Russell Investments Group Ltd. Cuts Stake in Maplebear Inc. $CART

Key Points

• Russell Investments Group Ltd. has significantly reduced its stake in Maplebear Inc. by 71.9%, now holding 181,046 shares valued at $7.22 million.
• Maplebear's stock has shown a positive trend with a 1.3% increase recently and a market capitalization of $12.25 billion.
• The company reported $914 million in revenue last quarter, surpassing analysts' expectations and marking an 11.1% year-over-year increase in revenue.

Russell Investments Group Ltd. reduced its position in Maplebear Inc. (NASDAQ:CART - Free Report) by 71.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 181,046 shares of the company's stock after selling 463,034 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.07% of Maplebear worth $7,222,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in the company. Principal Financial Group Inc. grew its stake in shares of Maplebear by 4,154.7% during the 1st quarter. Principal Financial Group Inc. now owns 372,581 shares of the company's stock worth $14,862,000 after acquiring an additional 363,824 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in Maplebear by 18.6% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,056 shares of the company's stock worth $82,000 after purchasing an additional 322 shares during the period. Cambridge Investment Research Advisors Inc. boosted its position in Maplebear by 7.6% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 6,166 shares of the company's stock worth $246,000 after purchasing an additional 433 shares during the period. Golden State Wealth Management LLC increased its stake in shares of Maplebear by 100.0% in the first quarter. Golden State Wealth Management LLC now owns 1,066 shares of the company's stock worth $43,000 after purchasing an additional 533 shares in the last quarter. Finally, New York State Teachers Retirement System raised its position in shares of Maplebear by 542.8% in the first quarter. New York State Teachers Retirement System now owns 101,720 shares of the company's stock valued at $4,058,000 after purchasing an additional 85,896 shares during the period. 63.09% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts recently commented on the stock. Wedbush restated an "underperform" rating and set a $42.00 price target (down from $55.00) on shares of Maplebear in a research note on Thursday. Morgan Stanley increased their target price on Maplebear from $45.00 to $48.00 and gave the stock an "equal weight" rating in a research report on Friday, August 15th. Sanford C. Bernstein lifted their price target on Maplebear from $55.00 to $60.00 and gave the company an "outperform" rating in a research report on Monday, July 21st. Barclays boosted their price objective on Maplebear from $61.00 to $65.00 and gave the company an "overweight" rating in a research note on Friday, August 8th. Finally, Bank of America increased their price objective on Maplebear from $53.00 to $58.00 and gave the stock a "neutral" rating in a report on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Maplebear presently has an average rating of "Moderate Buy" and an average target price of $55.63.

Insider Activity at Maplebear

In related news, Director Levien Meredith A. Kopit sold 4,225 shares of the company's stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $47.45, for a total value of $200,476.25. Following the completion of the transaction, the director directly owned 20,829 shares in the company, valued at approximately $988,336.05. The trade was a 16.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Grosvenor L.P. Gcm sold 4,864,272 shares of the stock in a transaction on Friday, July 25th. The shares were sold at an average price of $47.75, for a total value of $232,268,988.00. The disclosure for this sale can be found here. Insiders sold a total of 4,975,327 shares of company stock worth $237,736,848 in the last three months. 26.00% of the stock is owned by insiders.

Maplebear Trading Down 1.4%

Shares of CART traded down $0.62 during trading hours on Monday, reaching $42.75. 5,386,929 shares of the company's stock traded hands, compared to its average volume of 5,832,333. Maplebear Inc. has a 12 month low of $33.17 and a 12 month high of $53.50. The stock has a market cap of $11.26 billion, a PE ratio of 24.71, a price-to-earnings-growth ratio of 1.45 and a beta of 1.21. The firm's 50 day simple moving average is $46.86 and its 200-day simple moving average is $44.52.

Maplebear (NASDAQ:CART - Get Free Report) last announced its 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 firm posted $0.20 earnings per share. Maplebear's quarterly revenue was up 11.1% on a year-over-year basis. As a group, analysts expect that Maplebear Inc. will post 1.43 earnings per share for the current fiscal year.

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.