Invenomic Capital Management LP Has $15.68 Million Stake in Maplebear Inc. $CART

Key Points

• Invenomic Capital Management LP increased its stake in Maplebear Inc. to approximately $15.68 million, growing its holdings by 11.7% in Q1 2023.
• Significant institutional interest is evident, with Vanguard Group and Victory Capital Management among other investors increasing their stakes in the company during the same period.
• Wall Street analysts are optimistic, as Maplebear has been given multiple upgraded price targets, with Barclays raising its target to $65.00 and maintaining an "overweight" rating.

Invenomic Capital Management LP grew its position in Maplebear Inc. (NASDAQ:CART - Free Report) by 11.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 392,995 shares of the company's stock after purchasing an additional 41,021 shares during the quarter. Invenomic Capital Management LP owned about 0.15% of Maplebear worth $15,677,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in shares of Maplebear by 3.4% in the first quarter. Vanguard Group Inc. now owns 16,514,830 shares of the company's stock valued at $658,777,000 after buying an additional 546,472 shares during the period. Victory Capital Management Inc. lifted its stake in Maplebear by 62.8% during the first 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. T. Rowe Price Investment Management Inc. lifted its stake in Maplebear by 10.2% during the first quarter. T. Rowe Price Investment Management Inc. now owns 5,226,979 shares of the company's stock worth $208,505,000 after purchasing an additional 482,327 shares during the last quarter. Altimeter Capital Management LP lifted its stake in Maplebear by 31.9% during the first quarter. Altimeter Capital Management LP now owns 3,348,128 shares of the company's stock worth $133,557,000 after purchasing an additional 810,510 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. lifted its stake in Maplebear by 85.0% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 3,081,847 shares of the company's stock worth $127,650,000 after purchasing an additional 1,416,426 shares during the last quarter. 63.09% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

CART has been the subject of a number of research reports. Barclays increased their price target on Maplebear from $61.00 to $65.00 and gave the company an "overweight" rating in a research note on Friday, August 8th. Sanford C. Bernstein increased their price target on Maplebear from $55.00 to $60.00 and gave the company an "outperform" rating in a research note on Monday, July 21st. Stifel Nicolaus increased their price target on Maplebear from $55.00 to $64.00 and gave the company a "buy" rating in a research note on Friday, August 8th. Loop Capital increased their price target on Maplebear from $52.00 to $58.00 and gave the company a "buy" rating in a research note on Monday, May 19th. Finally, Wall Street Zen raised Maplebear from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Maplebear presently has an average rating of "Moderate Buy" and a consensus target price of $55.63.

Maplebear Trading Up 0.1%

Maplebear stock opened at $44.46 on Friday. Maplebear Inc. has a 12 month low of $33.17 and a 12 month high of $53.50. The business's 50 day simple moving average is $46.84 and its 200 day simple moving average is $44.24. The company has a market cap of $11.71 billion, a price-to-earnings ratio of 25.70, a PEG ratio of 1.49 and a beta of 1.21.

Maplebear (NASDAQ:CART - Get Free Report) last posted its quarterly earnings data 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 return on equity of 15.69% and a net margin of 13.76%.The business had revenue of $914.00 million for the quarter, compared to the consensus estimate of $896.55 million. During the same quarter in the prior year, the business earned $0.20 earnings per share. Maplebear's revenue for the quarter was up 11.1% on a year-over-year basis. As a group, equities research analysts forecast that Maplebear Inc. will post 1.43 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Grosvenor L.P. Gcm sold 4,864,272 shares of the stock in a transaction on Friday, July 25th. The stock was sold at an average price of $47.75, for a total value of $232,268,988.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, General Counsel Morgan Fong sold 4,680 shares of the stock in a transaction on Monday, July 21st. The stock was sold at an average price of $49.16, for a total value of $230,068.80. Following the completion of the sale, the general counsel owned 452,000 shares in the company, valued at $22,220,320. This trade represents a 1.02% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 4,971,102 shares of company stock worth $237,536,372. Insiders own 26.00% of the company's stock.

About Maplebear

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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