Maplebear Inc. $CART Shares Sold by Generate Investment Management Ltd

Key Points

• Generate Investment Management Ltd cut its Maplebear stake by 76.6% in the first quarter, selling 490,500 shares and leaving it with 150,000 shares valued at about $5.6 million.
• Maplebear’s latest earnings showed EPS of $0.57, just below estimates, while revenue came in at $1.02 billion, topping expectations and rising 13.6% year over year.
• Analysts remain fairly constructive on CART, with an average rating of “Moderate Buy” and a consensus price target of $51.09, even as insider selling and mixed recent trading activity continue to draw attention.

Generate Investment Management Ltd trimmed its stake in shares of Maplebear Inc. (NASDAQ:CART - Free Report) by 76.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 150,000 shares of the company's stock after selling 490,500 shares during the quarter. Generate Investment Management Ltd owned approximately 0.06% of Maplebear worth $5,619,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. raised its stake in Maplebear by 27.8% during the third quarter. JPMorgan Chase & Co. now owns 1,328,968 shares of the company's stock valued at $48,853,000 after buying an additional 288,839 shares in the last quarter. Kingdon Capital Management L.L.C. lifted its holdings in Maplebear by 40.6% during the 3rd quarter. Kingdon Capital Management L.L.C. now owns 450,000 shares of the company's stock worth $16,542,000 after buying an additional 130,000 shares during the last quarter. US Bancorp DE grew its position in shares of Maplebear by 17.0% in the 4th quarter. US Bancorp DE now owns 437,658 shares of the company's stock worth $19,686,000 after acquiring an additional 63,666 shares in the last quarter. Ruffer LLP acquired a new position in shares of Maplebear in the 4th quarter worth approximately $2,567,000. Finally, Counterpoint Mutual Funds LLC bought a new stake in shares of Maplebear in the 3rd quarter valued at approximately $2,239,000. 63.09% of the stock is owned by institutional investors and hedge funds.

Maplebear Trading Down 0.6%

CART opened at $44.27 on Tuesday. The business's 50 day moving average is $41.44 and its 200-day moving average is $40.33. The stock has a market cap of $10.40 billion, a PE ratio of 24.73, a price-to-earnings-growth ratio of 0.61 and a beta of 0.88. Maplebear Inc. has a twelve month low of $32.73 and a twelve month high of $53.50.

Maplebear (NASDAQ:CART - Get Free Report) last posted its earnings results on Wednesday, May 6th. The company reported $0.57 EPS for the quarter, missing the consensus estimate of $0.58 by ($0.01). Maplebear had a net margin of 12.50% and a return on equity of 18.67%. The business had revenue of $1.02 billion during the quarter, compared to analyst estimates of $1.01 billion. During the same quarter in the prior year, the business earned $0.37 earnings per share. The firm's revenue was up 13.6% compared to the same quarter last year. As a group, analysts forecast that Maplebear Inc. will post 2.45 EPS for the current year.

Insider Transactions at Maplebear

In other news, CAO Lisa Blackwood-Kapral sold 9,390 shares of the business's stock in a transaction on Wednesday, April 15th. The stock was sold at an average price of $40.25, for a total value of $377,947.50. Following the sale, the chief accounting officer owned 58,971 shares of the company's stock, valued at approximately $2,373,582.75. The trade was a 13.74% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 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 dated Tuesday, June 2nd. The shares were 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. The trade was a 19.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 24.00% of the stock is owned by insiders.

Analysts Set New Price Targets

CART has been the topic of several research reports. Jefferies Financial Group raised Maplebear from a "hold" rating to a "buy" rating and upped their price target for the company from $38.00 to $45.00 in a research report on Monday, March 30th. Raymond James Financial raised shares of Maplebear from a "hold" rating to a "moderate buy" rating in a report on Thursday, April 9th. Barclays boosted their target price on shares of Maplebear from $65.00 to $69.00 and gave the company an "overweight" rating in a research note on Thursday, May 7th. Needham & Company LLC restated a "buy" rating and issued a $55.00 price target on shares of Maplebear in a research report on Thursday, May 7th. Finally, Citizens Jmp reaffirmed a "market outperform" rating and issued a $60.00 price target on shares of Maplebear in a report on Monday, June 15th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $51.09.

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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