NorthRock Partners LLC Purchases New Stake in Maplebear Inc. $CART

Key Points

• NorthRock Partners LLC has acquired a new stake in Maplebear Inc. (NASDAQ:CART), purchasing 27,339 shares valued at approximately $1.24 million during the second quarter.
• Overall, institutional investors and hedge funds own 63.09% of Maplebear's stock, with several making changes to their stakes in the company recently.
• Analyst ratings for Maplebear vary, with a consensus rating of "Moderate Buy" and an average target price of $53.42 as reported by analysts following the company's quarterly earnings that showed a revenue increase of 11.1% year-over-year.

NorthRock Partners LLC purchased a new stake in shares of Maplebear Inc. (NASDAQ:CART - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 27,339 shares of the company's stock, valued at approximately $1,237,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Proathlete Wealth Management LLC acquired a new stake in shares of Maplebear during the 1st quarter valued at approximately $26,000. Brooklyn Investment Group acquired a new stake in Maplebear in the first quarter worth $40,000. Spire Wealth Management acquired a new stake in Maplebear in the first quarter worth $41,000. CWM LLC increased its position in Maplebear by 35.1% in the first quarter. CWM LLC now owns 1,058 shares of the company's stock worth $42,000 after buying an additional 275 shares during the period. Finally, Golden State Wealth Management LLC increased its position in Maplebear by 100.0% in the first quarter. Golden State Wealth Management LLC now owns 1,066 shares of the company's stock worth $43,000 after buying an additional 533 shares during the period. 63.09% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

CART has been the topic of several analyst reports. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Maplebear in a research report on Saturday, September 27th. Jefferies Financial Group increased their target price on Maplebear from $50.00 to $55.00 and gave the stock a "hold" rating in a research report on Monday, August 11th. Needham & Company LLC increased their target price on Maplebear from $56.00 to $66.00 and gave the stock a "buy" rating in a research report on Friday, August 8th. BTIG Research reaffirmed a "neutral" rating and issued a $55.00 target price on shares of Maplebear in a research report on Tuesday, September 30th. Finally, Piper Sandler lowered Maplebear from an "overweight" rating to a "neutral" rating and set a $41.00 target price on the stock. in a research report on Friday, October 3rd. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $53.42.

Insider Activity

In related news, General Counsel Morgan Fong sold 4,680 shares of Maplebear stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $49.16, for a total transaction of $230,068.80. Following the transaction, the general counsel directly owned 452,000 shares of the company's stock, valued at $22,220,320. The trade was a 1.02% decrease in their ownership of the stock. The transaction 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 Maplebear stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $48.82, for a total value of $490,006.34. Following the transaction, the insider directly owned 470,190 shares in the company, 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 sold 4,972,134 shares of company stock valued at $237,530,070 over the last quarter. Insiders own 26.00% of the company's stock.

Maplebear Stock Performance

Shares of CART opened at $38.73 on Tuesday. The firm has a market capitalization of $10.20 billion, a price-to-earnings ratio of 22.39, a price-to-earnings-growth ratio of 1.18 and a beta of 1.10. Maplebear Inc. has a one year low of $34.87 and a one year high of $53.50. The stock's fifty day moving average is $43.67 and its 200-day moving average is $44.27.

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

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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