Northern Right Capital Management L.P. Buys New Shares in Maplebear Inc. $CART

Key Points

• Northern Right Capital Management L.P. has purchased a new stake in Maplebear Inc. (NASDAQ:CART), acquiring 362,622 shares valued at approximately $14.47 million, making it the firm's 5th biggest holding.
• Institutional ownership of Maplebear stands at 63.09%, with several investors, including MAI Capital Management and Quarry LP, increasing their positions significantly in the first quarter.
• Analyst ratings for Maplebear are largely favorable, with a consensus rating of “Moderate Buy” and a price target averaging around $55.63 following recent upgrades from various financial institutions.

Northern Right Capital Management L.P. bought a new stake in shares of Maplebear Inc. (NASDAQ:CART - Free Report) in the 1st quarter, according to its most recent filing with the SEC. The institutional investor bought 362,622 shares of the company's stock, valued at approximately $14,465,000. Maplebear comprises approximately 5.9% of Northern Right Capital Management L.P.'s investment portfolio, making the stock its 5th biggest holding. Northern Right Capital Management L.P. owned 0.14% of Maplebear at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the stock. MAI Capital Management increased its position in shares of Maplebear by 12.9% during the 1st quarter. MAI Capital Management now owns 8,443 shares of the company's stock worth $337,000 after purchasing an additional 965 shares in the last quarter. Quarry LP increased its position in shares of Maplebear by 85.9% during the 1st quarter. Quarry LP now owns 2,666 shares of the company's stock worth $106,000 after purchasing an additional 1,232 shares in the last quarter. Nomura Holdings Inc. increased its position in Maplebear by 113.8% in the 1st quarter. Nomura Holdings Inc. now owns 6,916 shares of the company's stock valued at $276,000 after acquiring an additional 56,916 shares in the last quarter. Ardmore Road Asset Management LP increased its position in Maplebear by 77.8% in the 1st quarter. Ardmore Road Asset Management LP now owns 400,000 shares of the company's stock valued at $15,956,000 after acquiring an additional 175,000 shares in the last quarter. Finally, Junto Capital Management LP acquired a new stake in shares of Maplebear during the 1st quarter worth approximately $28,570,000. 63.09% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CART has been the subject of several analyst reports. Stifel Nicolaus lifted their price target on shares of Maplebear from $55.00 to $64.00 and gave the stock a "buy" rating in a research report on Friday, August 8th. Jefferies Financial Group lifted their price objective on shares of Maplebear from $50.00 to $55.00 and gave the stock a "hold" rating in a research note on Monday, August 11th. Morgan Stanley lifted their price objective on shares of Maplebear from $45.00 to $48.00 and gave the stock an "equal weight" rating in a research note on Friday, August 15th. Macquarie reissued an "outperform" rating and set a $55.00 price objective on shares of Maplebear in a research note on Tuesday, May 6th. Finally, Citigroup lifted their price target on shares of Maplebear from $57.00 to $65.00 and gave the company a "buy" rating in a research note on Friday, August 8th. One 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 issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $55.63.

Maplebear Price Performance

NASDAQ:CART opened at $43.37 on Friday. Maplebear Inc. has a one year low of $33.17 and a one year high of $53.50. The company has a market cap of $11.43 billion, a P/E ratio of 25.07, a P/E/G ratio of 1.45 and a beta of 1.21. The firm's fifty day moving average price is $46.86 and its two-hundred day moving average price is $44.38.

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, beating analysts' consensus estimates of $0.39 by $0.02. The company had revenue of $914.00 million during the quarter, compared to analysts' expectations of $896.55 million. Maplebear had a net margin of 13.76% and a return on equity of 15.69%. Maplebear's quarterly revenue was up 11.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.20 earnings per share. As a group, equities research analysts expect that Maplebear Inc. will post 1.43 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Grosvenor L.P. Gcm sold 4,864,272 shares of the business's stock in a transaction dated Friday, July 25th. The shares were sold at an average price of $47.75, for a total value of $232,268,988.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel Morgan Fong sold 4,680 shares of the business's stock in a transaction dated Monday, July 21st. The shares were sold at an average price of $49.16, for a total transaction of $230,068.80. Following the completion of the sale, the general counsel directly owned 452,000 shares of the company's stock, valued at approximately $22,220,320. The trade was a 1.02% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 4,975,327 shares of company stock valued at $237,736,848 in the last 90 days. 26.00% of the stock is currently owned by corporate insiders.

Maplebear Company 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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