Ieq Capital LLC Takes $4.86 Million Position in Maplebear Inc. $CART

Key Points

• Ieq Capital acquired 102,632 Maplebear shares in the second quarter, worth approximately $4.86 million. Institutional investors collectively own 63.09% of the company.
• Maplebear reported quarterly revenue of $1.04 billion, up 14.1% year over year, but earnings per share of $0.45 missed analysts’ $0.54 estimate.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $55.90, while director Ravi Gupta sold 150,000 shares for about $7.6 million.

Ieq Capital LLC purchased a new position in shares of Maplebear Inc. (NASDAQ:CART - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 102,632 shares of the company's stock, valued at approximately $4,860,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Heron Bay Capital Management acquired a new position in Maplebear during the second quarter worth about $2,934,000. Paralel Advisors LLC acquired a new stake in shares of Maplebear in the second quarter valued at approximately $33,145,000. Allworth Financial LP purchased a new position in shares of Maplebear during the 2nd quarter worth approximately $62,000. Virtus Advisers LLC purchased a new position in shares of Maplebear during the 2nd quarter worth approximately $262,000. Finally, Nierenberg Investment Management Company LLC acquired a new position in shares of Maplebear during the 2nd quarter worth approximately $13,820,897,000. 63.09% of the stock is currently owned by hedge funds and other institutional investors.

Maplebear Stock Performance

Shares of CART opened at $49.83 on Monday. Maplebear Inc. has a 1 year low of $32.73 and a 1 year high of $51.81. The company's 50 day simple moving average is $46.61 and its 200 day simple moving average is $41.69. The company has a market capitalization of $11.54 billion, a price-to-earnings ratio of 27.23, a PEG ratio of 0.73 and a beta of 0.78.

Maplebear (NASDAQ:CART - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported $0.45 EPS 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 analysts' expectations of $1.03 billion. During the same period in the previous year, the firm posted $0.41 earnings per share. The firm's revenue was up 14.1% on a year-over-year basis. Equities analysts expect that Maplebear Inc. will post 2.33 EPS for the current fiscal year.

Wall Street Analyst Weigh In

CART has been the topic of a number of recent research reports. Wall Street Zen lowered Maplebear from a "buy" rating to a "hold" rating in a research note on Saturday, August 8th. Citizens Jmp reissued a "market outperform" rating and issued a $60.00 price target on shares of Maplebear in a report on Monday, June 15th. Wells Fargo & Company upped their price objective on Maplebear from $47.00 to $54.00 and gave the company an "equal weight" rating in a research report on Friday, August 7th. JPMorgan Chase & Co. increased their price objective on Maplebear from $55.00 to $62.00 and gave the company an "overweight" rating in a research note on Friday, August 7th. Finally, Citigroup increased their price objective on Maplebear from $50.00 to $58.00 and gave the company a "buy" rating in a research note on Monday, August 10th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and eight have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $55.90.

Insider Activity at Maplebear

In other news, Director Ravi Gupta sold 150,000 shares of Maplebear stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $50.61, for a total value of $7,591,500.00. Following the completion of the sale, the director owned 591,523 shares of the company's stock, valued at $29,936,979.03. The trade was a 20.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 24.00% of the stock is currently owned by corporate insiders.

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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