MetLife Investment Management LLC Buys 87,031 Shares of Maplebear Inc. $CART

Key Points

• MetLife Investment Management LLC significantly increased its stake in Maplebear Inc. by purchasing 87,031 shares, resulting in a total of 89,952 shares valued at approximately $3.6 million by the end of the recent quarter.
• Multiple hedge funds have been actively buying and selling shares, with 63.09% of the stock held by institutional investors, indicating strong interest in the company.
• Analysts express optimism for Maplebear, with many raising price targets; the average rating is a "Moderate Buy" with a price target of approximately $55.63.

MetLife Investment Management LLC increased its stake in Maplebear Inc. (NASDAQ:CART - Free Report) by 2,979.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 89,952 shares of the company's stock after purchasing an additional 87,031 shares during the quarter. MetLife Investment Management LLC's holdings in Maplebear were worth $3,588,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. CWM LLC grew its stake in 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 buying an additional 275 shares in the last quarter. Signaturefd LLC grew its stake in Maplebear by 27.1% in the 1st quarter. Signaturefd LLC now owns 1,335 shares of the company's stock valued at $53,000 after buying an additional 285 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in Maplebear by 18.6% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,056 shares of the company's stock valued at $82,000 after buying an additional 322 shares in the last quarter. Wealthspire Advisors LLC grew its stake in Maplebear by 0.5% in the 1st quarter. Wealthspire Advisors LLC now owns 70,951 shares of the company's stock valued at $2,830,000 after buying an additional 334 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its stake in Maplebear by 0.5% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 74,846 shares of the company's stock valued at $2,986,000 after buying an additional 336 shares in the last quarter. 63.09% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on CART shares. Stifel Nicolaus lifted their price objective on shares of Maplebear from $55.00 to $64.00 and gave the company a "buy" rating in a research note on Friday, August 8th. Needham & Company LLC lifted their price objective on shares of Maplebear from $56.00 to $66.00 and gave the company a "buy" rating in a research note on Friday, August 8th. Wells Fargo & Company lifted their price objective on shares of Maplebear from $47.00 to $55.00 and gave the company an "equal weight" rating in a research note on Friday, August 8th. Sanford C. Bernstein boosted their price target on shares of Maplebear from $55.00 to $60.00 and gave the company an "outperform" rating in a research report on Monday, July 21st. Finally, Wedbush restated an "underperform" rating and set a $42.00 price target (down from $55.00) on shares of Maplebear in a research report on Thursday, August 21st. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $55.63.

Maplebear Price Performance

CART opened at $43.37 on Friday. The company has a fifty day moving average price of $46.86 and a 200-day moving average price of $44.38. The firm has a market capitalization of $11.43 billion, a P/E ratio of 25.07, a price-to-earnings-growth ratio of 1.45 and a beta of 1.21. Maplebear Inc. has a one year low of $33.17 and a one year high of $53.50.

Maplebear (NASDAQ:CART - Get Free Report) last announced its earnings results 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 company had revenue of $914.00 million during the quarter, compared to analyst estimates of $896.55 million. Maplebear had a net margin of 13.76% and a return on equity of 15.69%. The firm's quarterly revenue was up 11.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.20 earnings per share. On average, analysts expect that Maplebear Inc. will post 1.43 earnings per share for the current year.

Insiders Place Their Bets

In related news, 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 transaction, the chief executive officer owned 1,965,445 shares of the company's stock, valued at $98,291,904.45. This represents a 3.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Grosvenor L.P. Gcm sold 4,864,272 shares of the stock in a transaction on Friday, July 25th. The shares were sold at an average price of $47.75, for a total value of $232,268,988.00. The disclosure for this sale can be found here. Insiders have sold 4,975,327 shares of company stock valued at $237,736,848 over the last quarter. 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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