Maplebear Inc. $CART Shares Purchased by Fifth Third Bancorp

Key Points

• Fifth Third Bancorp massively increased its stake in Maplebear (Instacart), boosting holdings by 3,956% in the first quarter to 43,115 shares worth about $1.6 million.
• Other institutional investors have also been active in the stock, and hedge funds/institutions now own 63.09% of Maplebear shares.
• Analyst sentiment is generally positive, with several recent upgrades and a Moderate Buy consensus target price of $51.48, while the stock last traded at $42.53 after reporting mixed quarterly results.

Fifth Third Bancorp increased its holdings in shares of Maplebear Inc. (NASDAQ:CART - Free Report) by 3,956.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 43,115 shares of the company's stock after buying an additional 42,052 shares during the period. Fifth Third Bancorp's holdings in Maplebear were worth $1,615,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Viking Global Investors LP acquired a new stake in shares of Maplebear in the second quarter valued at $169,782,000. Marshall Wace LLP purchased a new stake in Maplebear during the 4th quarter worth about $126,206,000. Norges Bank acquired a new stake in Maplebear in the 4th quarter valued at about $97,221,000. Dimensional Fund Advisors LP boosted its stake in shares of Maplebear by 114.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,792,673 shares of the company's stock valued at $170,594,000 after buying an additional 2,026,567 shares during the period. Finally, Jacobs Levy Equity Management Inc. grew its position in shares of Maplebear by 401.4% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 2,281,452 shares of the company's stock worth $102,620,000 after buying an additional 1,826,402 shares in the last quarter. Hedge funds and other institutional investors own 63.09% of the company's stock.

Insider Transactions at Maplebear

In other Maplebear news, 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 sale, the director directly owned 741,523 shares of the company's stock, valued at $30,780,619.73. This represents a 19.62% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 24.00% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Jefferies Financial Group upgraded shares of Maplebear from a "hold" rating to a "buy" rating and lifted their price target for the stock from $38.00 to $45.00 in a research note on Monday, March 30th. Raymond James Financial raised Maplebear from a "hold" rating to a "moderate buy" rating in a report on Thursday, April 9th. Wall Street Zen raised Maplebear from a "hold" rating to a "buy" rating in a report on Saturday, July 18th. Weiss Ratings raised Maplebear from a "hold (c-)" rating to a "hold (c)" rating in a research report on Monday, May 11th. Finally, Barclays boosted their target price on Maplebear from $65.00 to $69.00 and gave the stock an "overweight" rating in a research note on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $51.48.

Maplebear Price Performance

Shares of Maplebear stock opened at $42.53 on Friday. The firm's fifty day simple moving average is $43.93 and its 200-day simple moving average is $40.63. Maplebear Inc. has a 12 month low of $32.73 and a 12 month high of $53.50. The stock has a market capitalization of $10.00 billion, a price-to-earnings ratio of 23.76, a PEG ratio of 0.61 and a beta of 0.75.

Maplebear (NASDAQ:CART - Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $0.57 earnings per share for the quarter, missing analysts' consensus estimates of $0.58 by ($0.01). The business had revenue of $1.02 billion for the quarter, compared to analyst estimates of $1.01 billion. Maplebear had a return on equity of 18.67% and a net margin of 12.50%.The firm's revenue for the quarter was up 13.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.37 EPS. Analysts anticipate that Maplebear Inc. will post 2.46 earnings per share for the current year.

Maplebear Profile

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.

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