Nierenberg Investment Management Company LLC Acquires New Holdings in Maplebear Inc. $CART

Key Points

• Nierenberg Investment Management acquired 291,888 Maplebear shares worth approximately $13.8 billion, making CART about 6.9% of its portfolio. Institutional investors collectively own 63.09% of the company.
• Maplebear reported quarterly revenue of $1.04 billion, up 14.1% year over year and slightly above estimates, but earnings of $0.45 per share missed the $0.54 consensus.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $55.90; several firms recently raised their targets to between $60 and $77.

Nierenberg Investment Management Company LLC bought a new position in shares of Maplebear Inc. (NASDAQ:CART - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 291,888 shares of the company's stock, valued at approximately $13,820,897,000. Maplebear accounts for about 6.9% of Nierenberg Investment Management Company LLC's portfolio, making the stock its 5th largest position. Nierenberg Investment Management Company LLC owned approximately 0.12% of Maplebear as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Aurora Investment Counsel bought a new position in Maplebear in the 2nd quarter valued at $2,888,000. HS Management Partners LLC bought a new position in shares of Maplebear in the second quarter worth $8,117,000. BlackRock Inc. bought a new position in shares of Maplebear in the second quarter worth $750,477,000. Deutsche Bank AG bought a new position in shares of Maplebear in the second quarter worth $73,801,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of Maplebear in the second quarter worth $8,230,000. 63.09% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Maplebear

In other news, Director Ravi Gupta sold 181,000 shares of the stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $41.51, for a total transaction of $7,513,310.00. Following the transaction, the director directly owned 741,523 shares in the company, valued at approximately $30,780,619.73. This represents a 19.62% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 24.00% of the company's stock.

Maplebear Stock Performance

Shares of NASDAQ:CART opened at $50.67 on Thursday. Maplebear Inc. has a 52-week low of $32.73 and a 52-week high of $51.06. The firm has a fifty day moving average of $46.26 and a 200 day moving average of $41.51. The firm has a market capitalization of $11.73 billion, a PE ratio of 27.69, a price-to-earnings-growth ratio of 0.72 and a beta of 0.78.

Maplebear (NASDAQ:CART - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.45 earnings per share for the quarter, missing analysts' consensus estimates of $0.54 by ($0.09). Maplebear had a net margin of 11.97% and a return on equity of 20.19%. The firm had revenue of $1.04 billion for the quarter, compared to analysts' expectations of $1.03 billion. During the same quarter in the previous year, the business earned $0.41 EPS. The company's revenue for the quarter was up 14.1% on a year-over-year basis. On average, sell-side analysts forecast that Maplebear Inc. will post 2.33 EPS for the current fiscal year.

Wall Street Analyst Weigh In

CART has been the subject of several recent analyst reports. JPMorgan Chase & Co. boosted their target price on Maplebear from $55.00 to $62.00 and gave the stock an "overweight" rating in a research report on Friday, August 7th. Cantor Fitzgerald raised their price target on Maplebear from $56.00 to $63.00 and gave the company an "overweight" rating in a report on Friday, August 7th. Needham & Company LLC lifted their price target on Maplebear from $55.00 to $63.00 and gave the company a "buy" rating in a research report on Friday, August 7th. Citizens Jmp reissued a "market outperform" rating and set a $60.00 price objective on shares of Maplebear in a report on Monday, June 15th. Finally, Barclays boosted their price objective on Maplebear from $69.00 to $77.00 and gave the stock an "overweight" rating in a report on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat, Maplebear currently has a consensus rating of "Moderate Buy" and a consensus target price of $55.90.

Maplebear Profile

Maplebear, Inc, doing business as Instacart, operates a leading online grocery and essentials marketplace that connects consumers, retail partners and personal shoppers through its digital platform. The company enables customers to order groceries, household items and specialty products for same-day or scheduled delivery, as well as in-store pickup. By integrating its technology with retailers' existing inventory and point-of-sale systems, Maplebear streamlines the shopping experience and provides real-time availability and pricing.

Founded in 2012 and headquartered in San Francisco, Maplebear has grown from a regional startup to a publicly traded company listed on NASDAQ under the ticker CART.

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