Junto Capital Management LP Makes New $28.57 Million Investment in Maplebear Inc. $CART

Key Points

• Junto Capital Management LP invested approximately $28.57 million in Maplebear Inc. (NASDAQ:CART), acquiring 716,229 shares during the first quarter.
• Maplebear's revenue increased by 11.1% year-over-year for the latest quarter, hitting $914 million and beating analyst expectations.
• Analysts have a consensus rating of "Moderate Buy" for Maplebear, with an average target price of $55.63, following several upgrades from major brokerages.

Junto Capital Management LP acquired a new stake in Maplebear Inc. (NASDAQ:CART - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 716,229 shares of the company's stock, valued at approximately $28,570,000. Junto Capital Management LP owned 0.27% of Maplebear as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Kingdon Capital Management L.L.C. lifted its holdings in shares of Maplebear by 3.1% in the 1st quarter. Kingdon Capital Management L.L.C. now owns 330,000 shares of the company's stock valued at $13,164,000 after buying an additional 10,000 shares during the period. Magnetar Financial LLC purchased a new position in Maplebear during the first quarter worth approximately $206,000. Shannon River Fund Management LLC boosted its position in Maplebear by 0.3% during the first quarter. Shannon River Fund Management LLC now owns 415,484 shares of the company's stock worth $16,574,000 after purchasing an additional 1,419 shares in the last quarter. State of Wyoming boosted its position in Maplebear by 10.5% during the first quarter. State of Wyoming now owns 9,534 shares of the company's stock worth $380,000 after purchasing an additional 906 shares in the last quarter. Finally, Champlain Investment Partners LLC purchased a new position in Maplebear during the first quarter worth approximately $52,333,000. Institutional investors and hedge funds own 63.09% of the company's stock.

Maplebear Price Performance

Shares of NASDAQ:CART traded down $0.26 during midday trading on Thursday, hitting $44.16. The company had a trading volume of 2,027,715 shares, compared to its average volume of 4,357,095. Maplebear Inc. has a twelve month low of $33.17 and a twelve month high of $53.50. The stock has a market cap of $11.63 billion, a price-to-earnings ratio of 25.54, a price-to-earnings-growth ratio of 1.45 and a beta of 1.21. The business's 50-day simple moving average is $46.85 and its 200-day simple moving average is $44.28.

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 return on equity of 15.69% and a net margin of 13.76%.The firm had revenue of $914.00 million during the quarter, compared to analysts' expectations of $896.55 million. During the same quarter last year, the firm earned $0.20 earnings per share. The business's revenue for the quarter was up 11.1% on a year-over-year basis. As a group, sell-side analysts forecast that Maplebear Inc. will post 1.43 EPS for the current year.

Analyst Ratings Changes

A number of brokerages have issued reports on CART. Jefferies Financial Group increased their price target on Maplebear from $50.00 to $55.00 and gave the stock a "hold" rating in a research report on Monday, August 11th. Loop Capital increased their price target on Maplebear from $52.00 to $58.00 and gave the stock a "buy" rating in a research report on Monday, May 19th. Citigroup increased their price target on Maplebear from $57.00 to $65.00 and gave the stock a "buy" rating in a research report on Friday, August 8th. JMP Securities increased their price target on Maplebear from $55.00 to $60.00 and gave the stock a "market outperform" rating in a research report on Friday, August 8th. Finally, Bank of America increased their target price on Maplebear from $53.00 to $58.00 and gave the company a "neutral" rating in a 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 issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $55.63.

Insider Activity

In other Maplebear news, CEO Fidji Simo sold 66,560 shares of the business's stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $50.01, for a total value of $3,328,665.60. Following the transaction, the chief executive officer directly owned 1,965,445 shares in the company, valued at $98,291,904.45. The trade was a 3.28% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, General Counsel Morgan Fong sold 4,680 shares of the business's stock in a transaction dated Monday, July 21st. The shares were sold at an average price of $49.16, for a total transaction of $230,068.80. Following the completion of the transaction, the general counsel owned 452,000 shares in the company, valued at $22,220,320. The trade was a 1.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 4,971,102 shares of company stock valued at $237,536,372. Company insiders own 26.00% of the company's stock.

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.