Scientech Research LLC Acquires Shares of 18,082 Maplebear Inc. $CART

Key Points

• Scientech Research LLC has acquired a new stake of 18,082 shares in Maplebear Inc. (NASDAQ:CART), valued at approximately $721,000.
• Major institutional investors such as Vanguard Group Inc. and Victory Capital Management Inc. have significantly increased their holdings in the company during the first quarter.
• Maplebear's quarterly earnings report showed an EPS of $0.41, exceeding analyst estimates, with revenue of $914 million—an 11.1% increase compared to the same quarter last year.

Scientech Research LLC bought a new stake in Maplebear Inc. (NASDAQ:CART - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 18,082 shares of the company's stock, valued at approximately $721,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in shares of Maplebear by 3.4% in the 1st 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. boosted its stake in shares of Maplebear by 62.8% in the first quarter. Victory Capital Management Inc. now owns 7,368,232 shares of the company's stock worth $293,919,000 after buying an additional 2,841,559 shares during the last quarter. T. Rowe Price Investment Management Inc. boosted its position in Maplebear by 10.2% during the first quarter. T. Rowe Price Investment Management Inc. now owns 5,226,979 shares of the company's stock worth $208,505,000 after purchasing an additional 482,327 shares in the last quarter. Altimeter Capital Management LP boosted its position in Maplebear by 31.9% during the first quarter. Altimeter Capital Management LP now owns 3,348,128 shares of the company's stock worth $133,557,000 after purchasing an additional 810,510 shares in the last quarter. Finally, Federated Hermes Inc. raised its holdings in shares of Maplebear by 15.0% during the first quarter. Federated Hermes Inc. now owns 2,832,384 shares of the company's stock valued at $112,984,000 after acquiring an additional 370,120 shares during the last quarter. Institutional investors own 63.09% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on CART shares. Robert W. Baird dropped their price objective on Maplebear from $65.00 to $60.00 and set an "outperform" rating for the company in a research note on Friday, August 22nd. Barclays boosted their price target on Maplebear from $61.00 to $65.00 and gave the stock an "overweight" rating in a research note on Friday, August 8th. Morgan Stanley increased their price target on Maplebear from $45.00 to $48.00 and gave the stock an "equal weight" rating in a research note on Friday, August 15th. Jefferies Financial Group upped their price objective on Maplebear from $50.00 to $55.00 and gave the stock a "hold" rating in a report on Monday, August 11th. Finally, Needham & Company LLC upped their price objective on shares of Maplebear from $56.00 to $66.00 and gave the company a "buy" rating in a research report on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $55.71.

Insider Buying and Selling at Maplebear

In other news, insider Daniel Danker sold 10,037 shares of the stock in a transaction on Friday, July 18th. The shares were sold at an average price of $48.82, for a total transaction of $490,006.34. Following the completion of the sale, the insider directly owned 470,190 shares in the company, valued at $22,954,675.80. This represents a 2.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Grosvenor L.P. Gcm sold 4,864,272 shares of the firm's stock in a transaction on Friday, July 25th. The shares were sold at an average price of $47.75, for a total transaction of $232,268,988.00. The disclosure for this sale can be found here. Insiders sold a total of 4,971,102 shares of company stock valued at $237,536,372 in the last three months. 26.00% of the stock is owned by insiders.

Maplebear Price Performance

Shares of Maplebear stock traded up $0.43 during trading on Friday, hitting $46.36. 4,871,154 shares of the company's stock traded hands, compared to its average volume of 4,192,443. The company has a market cap of $12.21 billion, a PE ratio of 26.80, a PEG ratio of 1.55 and a beta of 1.22. Maplebear Inc. has a twelve month low of $35.14 and a twelve month high of $53.50. The firm's fifty day moving average price is $46.82 and its 200 day moving average price is $44.05.

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, beating the consensus estimate of $0.39 by $0.02. Maplebear had a net margin of 13.76% and a return on equity of 15.69%. The business had revenue of $914.00 million for the quarter, compared to analyst estimates of $896.55 million. During the same period in the prior year, the business posted $0.20 earnings per share. Maplebear's revenue was up 11.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Maplebear Inc. will post 1.43 earnings per share for the current year.

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.