Harbor Capital Advisors Inc. Increases Stake in Maplebear Inc. $CART

Key Points

• Harbor Capital Advisors Inc. increased its holdings in Maplebear Inc. (NASDAQ:CART) by 24.2% in Q2, owning 106,970 shares valued at approximately $4.84 million at the quarter's end.
• Analysts are optimistic about Maplebear's future, with price targets increased by firms like Morgan Stanley and Citigroup, reflecting an average target price of $55.58 and a general rating of "Moderate Buy."
• Maplebear reported earnings of $0.41 EPS for Q2, surpassing estimates, with revenue growth of 11.1% year-over-year and a market capitalization of $12.05 billion.

Harbor Capital Advisors Inc. grew its holdings in Maplebear Inc. (NASDAQ:CART - Free Report) by 24.2% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 106,970 shares of the company's stock after acquiring an additional 20,862 shares during the quarter. Harbor Capital Advisors Inc.'s holdings in Maplebear were worth $4,839,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. CWM LLC grew its position in shares of Maplebear by 35.1% during the 1st quarter. CWM LLC now owns 1,058 shares of the company's stock worth $42,000 after buying an additional 275 shares during the period. Signaturefd LLC grew its holdings in Maplebear by 27.1% during the 1st quarter. Signaturefd LLC now owns 1,335 shares of the company's stock valued at $53,000 after buying an additional 285 shares in the last quarter. Parallel Advisors LLC grew its holdings in shares of Maplebear by 1.3% during the second quarter. Parallel Advisors LLC now owns 25,845 shares of the company's stock worth $1,169,000 after purchasing an additional 321 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in Maplebear by 18.6% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,056 shares of the company's stock worth $82,000 after buying an additional 322 shares in the last quarter. Finally, Wealthspire Advisors LLC lifted its position in Maplebear by 0.5% in the first quarter. Wealthspire Advisors LLC now owns 70,951 shares of the company's stock valued at $2,830,000 after purchasing an additional 334 shares during the last quarter. Institutional investors and hedge funds own 63.09% of the company's stock.

Analyst Ratings Changes

CART has been the subject of several analyst reports. Jefferies Financial Group raised their price target on Maplebear from $50.00 to $55.00 and gave the company a "hold" rating in a report on Monday, August 11th. Barclays increased their price objective on shares of Maplebear from $61.00 to $65.00 and gave the company an "overweight" rating in a report on Friday, August 8th. Wedbush reaffirmed an "underperform" rating and set a $42.00 price objective (down from $55.00) on shares of Maplebear in a research report on Thursday, August 21st. Needham & Company LLC boosted their target price on shares of Maplebear from $56.00 to $66.00 and gave the company a "buy" rating in a research note on Friday, August 8th. Finally, Citigroup increased their target price on Maplebear from $57.00 to $65.00 and gave the company a "buy" rating in a research note on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $55.58.

Maplebear Price Performance

Shares of CART stock traded down $3.90 during trading hours on Friday, hitting $41.50. The stock had a trading volume of 17,155,400 shares, compared to its average volume of 3,910,375. The stock has a market capitalization of $10.93 billion, a price-to-earnings ratio of 23.99, a PEG ratio of 1.39 and a beta of 1.21. The stock's 50-day moving average price is $46.46 and its two-hundred day moving average price is $44.21. Maplebear Inc. has a one year low of $35.14 and a one year high of $53.50.

Maplebear (NASDAQ:CART - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported $0.41 earnings per share for the quarter, topping analysts' consensus estimates of $0.39 by $0.02. The company had revenue of $914.00 million during the quarter, compared to analyst estimates of $896.55 million. Maplebear had a return on equity of 15.69% and a net margin of 13.76%.Maplebear's revenue was up 11.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.20 earnings per share. As a group, equities research analysts predict that Maplebear Inc. will post 1.43 earnings per share for the current fiscal year.

Insider Buying and Selling at Maplebear

In related news, insider Grosvenor L.P. Gcm sold 4,864,272 shares of the company's stock in a transaction on Friday, July 25th. The shares were sold at an average price of $47.75, for a total transaction of $232,268,988.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Daniel Danker sold 10,037 shares of the stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $48.82, for a total transaction of $490,006.34. Following the sale, the insider owned 470,190 shares of the company's stock, valued at $22,954,675.80. This trade represents a 2.09% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 4,973,562 shares of company stock worth $237,668,642. 26.00% of the stock is currently owned by insiders.

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.