Kerrisdale Advisers LLC Sells 28,910 Shares of Maplebear Inc. $CART

Key Points

• Kerrisdale Advisers cut its Maplebear stake by 30.8% in the second quarter, selling 28,910 shares and retaining 65,106 shares valued at approximately $3.08 million.
• Analysts remain broadly bullish on CART, with a consensus “Moderate Buy” rating and a $55.90 price target; Cantor Fitzgerald and Benchmark raised their targets to $63.
• Maplebear reported quarterly revenue of $1.04 billion, up 14.1% year over year, but earnings per share of $0.45 fell short of the $0.54 analyst consensus. Insiders have also sold $16.0 million worth of shares over the past 90 days.

Kerrisdale Advisers LLC cut its stake in Maplebear Inc. (NASDAQ:CART - Free Report) by 30.8% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 65,106 shares of the company's stock after selling 28,910 shares during the quarter. Maplebear accounts for about 0.8% of Kerrisdale Advisers LLC's investment portfolio, making the stock its 26th largest holding. Kerrisdale Advisers LLC's holdings in Maplebear were worth $3,083,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in CART. Allworth Financial LP boosted its holdings in Maplebear by 35.7% in the third quarter. Allworth Financial LP now owns 928 shares of the company's stock worth $34,000 after purchasing an additional 244 shares during the last quarter. Smartleaf Asset Management LLC grew its position in Maplebear by 9.6% in the 2nd quarter. Smartleaf Asset Management LLC now owns 2,978 shares of the company's stock worth $134,000 after purchasing an additional 261 shares during the period. Rafferty Asset Management LLC raised its stake in Maplebear by 2.5% during the 2nd quarter. Rafferty Asset Management LLC now owns 11,000 shares of the company's stock valued at $498,000 after buying an additional 273 shares during the last quarter. Crossmark Global Holdings Inc. raised its stake in Maplebear by 5.0% during the 3rd quarter. Crossmark Global Holdings Inc. now owns 6,423 shares of the company's stock valued at $236,000 after buying an additional 304 shares during the last quarter. Finally, Aviva PLC lifted its holdings in shares of Maplebear by 3.9% during the 4th quarter. Aviva PLC now owns 11,279 shares of the company's stock valued at $507,000 after buying an additional 424 shares during the period. 63.09% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CART has been the subject of a number of research reports. Cantor Fitzgerald upped their price objective on Maplebear from $56.00 to $63.00 and gave the company an "overweight" rating in a research report on Friday, August 7th. Wedbush initiated coverage on Maplebear in a research report on Thursday, July 16th. They issued an "outperform" rating and a $59.00 target price on the stock. Benchmark boosted their price target on Maplebear from $55.00 to $63.00 and gave the company a "buy" rating in a research note on Friday, August 7th. Weiss Ratings restated a "hold (c)" rating on shares of Maplebear in a research note on Friday, August 7th. Finally, JPMorgan Chase & Co. upped their price target on shares of Maplebear from $55.00 to $62.00 and gave the company an "overweight" rating in a research report on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $55.90.

Maplebear Price Performance

NASDAQ CART opened at $50.54 on Monday. Maplebear Inc. has a 52 week low of $32.73 and a 52 week high of $52.05. The company has a market capitalization of $11.70 billion, a P/E ratio of 27.62, a price-to-earnings-growth ratio of 0.74 and a beta of 0.78. The stock's 50-day moving average price is $47.35 and its 200-day moving average price is $42.24.

Maplebear (NASDAQ:CART - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported $0.45 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.54 by ($0.09). The company had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.03 billion. Maplebear had a net margin of 11.97% and a return on equity of 20.19%. The company's revenue was up 14.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.41 earnings per share. Research analysts anticipate that Maplebear Inc. will post 2.33 EPS for the current year.

Insider Activity at Maplebear

In other Maplebear news, insider Morgan Fong sold 18,390 shares of Maplebear stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $49.96, for a total transaction of $918,764.40. Following the transaction, the insider owned 529,911 shares of the company's stock, valued at $26,474,353.56. The trade was a 3.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ravi Gupta sold 181,000 shares of the company's stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $41.51, for a total transaction of $7,513,310.00. Following the completion of the transaction, the director owned 741,523 shares of the company's stock, valued at approximately $30,780,619.73. The trade was a 19.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 349,390 shares of company stock worth $16,023,574 in the last ninety days. Insiders own 24.00% of the company's stock.

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.

Want to see what other hedge funds are holding CART? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Maplebear Inc. (NASDAQ:CART - Free Report).

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