Algert Global LLC Purchases 48,142 Shares of Maplebear Inc. $CART

Key Points

• Algert Global LLC significantly increased its holdings in Maplebear Inc. by 72.3% during the 1st quarter, now owning 114,760 shares valued at approximately $4.58 million.
• Various institutional investors including Victory Capital Management and Invesco Ltd. also raised their stakes, indicating strong institutional support with 63.09% of the stock now owned by institutional investors and hedge funds.
• Analysts have boosted price targets for Maplebear, with a consensus target price now at $55.46 and numerous analysts rating the stock as a Moderate Buy.

Algert Global LLC raised its holdings in Maplebear Inc. (NASDAQ:CART - Free Report) by 72.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 114,760 shares of the company's stock after buying an additional 48,142 shares during the quarter. Algert Global LLC's holdings in Maplebear were worth $4,578,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Proathlete Wealth Management LLC bought a new stake in shares of Maplebear in the 1st quarter worth about $26,000. NewEdge Advisors LLC grew its holdings in shares of Maplebear by 277.9% in the 4th quarter. NewEdge Advisors LLC now owns 975 shares of the company's stock worth $40,000 after purchasing an additional 717 shares during the last quarter. UMB Bank n.a. grew 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 purchasing an additional 905 shares during the last quarter. Spire Wealth Management bought a new stake in shares of Maplebear in the 1st quarter worth about $41,000. Finally, CWM LLC grew its holdings 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. Institutional investors own 63.09% of the company's stock.

Insider Buying and Selling at Maplebear

In other news, General Counsel Morgan Fong sold 4,680 shares of the firm's stock in a transaction that occurred on 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 directly owned 452,000 shares of the company's stock, valued at $22,220,320. This trade represents a 1.02% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Levien Meredith A. Kopit sold 4,225 shares of the firm's stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $47.45, for a total transaction of $200,476.25. Following the transaction, the director directly owned 20,829 shares of the company's stock, valued at $988,336.05. This represents a 16.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 4,975,327 shares of company stock worth $237,736,848 in the last quarter. Company insiders own 26.00% of the company's stock.

Maplebear Trading Down 2.6%

Shares of NASDAQ:CART traded down $1.15 during mid-day trading on Friday, reaching $43.37. The stock had a trading volume of 4,823,176 shares, compared to its average volume of 5,749,222. The firm has a market cap of $11.43 billion, a PE ratio of 25.07, a price-to-earnings-growth ratio of 1.49 and a beta of 1.21. The firm has a 50 day simple moving average of $46.88 and a two-hundred day simple moving average of $44.62. Maplebear Inc. has a twelve month low of $33.17 and a twelve month high of $53.50.

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

Wall Street Analyst Weigh In

A number of brokerages have commented on CART. Bank of America increased their price objective on shares of Maplebear from $53.00 to $58.00 and gave the stock a "neutral" rating in a report on Friday, August 8th. Morgan Stanley increased their price objective on shares of Maplebear from $45.00 to $48.00 and gave the stock an "equal weight" rating in a report on Friday, August 15th. Loop Capital increased their price objective on shares of Maplebear from $52.00 to $58.00 and gave the stock a "buy" rating in a report on Monday, May 19th. Wedbush reissued an "underperform" rating and set a $42.00 price objective (down previously from $55.00) on shares of Maplebear in a report on Thursday. Finally, Macquarie restated an "outperform" rating and set a $55.00 target price on shares of Maplebear in a research report on Tuesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $55.63.

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.