Maplebear Inc. (NASDAQ:CART) Shares Sold by Bank of Nova Scotia

Key Points

• The Bank of Nova Scotia reduced its stake in Maplebear Inc. by 79.5% during the first quarter, bringing its holdings down to 90,782 shares valued at approximately $3.6 million.
• Several institutional investors, including Victory Capital Management Inc., significantly increased their stakes in Maplebear during the first quarter, with Victory Capital now owning over 7.3 million shares worth nearly $294 million.
• Analysts have mixed ratings for Maplebear, with a consensus rating of "Moderate Buy" and target price revisions ranging from $52.00 to $61.00 across multiple investment firms.

Bank of Nova Scotia cut its position in shares of Maplebear Inc. (NASDAQ:CART - Free Report) by 79.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 90,782 shares of the company's stock after selling 351,167 shares during the period. Bank of Nova Scotia's holdings in Maplebear were worth $3,621,000 as of its most recent filing with the SEC.

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

Maplebear Price Performance

Maplebear stock traded up $1.67 during trading hours on Thursday, hitting $49.39. The stock had a trading volume of 6,970,193 shares, compared to its average volume of 3,340,483. The stock has a market capitalization of $12.97 billion, a price-to-earnings ratio of 32.49, a PEG ratio of 1.85 and a beta of 1.21. Maplebear Inc. has a 1-year low of $31.15 and a 1-year high of $53.44. The stock's fifty day moving average is $46.59 and its two-hundred day moving average is $44.66.

Maplebear (NASDAQ:CART - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported $0.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.02. Maplebear had a return on equity of 14.12% and a net margin of 12.45%. During the same quarter in the prior year, the company posted $0.20 earnings per share. Maplebear's revenue was up 11.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Maplebear Inc. will post 1.43 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Needham & Company LLC reaffirmed a "buy" rating and set a $56.00 price objective on shares of Maplebear in a research report on Friday, May 2nd. Stifel Nicolaus increased their price target on shares of Maplebear from $54.00 to $55.00 and gave the company a "buy" rating in a research note on Tuesday, July 29th. Jefferies Financial Group raised their price objective on Maplebear from $48.00 to $50.00 and gave the stock a "hold" rating in a report on Tuesday, May 27th. Sanford C. Bernstein lifted their target price on shares of Maplebear from $55.00 to $60.00 and gave the company an "outperform" rating in a report on Monday, July 21st. Finally, JMP Securities reaffirmed a "market outperform" rating and set a $55.00 price objective on shares of Maplebear in a research note on Thursday, June 12th. Eleven investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Maplebear currently has an average rating of "Moderate Buy" and an average target price of $52.35.

Insider Activity at Maplebear

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

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.