Shellback Capital LP Has $3.99 Million Holdings in Maplebear Inc. $CART

Key Points

• Shellback Capital LP reduced its stake in Maplebear Inc. (NASDAQ:CART) by 60%, holding 100,000 shares valued at approximately $3.99 million after selling 150,000 shares during the first quarter.
• Wall Street analysts have boosted their price targets for Maplebear, with several firms issuing "buy" ratings and a consensus price target of $55.71, indicating positive growth expectations.
• In insider trading news, significant sales of company stock were made, including over 4.86 million shares sold by insider Grosvenor L.P. Gcm, illustrating active positions among insiders.

Shellback Capital LP trimmed its holdings in Maplebear Inc. (NASDAQ:CART - Free Report) by 60.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 100,000 shares of the company's stock after selling 150,000 shares during the quarter. Shellback Capital LP's holdings in Maplebear were worth $3,989,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in CART. Proathlete Wealth Management LLC purchased a new stake in Maplebear during the 1st quarter worth approximately $26,000. UMB Bank n.a. increased its holdings in shares of Maplebear by 914.1% during the 1st quarter. UMB Bank n.a. now owns 1,004 shares of the company's stock worth $40,000 after buying an additional 905 shares during the last quarter. Brooklyn Investment Group purchased a new position in shares of Maplebear during the 1st quarter worth $40,000. Spire Wealth Management acquired a new position in shares of Maplebear in the 1st quarter worth approximately $41,000. Finally, CWM LLC boosted its position in shares of Maplebear by 35.1% during the first quarter. CWM LLC now owns 1,058 shares of the company's stock worth $42,000 after buying an additional 275 shares during the period. 63.09% of the stock is owned by hedge funds and other institutional investors.

Maplebear Trading Up 3.3%

NASDAQ:CART traded up $1.52 on Wednesday, reaching $46.99. The stock had a trading volume of 5,078,076 shares, compared to its average volume of 4,361,421. Maplebear Inc. has a 12-month low of $34.56 and a 12-month high of $53.50. The company has a 50-day moving average of $46.84 and a 200 day moving average of $44.04. The stock has a market cap of $12.38 billion, a P/E ratio of 27.16, a price-to-earnings-growth ratio of 1.51 and a beta of 1.22.

Maplebear (NASDAQ:CART - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.02. The business 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 business's revenue was up 11.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.20 EPS. On average, equities analysts predict that Maplebear Inc. will post 1.43 EPS for the current year.

Analysts Set New Price Targets

CART has been the subject of a number of recent research reports. Stifel Nicolaus lifted their price target on shares of Maplebear from $55.00 to $64.00 and gave the stock a "buy" rating in a research note on Friday, August 8th. Morgan Stanley upped their target price on shares of Maplebear from $45.00 to $48.00 and gave the company an "equal weight" rating in a report on Friday, August 15th. JMP Securities lifted their price objective on shares of Maplebear from $55.00 to $60.00 and gave the company a "market outperform" rating in a research report on Friday, August 8th. Needham & Company LLC increased their price objective on Maplebear from $56.00 to $66.00 and gave the stock a "buy" rating in a research report on Friday, August 8th. Finally, 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. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the stock. According to 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 at Maplebear

In other Maplebear news, insider Grosvenor L.P. Gcm sold 4,864,272 shares of the stock in a transaction that occurred on Friday, July 25th. The shares were 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 Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Morgan Fong sold 4,680 shares of Maplebear stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $49.16, for a total transaction of $230,068.80. Following the completion of the sale, the general counsel owned 452,000 shares of the company's stock, valued at $22,220,320. This trade represents a 1.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 4,971,102 shares of company stock worth $237,536,372. Company insiders own 26.00% of the company's stock.

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.