Maplebear Inc. (NASDAQ:CART) Shares Sold by Allen Investment Management LLC

Key Points

• Allen Investment Management LLC significantly reduced its stake in Maplebear Inc. by 50%, selling all of its 85,563 shares, which were valued at approximately $3.4 million at the end of the last quarter.
• Maplebear CEO Fidji Simo sold 66,560 shares at an average price of $50.01, resulting in a decrease of 3.28% in his ownership of the stock.
• Analysts have mixed ratings on Maplebear, with a consensus rating of "Moderate Buy" and an average target price of $52.30 following various upgrades and downgrades from key financial institutions.

Allen Investment Management LLC lessened its stake in Maplebear Inc. (NASDAQ:CART - Free Report) by 50.0% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 85,563 shares of the company's stock after selling 85,563 shares during the period. Allen Investment Management LLC's holdings in Maplebear were worth $3,413,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Proathlete Wealth Management LLC bought a new stake in shares of Maplebear in the 1st quarter worth approximately $26,000. NewEdge Advisors LLC grew its holdings in shares of Maplebear by 277.9% in the 4th quarter. NewEdge Advisors LLC now owns 975 shares of the company's stock worth $40,000 after acquiring an additional 717 shares during the last quarter. UMB Bank n.a. raised its position in shares of Maplebear by 914.1% during the first quarter. UMB Bank n.a. now owns 1,004 shares of the company's stock worth $40,000 after purchasing an additional 905 shares during the period. Spire Wealth Management purchased a new stake in shares of Maplebear during the first quarter valued at $41,000. Finally, CWM LLC boosted its position in shares of Maplebear by 35.1% in the 1st quarter. CWM LLC now owns 1,058 shares of the company's stock valued at $42,000 after purchasing an additional 275 shares during the period. Institutional investors and hedge funds own 63.09% of the company's stock.

Insider Buying and Selling at Maplebear

In other Maplebear news, CEO Fidji Simo sold 66,560 shares of the firm's stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $50.01, for a total transaction of $3,328,665.60. Following the completion of the transaction, the chief executive officer owned 1,965,445 shares in the company, valued at $98,291,904.45. This trade represents a 3.28% 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. Also, General Counsel Morgan Fong sold 4,680 shares of Maplebear stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $49.16, for a total value of $230,068.80. Following the sale, the general counsel directly owned 452,000 shares in the company, valued at $22,220,320. The trade was a 1.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 111,055 shares of company stock valued at $5,467,860 over the last quarter. 26.00% of the stock is currently owned by insiders.

Maplebear Price Performance

Shares of Maplebear stock opened at $48.41 on Friday. The company has a market cap of $12.71 billion, a PE ratio of 31.85, a price-to-earnings-growth ratio of 2.10 and a beta of 1.21. The firm has a fifty day moving average price of $46.41 and a two-hundred day moving average price of $44.51. Maplebear Inc. has a fifty-two week low of $29.84 and a fifty-two week high of $53.44.

Maplebear (NASDAQ:CART - Get Free Report) last issued its earnings results on Thursday, May 1st. The company reported $0.37 EPS for the quarter, missing analysts' consensus estimates of $0.38 by ($0.01). Maplebear had a net margin of 12.45% and a return on equity of 14.12%. The firm had revenue of $897.00 million during the quarter, compared to analyst estimates of $896.86 million. During the same quarter in the previous year, the company posted $0.43 earnings per share. The business's revenue for the quarter was up 9.4% compared to the same quarter last year. Analysts expect that Maplebear Inc. will post 1.43 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

CART has been the topic of a number of analyst reports. FBN Securities began coverage on Maplebear in a research note on Friday, March 28th. They issued a "sector perform" rating and a $44.00 price target on the stock. Wells Fargo & Company cut their price target on shares of Maplebear from $47.00 to $44.00 and set an "equal weight" rating on the stock in a report on Thursday, April 3rd. Wall Street Zen cut shares of Maplebear from a "buy" rating to a "hold" rating in a research report on Friday, May 30th. Loop Capital boosted their target price on shares of Maplebear from $52.00 to $58.00 and gave the company a "buy" rating in a research note on Monday, May 19th. Finally, Barclays raised their target price on Maplebear from $58.00 to $61.00 and gave the stock an "overweight" rating in a research report on Friday, May 2nd. Eleven analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $52.30.

Maplebear 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.

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