Pinnbrook Capital Management LP Buys New Position in Maplebear Inc. $CART

Key Points

• Pinnbrook Capital Management bought 52,800 Maplebear shares during the second quarter, valued at approximately $2.5 million. Institutional ownership now stands at 63.09%, with several other firms also initiating positions.
• Maplebear’s latest earnings missed expectations on profit but exceeded revenue estimates: adjusted EPS was $0.45 versus $0.54 expected, while revenue rose 14.1% year over year to $1.04 billion.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and a $55.90 price target. Shares opened at $49.83, while Director Ravi Gupta sold 181,000 shares for approximately $7.5 million.

Pinnbrook Capital Management LP bought a new stake in 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 firm bought 52,800 shares of the company's stock, valued at approximately $2,500,000.

Other institutional investors also recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Maplebear during the second quarter worth approximately $412,000. William Blair Investment Management LLC bought a new stake in shares of Maplebear in the second quarter valued at approximately $86,462,000. Ieq Capital LLC acquired a new stake in shares of Maplebear in the second quarter worth $4,860,000. Heron Bay Capital Management acquired a new stake in shares of Maplebear in the second quarter worth $2,934,000. Finally, Paralel Advisors LLC bought a new position in Maplebear during the second quarter worth $33,145,000. 63.09% of the stock is owned by institutional investors.

Insider Activity

In other news, Director Ravi Gupta sold 181,000 shares of the firm's stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $41.51, for a total transaction of $7,513,310.00. Following the completion of the transaction, the director directly owned 741,523 shares of the company's stock, valued at approximately $30,780,619.73. This trade represents a 19.62% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 24.00% of the company's stock.

Maplebear Trading Down 2.4%

Shares of NASDAQ CART opened at $49.83 on Friday. The business has a fifty day simple moving average of $46.61 and a 200 day simple moving average of $41.66. The firm has a market capitalization of $11.54 billion, a price-to-earnings ratio of 27.23, a PEG ratio of 0.73 and a beta of 0.78. Maplebear Inc. has a one year low of $32.73 and a one year high of $51.81.

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

Wall Street Analyst Weigh In

A number of analysts have weighed in on CART shares. JPMorgan Chase & Co. increased their price target on shares of Maplebear from $55.00 to $62.00 and gave the company an "overweight" rating in a report on Friday, August 7th. Oppenheimer boosted their price objective on shares of Maplebear from $60.00 to $65.00 and gave the stock an "outperform" rating in a report on Friday, August 7th. Needham & Company LLC upped their price objective on shares of Maplebear from $55.00 to $63.00 and gave the company a "buy" rating in a research report on Friday, August 7th. Citigroup upped their price objective on shares of Maplebear from $50.00 to $58.00 and gave the company a "buy" rating in a research report on Monday, August 10th. Finally, Benchmark increased their target price on shares of Maplebear from $55.00 to $63.00 and gave the company a "buy" rating in a research note 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 assigned a Hold rating to the company. Based on data from MarketBeat.com, Maplebear presently has a consensus rating of "Moderate Buy" and a consensus price target of $55.90.

Maplebear Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source