Maplebear Inc. $CART Stock Sold by Investment House LLC

Key Points

• Investment House LLC reduced its Maplebear stake by 23.4% in the third quarter, selling 61,905 shares and retaining 203,193 shares worth approximately $8.8 million. Institutional investors and hedge funds collectively own 63.09% of CART.
• Maplebear shares opened at $51.68, near their 12-month high of $52.68. The company reported quarterly revenue of $1.04 billion, up 14.1% year over year, but earnings per share of $0.45 fell short of the $0.54 analyst consensus.
• Analysts maintain a favorable outlook, with a consensus “Moderate Buy” rating and an average price target of $58.24. Meanwhile, insiders sold 192,813 shares worth about $9.6 million over the past three months, primarily through pre-arranged Rule 10b5-1 plans.

Investment House LLC cut its position in Maplebear Inc. (NASDAQ:CART - Free Report) by 23.4% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 203,193 shares of the company's stock after selling 61,905 shares during the quarter. Investment House LLC owned about 0.09% of Maplebear worth $8,762,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CART. BlackRock Inc. bought a new position in Maplebear during the 2nd quarter worth $750,477,000. Dimensional Fund Advisors LP boosted its position in shares of Maplebear by 31.4% in the first quarter. Dimensional Fund Advisors LP now owns 4,981,960 shares of the company's stock valued at $186,618,000 after acquiring an additional 1,189,287 shares during the period. William Blair Investment Management LLC bought a new stake in shares of Maplebear in the second quarter valued at about $86,462,000. Renaissance Technologies LLC grew its stake in shares of Maplebear by 10.0% in the first quarter. Renaissance Technologies LLC now owns 1,567,054 shares of the company's stock valued at $58,702,000 after acquiring an additional 142,600 shares in the last quarter. Finally, Bank of America Corp DE grew its stake in shares of Maplebear by 16.5% in the first quarter. Bank of America Corp DE now owns 1,562,097 shares of the company's stock valued at $58,516,000 after acquiring an additional 221,036 shares in the last quarter. 63.09% of the stock is owned by institutional investors and hedge funds.

Maplebear Stock Up 2.7%

CART stock opened at $51.68 on Friday. Maplebear Inc. has a 12 month low of $32.73 and a 12 month high of $52.68. The firm has a market cap of $11.96 billion, a P/E ratio of 24.42, a P/E/G ratio of 0.98 and a beta of 0.87. The company's 50-day moving average price is $48.05 and its two-hundred day moving average price is $45.11.

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

Insider Activity at Maplebear

In other Maplebear news, CAO Lisa Blackwood-Kapral sold 3,017 shares of the business's stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $47.08, for a total transaction of $142,040.36. Following the completion of the transaction, the chief accounting officer directly owned 37,715 shares in the company, valued at $1,775,622.20. The trade was a 7.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Morgan Fong sold 18,390 shares of the company's stock in a transaction on Monday, August 24th. The stock was sold at an average price of $49.96, for a total value of $918,764.40. Following the sale, the insider owned 529,911 shares of the company's stock, valued at $26,474,353.56. The trade was a 3.35% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 192,813 shares of company stock valued at $9,629,020 over the last three months. 24.00% of the stock is owned by insiders.

Analyst Ratings Changes

CART has been the topic of a number of recent research reports. Wells Fargo & Company raised their price target on shares of Maplebear from $54.00 to $56.00 and gave the stock an "equal weight" rating in a research report on Monday, October 5th. Cantor Fitzgerald boosted their price objective on shares of Maplebear from $56.00 to $63.00 and gave the company an "overweight" rating in a report on Friday, August 7th. Needham & Company LLC increased their target price on shares of Maplebear from $55.00 to $63.00 and gave the stock a "buy" rating in a research report on Friday, August 7th. Wedbush initiated coverage on shares of Maplebear in a report on Thursday, July 16th. They set an "outperform" rating and a $59.00 target price on the stock. Finally, Argus lifted their price target on shares of Maplebear from $50.00 to $58.00 and gave the company a "buy" rating in a research report on Wednesday, September 2nd. Fourteen equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, Maplebear currently has a consensus rating of "Moderate Buy" and a consensus target price of $58.24.

About Maplebear

Maplebear Inc, doing business as Instacart, operates a technology-enabled grocery marketplace that connects consumers with retailers and personal shoppers. Through its website and mobile applications, customers can order groceries and other household products for delivery or pickup from participating supermarkets, specialty food stores, convenience retailers and other merchants.

The company also provides retailers with e-commerce, fulfillment and advertising solutions. Its platform supports online storefronts, order management, delivery logistics, customer engagement and data-driven marketing, allowing retail partners to offer digital shopping services and reach consumers through Instacart's marketplace.

Founded in 2012, Maplebear serves customers across the United States and Canada.

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