Sentry Investment Management LLC Acquires New Shares in Maplebear Inc. $CART

Key Points

• Sentry Investment Management LLC acquired 8,030 shares of Maplebear Inc. (NASDAQ:CART), valued at approximately $391,000, in the second quarter.
• Institutional investors and hedge funds now own 63.09% of Maplebear's stock, with major acquisitions made by firms like William Blair Investment Management LLC and Victory Capital Management Inc.
• Analysts have mixed ratings on Maplebear, with an average price target of $52.40, and recent downgrades affecting the stock's outlook.

Sentry Investment Management LLC acquired a new stake in shares of Maplebear Inc. (NASDAQ:CART - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 8,030 shares of the company's stock, valued at approximately $391,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CART. William Blair Investment Management LLC acquired a new position in Maplebear during the 2nd quarter valued at approximately $151,364,000. Victory Capital Management Inc. boosted its position in Maplebear by 62.8% during the 1st quarter. Victory Capital Management Inc. now owns 7,368,232 shares of the company's stock valued at $293,919,000 after purchasing an additional 2,841,559 shares during the period. Champlain Investment Partners LLC acquired a new position in Maplebear during the 1st quarter valued at approximately $52,333,000. Westfield Capital Management Co. LP acquired a new position in Maplebear during the 1st quarter valued at approximately $48,639,000. Finally, Invesco Ltd. boosted its position in Maplebear by 82.5% during the 1st quarter. Invesco Ltd. now owns 2,575,624 shares of the company's stock valued at $102,742,000 after purchasing an additional 1,164,702 shares during the period. Institutional investors and hedge funds own 63.09% of the company's stock.

Analysts Set New Price Targets

Several brokerages have weighed in on CART. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Maplebear in a research note on Tuesday, October 14th. Piper Sandler downgraded Maplebear from an "overweight" rating to a "neutral" rating and set a $41.00 target price on the stock. in a research note on Friday, October 3rd. Barclays lifted their target price on Maplebear from $61.00 to $65.00 and gave the company an "overweight" rating in a research note on Friday, August 8th. Wall Street Zen downgraded Maplebear from a "buy" rating to a "hold" rating in a research note on Monday, September 29th. Finally, Wedbush reaffirmed an "underperform" rating and set a $42.00 target price (down previously from $55.00) on shares of Maplebear in a research note on Thursday, August 21st. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $52.40.

Maplebear Stock Performance

CART opened at $38.49 on Monday. Maplebear Inc. has a one year low of $34.87 and a one year high of $53.50. The stock's fifty day moving average is $42.87 and its 200-day moving average is $44.24. The company has a market capitalization of $10.14 billion, a PE ratio of 22.25, a P/E/G ratio of 1.18 and a beta of 1.10.

Maplebear (NASDAQ:CART - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported $0.41 EPS for the quarter, topping analysts' consensus estimates of $0.39 by $0.02. Maplebear had a return on equity of 15.69% and a net margin of 13.76%.The company had revenue of $914.00 million for the quarter, compared to the consensus estimate of $896.55 million. During the same quarter in the previous year, the business earned $0.20 EPS. The company's quarterly revenue was up 11.1% compared to the same quarter last year. On average, equities research analysts forecast that Maplebear Inc. will post 1.43 EPS for the current fiscal year.

Insider Transactions at Maplebear

In other news, 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 transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Fidji Simo sold 1,014 shares of the business's stock in a transaction on Thursday, October 16th. The stock was sold at an average price of $40.00, for a total value of $40,560.00. Following the sale, the director directly owned 569,742 shares in the company, valued at $22,789,680. This trade represents a 0.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 4,961,482 shares of company stock worth $236,971,374 over the last 90 days. 26.00% of the stock is currently owned by corporate insiders.

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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