Altimeter Capital Management LP Purchases 810,510 Shares of Maplebear Inc. $CART

Key Points

• Altimeter Capital Management LP increased its stake in Maplebear Inc. by 31.9%, becoming its 10th largest holding with approximately 2.7% of its portfolio valued at $133.6 million.
• Several institutional investors, including Vanguard Group Inc. and Victory Capital Management Inc., also boosted their stakes, highlighting growing confidence in the company.
• Maplebear recently reported earnings of $0.41 per share, exceeding expectations, with a revenue of $914 million, marking an 11.1% year-over-year increase.

Altimeter Capital Management LP raised its stake in shares of Maplebear Inc. (NASDAQ:CART - Free Report) by 31.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,348,128 shares of the company's stock after acquiring an additional 810,510 shares during the quarter. Maplebear makes up 2.7% of Altimeter Capital Management LP's portfolio, making the stock its 10th biggest position. Altimeter Capital Management LP owned 1.28% of Maplebear worth $133,557,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently added to or reduced their stakes in the company. Proathlete Wealth Management LLC bought a new position in shares of Maplebear in the 1st quarter worth about $26,000. UMB Bank n.a. increased its holdings in shares of Maplebear by 914.1% in the 1st quarter. UMB Bank n.a. now owns 1,004 shares of the company's stock worth $40,000 after acquiring an additional 905 shares during the period. Brooklyn Investment Group acquired a new position in Maplebear during the 1st quarter valued at about $40,000. Spire Wealth Management acquired a new position in Maplebear during the 1st quarter valued at about $41,000. Finally, CWM LLC grew its stake in shares of Maplebear by 35.1% in the 1st quarter. CWM LLC now owns 1,058 shares of the company's stock worth $42,000 after purchasing an additional 275 shares during the last quarter. 63.09% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages have recently issued reports on CART. Needham & Company LLC lifted their price objective on shares of Maplebear from $56.00 to $66.00 and gave the stock a "buy" rating in a research note on Friday, August 8th. Barclays raised their price target on shares of Maplebear from $61.00 to $65.00 and gave the stock an "overweight" rating in a report on Friday, August 8th. Robert W. Baird cut their price objective on shares of Maplebear from $65.00 to $60.00 and set an "outperform" rating on the stock in a research report on Friday, August 22nd. Loop Capital lifted their price target on shares of Maplebear from $52.00 to $58.00 and gave the company a "buy" rating in a research report on Monday, May 19th. Finally, Bank of America lifted their price target on shares of Maplebear from $53.00 to $58.00 and gave the company a "neutral" rating in a research report on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $55.71.

Maplebear Trading Up 1.9%

Shares of Maplebear stock traded up $0.83 during trading on Friday, reaching $45.29. The company's stock had a trading volume of 4,857,998 shares, compared to its average volume of 5,576,456. The stock has a market capitalization of $11.93 billion, a P/E ratio of 26.18, a price-to-earnings-growth ratio of 1.52 and a beta of 1.21. Maplebear Inc. has a one year low of $33.17 and a one year high of $53.50. The stock has a 50-day moving average price of $46.85 and a two-hundred day moving average price of $44.14.

Maplebear (NASDAQ:CART - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.39 by $0.02. The firm had revenue of $914.00 million during the quarter, compared to analysts' expectations of $896.55 million. Maplebear had a return on equity of 15.69% and a net margin of 13.76%.The company's quarterly revenue was up 11.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.20 EPS. As a group, sell-side analysts anticipate that Maplebear Inc. will post 1.43 EPS for the current fiscal year.

Insider Transactions at Maplebear

In other Maplebear news, insider Grosvenor L.P. Gcm sold 4,864,272 shares of the business's stock in a transaction dated Friday, July 25th. The stock was sold at an average price of $47.75, for a total transaction of $232,268,988.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Fidji Simo sold 6,640 shares of the business's stock in a transaction dated Wednesday, July 23rd. The stock was sold at an average price of $50.00, for a total value of $332,000.00. Following the sale, the chief executive officer directly owned 1,958,805 shares of the company's stock, valued at $97,940,250. This represents a 0.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 4,971,102 shares of company stock valued at $237,536,372. 26.00% of the stock is owned by company insiders.

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.