Public Employees Retirement System of Ohio Lowers Position in Maplebear Inc. $CART

Key Points

• The Public Employees Retirement System of Ohio has reduced its stake in Maplebear Inc. by 10.6%, now holding 53,696 shares worth approximately $2.43 million.
• Insider trading activity includes Director Fidji Simo selling 7,140 shares for about $337,722, indicating a 1.23% decrease in their position.
• Maplebear's stock reported a P/E ratio of 22.72 and had quarterly earnings of $0.41 per share, surpassing estimates, with a revenue increase of 11.1% year-over-year.

Public Employees Retirement System of Ohio reduced its stake in Maplebear Inc. (NASDAQ:CART - Free Report) by 10.6% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 53,696 shares of the company's stock after selling 6,376 shares during the quarter. Public Employees Retirement System of Ohio's holdings in Maplebear were worth $2,429,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. CWM LLC raised its position in Maplebear by 35.1% in the 1st quarter. CWM LLC now owns 1,058 shares of the company's stock valued at $42,000 after buying an additional 275 shares during the last quarter. Signaturefd LLC raised its position in Maplebear by 27.1% in the 1st quarter. Signaturefd LLC now owns 1,335 shares of the company's stock valued at $53,000 after buying an additional 285 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its position in Maplebear by 0.4% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 75,161 shares of the company's stock valued at $3,546,000 after buying an additional 315 shares during the last quarter. Parallel Advisors LLC raised its position in Maplebear by 1.3% in the 2nd quarter. Parallel Advisors LLC now owns 25,845 shares of the company's stock valued at $1,169,000 after buying an additional 321 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in Maplebear by 18.6% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,056 shares of the company's stock valued at $82,000 after buying an additional 322 shares during the last quarter. 63.09% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Fidji Simo sold 7,140 shares of Maplebear stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $47.30, for a total value of $337,722.00. Following the completion of the sale, the director owned 573,807 shares of the company's stock, valued at approximately $27,141,071.10. This trade represents a 1.23% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Daniel Danker sold 10,037 shares of the firm's 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 completion of the transaction, the insider owned 470,190 shares of the company's stock, valued at approximately $22,954,675.80. This represents a 2.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 4,986,367 shares of company stock worth $238,211,261 in the last quarter. 26.00% of the stock is currently owned by company insiders.

Maplebear Stock Performance

Shares of CART opened at $39.30 on Friday. The business has a 50-day moving average of $44.91 and a 200 day moving average of $44.28. Maplebear Inc. has a fifty-two week low of $34.87 and a fifty-two week high of $53.50. The firm has a market cap of $10.35 billion, a P/E ratio of 22.72, a price-to-earnings-growth ratio of 1.25 and a beta of 1.10.

Maplebear (NASDAQ:CART - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.39 by $0.02. Maplebear had a return on equity of 15.69% and a net margin of 13.76%.The company had revenue of $914.00 million during the quarter, compared to analyst estimates of $896.55 million. During the same quarter last year, the firm posted $0.20 EPS. The firm's revenue for the quarter was up 11.1% on a year-over-year basis. As a group, research analysts predict that Maplebear Inc. will post 1.43 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently commented on CART. Mizuho began coverage on Maplebear in a research report on Tuesday. They issued a "neutral" rating and a $45.00 price target for the company. JMP Securities raised their target price on Maplebear from $55.00 to $60.00 and gave the company a "market outperform" rating in a research report on Friday, August 8th. Robert W. Baird decreased their target price on Maplebear from $60.00 to $50.00 and set an "outperform" rating for the company in a research report on Wednesday. Bank of America raised their target price on Maplebear from $53.00 to $58.00 and gave the company a "neutral" rating in a research report on Friday, August 8th. Finally, Morgan Stanley raised their target price on Maplebear from $45.00 to $48.00 and gave the company an "equal weight" rating in a research report on Friday, August 15th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $54.54.

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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