McLean Asset Management Corp Acquires New Shares in Maplebear Inc. $CART

Key Points

• McLean Asset Management Corp acquired 52,825 shares in Maplebear Inc. ($CART), valued at approximately $2.43 million, making it the firm's 28th largest position.
• Maplebear recently reported an earnings per share (EPS) of $0.41, surpassing the consensus estimate of $0.39, with revenues increasing 11.1% year-over-year to $914 million.
• About 63.09% of Maplebear's stock is owned by hedge funds and institutional investors, indicating significant institutional interest in the company.

McLean Asset Management Corp acquired a new stake in Maplebear Inc. (NASDAQ:CART - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 52,825 shares of the company's stock, valued at approximately $2,434,000. Maplebear makes up 0.6% of McLean Asset Management Corp's investment portfolio, making the stock its 28th largest position.

Other hedge funds have also recently bought and sold shares of the company. Proathlete Wealth Management LLC purchased a new position in Maplebear in the 1st quarter valued at approximately $26,000. Brooklyn Investment Group acquired a new stake in Maplebear during the 1st quarter valued at $40,000. UMB Bank n.a. grew its holdings in Maplebear by 914.1% during the 1st quarter. UMB Bank n.a. now owns 1,004 shares of the company's stock valued at $40,000 after buying an additional 905 shares during the last quarter. Spire Wealth Management acquired a new stake in Maplebear during the 1st quarter valued at $41,000. Finally, CWM LLC grew its holdings in Maplebear by 35.1% during the 1st quarter. CWM LLC now owns 1,058 shares of the company's stock valued at $42,000 after buying an additional 275 shares during the last quarter. 63.09% of the stock is owned by hedge funds and other institutional investors.

Maplebear Stock Up 0.9%

CART stock opened at $46.36 on Friday. Maplebear Inc. has a 52-week low of $35.14 and a 52-week high of $53.50. The stock's fifty day simple moving average is $46.82 and its 200-day simple moving average is $44.02. The stock has a market capitalization of $12.21 billion, a price-to-earnings ratio of 26.80, a price-to-earnings-growth ratio of 1.54 and a beta of 1.21.

Maplebear (NASDAQ:CART - Get Free Report) last posted 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. The business had revenue of $914.00 million for the quarter, compared to analysts' expectations of $896.55 million. Maplebear had a return on equity of 15.69% and a net margin of 13.76%.The business's revenue was up 11.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.20 earnings per share. As a group, analysts anticipate that Maplebear Inc. will post 1.43 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on CART shares. Loop Capital increased their target price on Maplebear from $52.00 to $58.00 and gave the company a "buy" rating in a report on Monday, May 19th. Wall Street Zen cut Maplebear from a "buy" rating to a "hold" rating in a report on Saturday. Wedbush reiterated an "underperform" rating and set a $42.00 target price (down previously from $55.00) on shares of Maplebear in a report on Thursday, August 21st. Robert W. Baird lowered their target price on Maplebear from $65.00 to $60.00 and set an "outperform" rating on the stock in a report on Friday, August 22nd. Finally, Morgan Stanley increased their target price on Maplebear from $45.00 to $48.00 and gave the company an "equal weight" rating in a report on Friday, August 15th. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $55.71.

Insider Transactions at Maplebear

In related news, General Counsel Morgan Fong sold 4,680 shares of the stock in a transaction on Monday, July 21st. The stock was sold at an average price of $49.16, for a total value of $230,068.80. Following the transaction, the general counsel directly owned 452,000 shares of the company's stock, valued at approximately $22,220,320. This trade represents a 1.02% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Fidji Simo sold 66,560 shares of the stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $50.01, for a total value of $3,328,665.60. Following the completion of the transaction, the chief executive officer directly 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 disclosure for this sale can be found here. Over the last quarter, insiders sold 4,971,102 shares of company stock valued at $237,536,372. Corporate insiders own 26.00% of the company's stock.

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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