Renaissance Capital LLC Sells 50,316 Shares of Maplebear Inc. $CART

Key Points

• Renaissance Capital LLC reduced its holdings in Maplebear Inc. by 28.3%, selling 50,316 shares in the second quarter, leaving them with a total of 127,747 shares valued at approximately $5.78 million.
• Maplebear's latest quarterly earnings report showed earnings per share of $0.41, beating analysts' estimates of $0.39, with revenues reaching $914 million, surpassing expectations.
• Price targets for Maplebear's stock have seen fluctuations, with some brokers lowering their targets significantly while others, like Needham & Company, raised their target to $66.00, reflecting a consensus rating of "Moderate Buy."

Renaissance Capital LLC cut its position in Maplebear Inc. (NASDAQ:CART - Free Report) by 28.3% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 127,747 shares of the company's stock after selling 50,316 shares during the period. Maplebear makes up 4.0% of Renaissance Capital LLC's holdings, making the stock its 9th largest position. Renaissance Capital LLC's holdings in Maplebear were worth $5,779,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. HB Wealth Management LLC acquired a new position in shares of Maplebear in the second quarter valued at about $459,000. Janney Montgomery Scott LLC grew its holdings in Maplebear by 3.2% during the second quarter. Janney Montgomery Scott LLC now owns 29,272 shares of the company's stock worth $1,324,000 after acquiring an additional 916 shares during the period. Generate Investment Management Ltd acquired a new stake in Maplebear during the second quarter worth about $14,477,000. Scott & Selber Inc. acquired a new stake in Maplebear during the second quarter worth about $2,483,000. Finally, HS Management Partners LLC acquired a new stake in Maplebear during the second quarter worth about $15,689,000. 63.09% of the stock is owned by institutional investors and hedge funds.

Maplebear Stock Performance

NASDAQ CART opened at $37.92 on Tuesday. The stock's fifty day moving average is $45.63 and its two-hundred day moving average is $44.39. The firm has a market capitalization of $9.99 billion, a P/E ratio of 21.92, a price-to-earnings-growth ratio of 1.42 and a beta of 1.22. Maplebear Inc. has a fifty-two week low of $35.14 and a fifty-two week high of $53.50.

Maplebear (NASDAQ:CART - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported $0.41 earnings per share for the quarter, topping 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 return on equity of 15.69% and a net margin of 13.76%.The firm's revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.20 earnings per share. As a group, sell-side analysts forecast that Maplebear Inc. will post 1.43 EPS for the current year.

Analysts Set New Price Targets

Several brokerages have commented on CART. Wedbush reissued an "underperform" rating and issued a $42.00 price objective (down from $55.00) on shares of Maplebear in a report on Thursday, August 21st. Sanford C. Bernstein raised their price objective on Maplebear from $55.00 to $60.00 and gave the company an "outperform" rating in a report on Monday, July 21st. Stifel Nicolaus dropped their price objective on Maplebear from $64.00 to $56.00 and set a "buy" rating on the stock in a report on Wednesday, September 24th. Wall Street Zen lowered Maplebear from a "buy" rating to a "hold" rating in a research note on Monday. Finally, Needham & Company LLC boosted their price target on Maplebear from $56.00 to $66.00 and gave the stock a "buy" rating in a research report on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $55.25.

Insider Activity

In related news, General Counsel Morgan Fong sold 4,680 shares of the business's stock in a transaction on Monday, July 21st. The stock was sold at an average price of $49.16, for a total transaction of $230,068.80. Following the completion of the transaction, the general counsel directly owned 452,000 shares of the company's stock, valued at $22,220,320. The trade was a 1.02% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Grosvenor L.P. Gcm sold 4,864,272 shares of the business's stock in a transaction on Friday, July 25th. The stock was sold at an average price of $47.75, for a total value of $232,268,988.00. The disclosure for this sale can be found here. Insiders sold a total of 4,986,367 shares of company stock worth $238,211,261 over the last three months. Company insiders own 26.00% of the company's stock.

Maplebear Company 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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