Point72 Italy S.r.l. Buys Shares of 73,800 Maplebear Inc. $CART

Key Points

• Point72 Italy S.r.l. purchased 73,800 shares of Maplebear Inc. for approximately $2,944,000, making it 2.9% of their holdings and the company's 13th largest holding.
• Several hedge funds, including Victory Capital Management Inc. and Jacobs Levy Equity Management Inc., significantly increased their stakes in Maplebear, indicating strong institutional interest in the stock.
• Maplebear reported a strong quarterly performance with $0.41 earnings per share, surpassing estimates, and has an average analyst rating of "Moderate Buy" with a consensus price target of $55.63.

Point72 Italy S.r.l. bought a new stake in Maplebear Inc. (NASDAQ:CART - Free Report) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 73,800 shares of the company's stock, valued at approximately $2,944,000. Maplebear makes up approximately 2.9% of Point72 Italy S.r.l.'s holdings, making the stock its 13th largest holding.

A number of other hedge funds also recently added to or reduced their stakes in CART. Victory Capital Management Inc. grew its position in shares of Maplebear by 62.8% in the first quarter. Victory Capital Management Inc. now owns 7,368,232 shares of the company's stock valued at $293,919,000 after purchasing an additional 2,841,559 shares during the last quarter. Altimeter Capital Management LP acquired a new stake in shares of Maplebear in the fourth quarter valued at approximately $105,108,000. Jacobs Levy Equity Management Inc. grew its position in shares of Maplebear by 85.0% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 3,081,847 shares of the company's stock valued at $127,650,000 after purchasing an additional 1,416,426 shares during the last quarter. Champlain Investment Partners LLC acquired a new stake in shares of Maplebear in the first quarter valued at approximately $52,333,000. Finally, Westfield Capital Management Co. LP acquired a new stake in shares of Maplebear in the first quarter valued at approximately $48,639,000. 63.09% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Maplebear news, insider Daniel Danker sold 10,037 shares of Maplebear stock in a transaction on Friday, July 18th. The shares were sold at an average price of $48.82, for a total value of $490,006.34. Following the transaction, the insider owned 470,190 shares in the company, valued at $22,954,675.80. This trade represents a 2.09% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Levien Meredith A. Kopit sold 4,225 shares of Maplebear stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $47.45, for a total transaction of $200,476.25. Following the completion of the transaction, the director owned 20,829 shares in the company, valued at approximately $988,336.05. This trade represents a 16.86% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 4,975,327 shares of company stock worth $237,736,848 over the last 90 days. Company insiders own 26.00% of the company's stock.

Maplebear Stock Down 1.1%

Shares of CART opened at $43.37 on Friday. The firm has a market cap of $11.43 billion, a PE ratio of 25.07, a price-to-earnings-growth ratio of 1.45 and a beta of 1.21. The company's fifty day moving average is $46.86 and its two-hundred day moving average is $44.38. Maplebear Inc. has a fifty-two week low of $33.17 and a fifty-two week high of $53.50.

Maplebear (NASDAQ:CART - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported $0.41 earnings per share 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 net margin of 13.76% and a return on equity of 15.69%. Maplebear's revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter last year, the business earned $0.20 EPS. As a group, equities research analysts anticipate that Maplebear Inc. will post 1.43 earnings per share for the current year.

Wall Street Analysts Forecast Growth

CART has been the topic of several research reports. Benchmark upgraded shares of Maplebear from a "hold" rating to a "buy" rating and set a $67.00 price target on the stock in a research report on Friday, August 8th. Stifel Nicolaus increased their price target on shares of Maplebear from $55.00 to $64.00 and gave the company a "buy" rating in a research report on Friday, August 8th. Bank of America raised their target price on shares of Maplebear from $53.00 to $58.00 and gave the stock a "neutral" rating in a research report on Friday, August 8th. Needham & Company LLC raised their target price on shares of Maplebear from $56.00 to $66.00 and gave the stock a "buy" rating in a research report on Friday, August 8th. Finally, Barclays raised their target price on shares of Maplebear from $61.00 to $65.00 and gave the stock an "overweight" rating in a research report on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $55.63.

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.

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