McAdam LLC Makes New Investment in Maplebear Inc. $CART

Key Points

• McAdam LLC has established a new investment in Maplebear Inc. (NASDAQ:CART), acquiring 5,883 shares valued at approximately $235,000 during the first quarter.
• Maplebear reported earnings per share of $0.41 for the last quarter, exceeding analysts' expectations of $0.39, and achieved a revenue of $914 million, surpassing the forecast of $896.55 million.
• Several institutional investors have significantly increased their stakes in Maplebear, with ownership of 63.09% of the company's stock currently held by institutional investors.

McAdam LLC purchased a new stake in shares of Maplebear Inc. (NASDAQ:CART - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 5,883 shares of the company's stock, valued at approximately $235,000.

A number of other large investors have also added to or reduced their stakes in the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Maplebear by 60.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,120,740 shares of the company's stock valued at $44,706,000 after purchasing an additional 421,621 shares in the last quarter. Empowered Funds LLC bought a new position in shares of Maplebear during the first quarter valued at about $268,000. United Services Automobile Association bought a new position in shares of Maplebear during the first quarter valued at about $418,000. Goldman Sachs Group Inc. grew its stake in shares of Maplebear by 17.4% during the first quarter. Goldman Sachs Group Inc. now owns 390,711 shares of the company's stock valued at $15,585,000 after buying an additional 57,879 shares during the last quarter. Finally, Jones Financial Companies Lllp grew its stake in shares of Maplebear by 358.5% during the first quarter. Jones Financial Companies Lllp now owns 3,200 shares of the company's stock valued at $128,000 after buying an additional 2,502 shares during the last quarter. Hedge funds and other institutional investors own 63.09% of the company's stock.

Maplebear Price Performance

CART traded up $0.02 on Monday, hitting $46.38. The company had a trading volume of 4,292,266 shares, compared to its average volume of 4,369,005. Maplebear Inc. has a 52-week low of $35.14 and a 52-week high of $53.50. The stock has a fifty day simple moving average of $46.82 and a 200-day simple moving average of $44.05. The firm has a market capitalization of $12.22 billion, a P/E ratio of 26.81, a P/E/G ratio of 1.55 and a beta of 1.22.

Maplebear (NASDAQ:CART - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.02. Maplebear had a net margin of 13.76% and a return on equity of 15.69%. The firm had revenue of $914.00 million during the quarter, compared to analyst estimates of $896.55 million. During the same period last year, the business earned $0.20 earnings per share. The business's revenue was up 11.1% on a year-over-year basis. Equities research analysts expect that Maplebear Inc. will post 1.43 earnings per share for the current fiscal year.

Insider Buying and Selling at Maplebear

In related news, General Counsel Morgan Fong sold 4,680 shares of the business's 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 completion of the transaction, 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Daniel Danker sold 10,037 shares of the business's stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $48.82, for a total transaction of $490,006.34. Following the completion of the transaction, the insider owned 470,190 shares of the company's stock, valued at approximately $22,954,675.80. The trade was a 2.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 4,971,102 shares of company stock valued at $237,536,372 over the last ninety days. Company insiders own 26.00% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on CART shares. Sanford C. Bernstein raised their price objective on Maplebear from $55.00 to $60.00 and gave the company an "outperform" rating in a research note on Monday, July 21st. Citigroup raised their price objective on Maplebear from $57.00 to $65.00 and gave the company a "buy" rating in a research note on Friday, August 8th. Jefferies Financial Group increased their target price on shares of Maplebear from $50.00 to $55.00 and gave the stock a "hold" rating in a report on Monday, August 11th. Loop Capital increased their target price on shares of Maplebear from $52.00 to $58.00 and gave the stock a "buy" rating in a report on Monday, May 19th. Finally, Morgan Stanley increased their target price on shares of Maplebear from $45.00 to $48.00 and gave the stock an "equal weight" rating in a report on Friday, August 15th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Maplebear has a consensus rating of "Moderate Buy" and a consensus price target of $55.71.

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.