Renaissance Capital LLC Cuts Stock Holdings in Maplebear Inc. $CART

Key Points

• Renaissance Capital cut its stake in Maplebear by 39% to 103,905 shares, representing about 3.4% of its portfolio and its 10th largest position, valued at approximately $4.67 million.
• Significant insider selling occurred recently—insiders sold 144,863 shares over the last three months (about $5.42 million), including large sales by the CAO and General Counsel, leaving insiders with 24% ownership.
• Analyst sentiment is generally positive with an average rating of "Moderate Buy" and an average target price of $51.29, as several firms raised price targets (e.g., Needham $55, Cantor Fitzgerald $54).

Renaissance Capital LLC cut its stake in Maplebear Inc. (NASDAQ:CART - Free Report) by 39.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 103,905 shares of the company's stock after selling 66,440 shares during the period. Maplebear comprises about 3.4% of Renaissance Capital LLC's investment portfolio, making the stock its 10th largest position. Renaissance Capital LLC's holdings in Maplebear were worth $4,674,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in CART. Hantz Financial Services Inc. grew its holdings in shares of Maplebear by 78.6% in the third quarter. Hantz Financial Services Inc. now owns 884 shares of the company's stock worth $32,000 after purchasing an additional 389 shares during the last quarter. Allworth Financial LP grew its holdings in shares of Maplebear by 35.7% in the third quarter. Allworth Financial LP now owns 928 shares of the company's stock worth $34,000 after purchasing an additional 244 shares during the last quarter. Abich Financial Wealth Management LLC bought a new position in shares of Maplebear in the third quarter worth about $43,000. Sunbelt Securities Inc. grew its holdings in shares of Maplebear by 212.7% in 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 last quarter. Finally, CWM LLC grew its holdings in shares of Maplebear by 42.2% in the third quarter. CWM LLC now owns 1,634 shares of the company's stock worth $60,000 after purchasing an additional 485 shares during the last quarter. 63.09% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

CART has been the subject of a number of research reports. Cantor Fitzgerald upped their price objective on shares of Maplebear from $45.00 to $54.00 and gave the stock an "overweight" rating in a research note on Thursday, January 8th. Wells Fargo & Company upped their price objective on shares of Maplebear from $43.00 to $45.00 and gave the stock an "equal weight" rating in a research note on Monday, March 30th. Raymond James Financial raised shares of Maplebear from a "hold" rating to a "moderate buy" rating in a research note on Thursday, April 9th. Needham & Company LLC upped their price objective on shares of Maplebear from $50.00 to $55.00 and gave the stock a "buy" rating in a research note on Friday, February 13th. Finally, Jefferies Financial Group raised shares of Maplebear from a "hold" rating to a "buy" rating and upped their price objective for the stock from $38.00 to $45.00 in a research note on Monday, March 30th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, Maplebear presently has an average rating of "Moderate Buy" and an average target price of $51.29.

Insider Activity

In other Maplebear news, CAO Lisa Blackwood-Kapral sold 9,390 shares of the stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $40.25, for a total transaction of $377,947.50. Following the completion of the sale, the chief accounting officer directly owned 58,971 shares of the company's stock, valued at approximately $2,373,582.75. This represents a 13.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Morgan Fong sold 126,083 shares of the stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $37.09, for a total transaction of $4,676,418.47. Following the sale, the general counsel directly owned 386,643 shares of the company's stock, valued at approximately $14,340,588.87. The trade was a 24.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 144,863 shares of company stock valued at $5,418,135. Insiders own 24.00% of the company's stock.

Maplebear Stock Performance

CART stock opened at $42.17 on Monday. The firm has a market cap of $9.98 billion, a price-to-earnings ratio of 26.52, a PEG ratio of 0.65 and a beta of 0.88. The firm has a 50-day simple moving average of $38.49 and a two-hundred day simple moving average of $39.76. Maplebear Inc. has a one year low of $32.73 and a one year high of $53.50.

About Maplebear

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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