffirmed an "underperform" rating and set a $42.00 price objective (down from $55.00) on shares of Maplebear in a research report on Thursday, August 21st. Barclays lifted their price objective 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. Finally, Wells Fargo & Company lifted their price objective on shares of Maplebear from $47.00 to $55.00 and gave the stock an "equal weight" rating in a research report on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Maplebear currently has a consensus rating of "Moderate Buy" and a consensus target price of $55.63.

Insiders Place Their Bets

In related news, insider Daniel Danker sold 10,037 shares of the business's 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 completion of the transaction, the insider owned 470,190 shares of the company's stock, valued at $22,954,675.80. The trade was a 2.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Levien Meredith A. Kopit sold 4,225 shares of the business's stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $47.45, for a total value of $200,476.25. Following the completion of the transaction, the director directly owned 20,829 shares of the company's stock, valued at approximately $988,336.05. This trade represents a 16.86% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 4,975,327 shares of company stock valued at $237,736,848 over the last 90 days. 26.00% of the stock is owned by company insiders.

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.