PenderFund Capital Management Ltd. acquired a new stake in Maplebear Inc. (NASDAQ:CART - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 56,068 shares of the company's stock, valued at approximately $2,655,000. Maplebear accounts for about 0.3% of PenderFund Capital Management Ltd.'s investment portfolio, making the stock its 29th biggest position.
A number of other hedge funds have also recently modified their holdings of CART. Pinnacle Bancorp Inc. purchased a new position in Maplebear during the first quarter worth about $25,000. Allworth Financial LP grew its stake in shares of Maplebear by 35.7% in the 3rd quarter. Allworth Financial LP now owns 928 shares of the company's stock valued at $34,000 after buying an additional 244 shares during the period. IFP Advisors Inc grew its stake in shares of Maplebear by 761.3% in the 4th quarter. IFP Advisors Inc now owns 956 shares of the company's stock valued at $43,000 after buying an additional 845 shares during the period. Sunbelt Securities Inc. increased its holdings in shares of Maplebear by 212.7% during the 3rd quarter. Sunbelt Securities Inc. now owns 1,157 shares of the company's stock worth $43,000 after buying an additional 787 shares during the last quarter. Finally, Versant Capital Management Inc increased its holdings in shares of Maplebear by 94.7% during the 2nd quarter. Versant Capital Management Inc now owns 1,215 shares of the company's stock worth $58,000 after buying an additional 591 shares during the last quarter. Hedge funds and other institutional investors own 63.09% of the company's stock.
Analyst Ratings Changes
Several analysts have recently commented on the stock. Wall Street Zen lowered shares of Maplebear from a "buy" rating to a "hold" rating in a research report on Saturday, August 8th. Cantor Fitzgerald increased their price objective on Maplebear from $56.00 to $63.00 and gave the stock an "overweight" rating in a research report on Friday, August 7th. Barclays raised their target price on Maplebear from $69.00 to $77.00 and gave the stock an "overweight" rating in a research note on Friday, August 7th. Wells Fargo & Company lifted their target price on Maplebear from $47.00 to $54.00 and gave the company an "equal weight" rating in a research report on Friday, August 7th. Finally, Citizens Jmp reaffirmed a "market outperform" rating and issued a $60.00 price target on shares of Maplebear in a research note on Monday, June 15th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and eight have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $55.90.
Read Our Latest Stock Report on Maplebear
Insider Buying and Selling at Maplebear
In related news, Director Ravi Gupta sold 150,000 shares of the stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $50.61, for a total transaction of $7,591,500.00. Following the transaction, the director owned 591,523 shares of the company's stock, valued at approximately $29,936,979.03. This represents a 20.23% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Morgan Fong sold 18,390 shares of the stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $49.96, for a total value of $918,764.40. Following the transaction, the insider directly owned 529,911 shares in the company, valued at approximately $26,474,353.56. The trade was a 3.35% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 349,390 shares of company stock worth $16,023,574 in the last quarter. Company insiders own 24.00% of the company's stock.
Maplebear Stock Performance
Maplebear stock opened at $50.48 on Friday. The company has a market capitalization of $11.69 billion, a PE ratio of 27.58, a price-to-earnings-growth ratio of 0.75 and a beta of 0.78. Maplebear Inc. has a fifty-two week low of $32.73 and a fifty-two week high of $52.05. The firm has a 50 day moving average price of $47.23 and a 200 day moving average price of $42.13.
Maplebear (NASDAQ:CART - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.45 EPS for the quarter, missing analysts' consensus estimates of $0.54 by ($0.09). Maplebear had a return on equity of 20.19% and a net margin of 11.97%.The firm had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same quarter last year, the company earned $0.41 earnings per share. The firm's revenue for the quarter was up 14.1% on a year-over-year basis. As a group, equities research analysts forecast that Maplebear Inc. will post 2.33 earnings per share for the current year.
Maplebear Company Profile
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Free Report)
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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