Rip Road Capital Partners LP Sells 22,654 Shares of Maplebear Inc. $CART

Key Points

• Rip Road Capital Partners LP reduced its stake in Maplebear Inc. by 16.8% in the 1st quarter, owning 112,139 shares worth approximately $4.47 million at the end of the reporting period.
• Several analysts have raised their price targets for Maplebear, with Morgan Stanley setting a new target of $48.00, while JMP Securities and Barclays raised theirs to $60.00 and $65.00 respectively.
• In its latest earnings report, Maplebear reported $0.41 EPS, surpassing expectations, and showed a revenue increase of 11.1% year-over-year.

Rip Road Capital Partners LP lessened its holdings in Maplebear Inc. (NASDAQ:CART - Free Report) by 16.8% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 112,139 shares of the company's stock after selling 22,654 shares during the quarter. Maplebear comprises 4.9% of Rip Road Capital Partners LP's portfolio, making the stock its 11th largest position. Rip Road Capital Partners LP's holdings in Maplebear were worth $4,473,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. grew its holdings in Maplebear by 3.4% in the first quarter. Vanguard Group Inc. now owns 16,514,830 shares of the company's stock worth $658,777,000 after purchasing an additional 546,472 shares during the period. Victory Capital Management Inc. raised its holdings in Maplebear by 62.8% in the 1st quarter. Victory Capital Management Inc. now owns 7,368,232 shares of the company's stock worth $293,919,000 after acquiring an additional 2,841,559 shares during the last quarter. T. Rowe Price Investment Management Inc. lifted its position in Maplebear by 10.2% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 5,226,979 shares of the company's stock valued at $208,505,000 after acquiring an additional 482,327 shares in the last quarter. Altimeter Capital Management LP boosted its stake in Maplebear by 31.9% during the 1st quarter. Altimeter Capital Management LP now owns 3,348,128 shares of the company's stock valued at $133,557,000 after purchasing an additional 810,510 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. boosted its stake in Maplebear by 85.0% during the 4th 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. Hedge funds and other institutional investors own 63.09% of the company's stock.

Analysts Set New Price Targets

CART has been the topic of several recent analyst reports. Wedbush reiterated an "underperform" rating and set a $42.00 target price (down from $55.00) on shares of Maplebear in a research note on Thursday, August 21st. Needham & Company LLC increased their target price on Maplebear from $56.00 to $66.00 and gave the company a "buy" rating in a research note on Friday, August 8th. Sanford C. Bernstein increased their target price on Maplebear from $55.00 to $60.00 and gave the company an "outperform" rating in a research note on Monday, July 21st. JMP Securities increased their target price on Maplebear from $55.00 to $60.00 and gave the company a "market outperform" rating in a research note on Friday, August 8th. Finally, Jefferies Financial Group increased their target price on Maplebear from $50.00 to $55.00 and gave the company a "hold" rating in a research note on Monday, August 11th. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Maplebear currently has a consensus rating of "Moderate Buy" and an average target price of $55.71.

Insider Buying and Selling

In other news, 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 transaction, the insider owned 470,190 shares of the company's stock, valued at $22,954,675.80. This trade represents a 2.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Morgan Fong sold 4,680 shares of the firm's stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $49.16, for a total value of $230,068.80. Following the completion of the transaction, the general counsel directly owned 452,000 shares in the company, valued at $22,220,320. This trade represents a 1.02% decrease in their position. The disclosure for this sale can be found here. Insiders sold 4,971,102 shares of company stock worth $237,536,372 over the last ninety days. 26.00% of the stock is owned by corporate insiders.

Maplebear Stock Performance

Shares of Maplebear stock traded up $0.30 on Tuesday, hitting $45.47. 2,499,926 shares of the company's stock were exchanged, compared to its average volume of 5,006,611. The company has a 50-day simple moving average of $46.84 and a 200-day simple moving average of $44.04. The stock has a market capitalization of $11.98 billion, a PE ratio of 26.28, a PEG ratio of 1.51 and a beta of 1.22. Maplebear Inc. has a 1 year low of $34.56 and a 1 year high of $53.50.

Maplebear (NASDAQ:CART - Get Free Report) last issued its quarterly earnings results 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. The business had revenue of $914.00 million for the quarter, compared to analysts' expectations of $896.55 million. Maplebear had a net margin of 13.76% and a return on equity of 15.69%. The company's revenue was up 11.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.20 EPS. On average, analysts expect that Maplebear Inc. will post 1.43 EPS for the current fiscal year.

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.