Redwood Investment Management LLC Makes New Investment in Maplebear Inc. $CART

Redwood Investment Management LLC bought a new stake in Maplebear Inc. (NASDAQ:CART - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor bought 24,447 shares of the company's stock, valued at approximately $1,158,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. PenderFund Capital Management Ltd. bought a new stake in shares of Maplebear during the 4th quarter worth about $27,000. Pinnacle Bancorp Inc. acquired a new stake in shares of Maplebear in the first quarter valued at approximately $25,000. Allworth Financial LP raised its holdings in 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 acquiring an additional 244 shares in the last quarter. IFP Advisors Inc raised its stake in Maplebear by 761.3% in the fourth quarter. IFP Advisors Inc now owns 956 shares of the company's stock valued at $43,000 after purchasing an additional 845 shares in the last quarter. Finally, Sunbelt Securities Inc. lifted its position in Maplebear by 212.7% during the third quarter. Sunbelt Securities Inc. now owns 1,157 shares of the company's stock worth $43,000 after purchasing an additional 787 shares during the period. 63.09% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have commented on CART. Guggenheim raised their target price on shares of Maplebear from $44.00 to $46.00 and gave the company a "neutral" rating in a report on Friday, August 7th. Oppenheimer upped their price target on shares of Maplebear from $60.00 to $65.00 and gave the stock an "outperform" rating in a report on Friday, August 7th. Citizens Jmp reiterated a "market outperform" rating and set a $60.00 price target on shares of Maplebear in a research report on Monday, June 15th. Cantor Fitzgerald lifted their price objective on shares of Maplebear from $56.00 to $63.00 and gave the company an "overweight" rating in a research note on Friday, August 7th. Finally, Needham & Company LLC boosted 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. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and eight have given a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $55.90.

Insider Buying and Selling

In related news, Director Ravi Gupta sold 181,000 shares of the stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $41.51, for a total value of $7,513,310.00. Following the completion of the transaction, the director owned 741,523 shares of the company's stock, valued at $30,780,619.73. This represents a 19.62% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Morgan Fong sold 18,390 shares of the stock in a transaction on Monday, August 24th. The shares were sold at an average price of $49.96, for a total value of $918,764.40. Following the completion of the transaction, the insider owned 529,911 shares of the company's stock, valued at $26,474,353.56. The trade was a 3.35% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 349,390 shares of company stock valued at $16,023,574. 24.00% of the stock is owned by corporate insiders.

Maplebear Stock Down 1.4%

Maplebear stock opened at $50.77 on Thursday. Maplebear Inc. has a 12-month low of $32.73 and a 12-month high of $52.05. The business's 50-day moving average price is $47.11 and its two-hundred day moving average price is $42.02. The stock has a market cap of $11.75 billion, a PE ratio of 27.74, a P/E/G ratio of 0.76 and a beta of 0.78.

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). Maplebear had a return on equity of 20.19% and a net margin of 11.97%.The business had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same period in the previous year, the firm posted $0.41 EPS. The firm's revenue was up 14.1% compared to the same quarter last year. As a group, analysts expect that Maplebear Inc. will post 2.33 earnings per share for the current year.

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.

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