Maplebear Inc. $CART Stock Position Increased by Amundi

Key Points

• Amundi increased its Maplebear position by 518.4% in the second quarter, ending with 137,013 shares valued at approximately $6.5 million. Institutional investors collectively own 63.09% of the company.
• Maplebear reported quarterly revenue of $1.04 billion, up 14.1% year over year and slightly above estimates, but earnings per share of $0.45 missed the $0.54 consensus forecast.
• Analysts maintain a generally positive view, with a “Moderate Buy” consensus and an average price target of $56.14; targets were raised by Citigroup, Wells Fargo, and Barclays, while insiders recently sold shares.

Amundi increased its position in Maplebear Inc. (NASDAQ:CART - Free Report) by 518.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 137,013 shares of the company's stock after buying an additional 114,858 shares during the quarter. Amundi owned about 0.06% of Maplebear worth $6,488,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. BlackRock Inc. acquired a new stake in Maplebear in the 2nd quarter valued at about $750,477,000. California State Teachers Retirement System grew its stake in shares of Maplebear by 4,490.8% in the 2nd quarter. California State Teachers Retirement System now owns 9,115,159 shares of the company's stock worth $431,603,000 after purchasing an additional 8,916,607 shares during the last quarter. Viking Global Investors LP bought a new stake in shares of Maplebear in the 2nd quarter worth approximately $169,782,000. Marshall Wace LLP bought a new stake in shares of Maplebear in the 4th quarter worth approximately $126,206,000. Finally, Norges Bank acquired a new stake in Maplebear during the fourth quarter valued at approximately $97,221,000. Institutional investors own 63.09% of the company's stock.

Insider Activity at Maplebear

In other Maplebear news, insider Morgan Fong sold 18,390 shares of the stock in a transaction on Monday, August 24th. The shares were sold at an average price of $49.96, for a total transaction of $918,764.40. Following the transaction, the insider directly owned 529,911 shares of the company's stock, valued at $26,474,353.56. This represents a 3.35% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ravi Gupta sold 150,000 shares of the business's stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $50.61, for a total value of $7,591,500.00. Following the completion of the sale, the director directly owned 591,523 shares of the company's stock, valued at $29,936,979.03. This represents a 20.23% decrease in their position. The disclosure for this sale is available in the SEC filing. 24.00% of the stock is currently owned by company insiders.

Maplebear Price Performance

CART stock opened at $48.73 on Friday. The firm has a market capitalization of $11.28 billion, a P/E ratio of 26.63, a P/E/G ratio of 0.95 and a beta of 0.80. Maplebear Inc. has a 52-week low of $32.73 and a 52-week high of $52.68. The company's 50 day simple moving average is $48.04 and its 200-day simple moving average is $43.19.

Maplebear (NASDAQ:CART - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported $0.45 EPS for the quarter, missing analysts' consensus estimates of $0.54 by ($0.09). Maplebear had a return on equity of 20.19% and a net margin of 11.97%.The firm had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.03 billion. During the same period in the prior year, the business posted $0.41 EPS. The company's revenue for the quarter was up 14.1% on a year-over-year basis. Sell-side analysts predict that Maplebear Inc. will post 2.33 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on CART. Citigroup raised their target price on shares of Maplebear from $50.00 to $58.00 and gave the stock a "buy" rating in a report on Monday, August 10th. Wells Fargo & Company upped their price target on Maplebear from $47.00 to $54.00 and gave the company an "equal weight" rating in a report on Friday, August 7th. Guggenheim increased their price objective on Maplebear from $44.00 to $46.00 and gave the company a "neutral" rating in a research report on Friday, August 7th. Barclays raised their price objective on Maplebear from $69.00 to $77.00 and gave the stock an "overweight" rating in a research note on Friday, August 7th. Finally, Wall Street Zen cut Maplebear from a "buy" rating to a "hold" rating in a report on Saturday, August 8th. Fifteen investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat.com, Maplebear presently has an average rating of "Moderate Buy" and an average target price of $56.14.

Maplebear Profile

Maplebear Inc, doing business as Instacart, operates an online grocery marketplace that connects consumers with retailers and personal shoppers. Through its website and mobile applications, customers can browse products from participating grocery stores, place orders for delivery or pickup, and receive updates throughout the shopping and fulfillment process.

The company provides retailers with technology and services supporting e-commerce, fulfillment, customer engagement and digital advertising.

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