Oak Thistle LLC Purchases New Position in Maplebear Inc. (NASDAQ:CART)

Oak Thistle LLC purchased a new stake in Maplebear Inc. (NASDAQ:CART - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 15,940 shares of the company's stock, valued at approximately $636,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in CART. KLP Kapitalforvaltning AS boosted its position in Maplebear by 42.9% during the 1st quarter. KLP Kapitalforvaltning AS now owns 27,300 shares of the company's stock worth $1,089,000 after buying an additional 8,200 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Maplebear in the 1st quarter valued at about $1,955,000. Allianz Asset Management GmbH grew its position in shares of Maplebear by 1.5% in the 1st quarter. Allianz Asset Management GmbH now owns 148,352 shares of the company's stock valued at $5,918,000 after buying an additional 2,195 shares during the last quarter. Teachers Retirement System of The State of Kentucky acquired a new stake in shares of Maplebear in the first quarter valued at about $2,086,000. Finally, Fountainhead AM LLC bought a new position in shares of Maplebear during the first quarter worth about $488,000. 63.09% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms have recently commented on CART. Sanford C. Bernstein upped their price objective on shares of Maplebear from $55.00 to $60.00 and gave the company an "outperform" rating in a research note on Monday, July 21st. Loop Capital lifted their target price on Maplebear from $52.00 to $58.00 and gave the stock a "buy" rating in a report on Monday, May 19th. JMP Securities restated a "market outperform" rating and set a $55.00 price target on shares of Maplebear in a report on Thursday, June 12th. Jefferies Financial Group lifted their price objective on shares of Maplebear from $48.00 to $50.00 and gave the company a "hold" rating in a research note on Tuesday, May 27th. Finally, Barclays increased their target price on Maplebear from $58.00 to $61.00 and gave the stock an "overweight" rating in a report on Friday, May 2nd. Eleven investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, Maplebear presently has a consensus rating of "Moderate Buy" and an average price target of $52.30.

Maplebear Stock Performance

CART traded down $1.43 on Friday, reaching $48.41. The company had a trading volume of 3,161,810 shares, compared to its average volume of 2,966,885. Maplebear Inc. has a 52-week low of $29.84 and a 52-week high of $53.44. The company has a market cap of $12.71 billion, a price-to-earnings ratio of 31.85, a P/E/G ratio of 2.04 and a beta of 1.21. The business has a 50 day simple moving average of $46.41 and a 200 day simple moving average of $44.51.

Maplebear (NASDAQ:CART - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The company reported $0.37 earnings per share for the quarter, missing analysts' consensus estimates of $0.38 by ($0.01). The firm had revenue of $897.00 million for the quarter, compared to analysts' expectations of $896.86 million. Maplebear had a net margin of 12.45% and a return on equity of 14.12%. The company's revenue for the quarter was up 9.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.43 EPS. As a group, equities research analysts predict that Maplebear Inc. will post 1.43 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Levien Meredith A. Kopit sold 4,225 shares of the business's stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $47.45, for a total value of $200,476.25. Following the completion of the sale, the director owned 20,829 shares of the company's stock, valued at approximately $988,336.05. The trade was a 16.86% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, General Counsel Morgan Fong sold 4,680 shares of the firm's stock in a transaction that occurred 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 owned 452,000 shares in the company, valued at approximately $22,220,320. The trade was a 1.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 111,055 shares of company stock valued at $5,467,860 over the last three months. 26.00% of the stock is owned by corporate insiders.

About Maplebear

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.