Townsquare Capital LLC Buys 55,965 Shares of Maplebear Inc. (NASDAQ:CART)

Key Points

• Townsquare Capital LLC significantly increased its stake in Maplebear Inc., acquiring an additional 55,965 shares and boosting its position by 674.9%.
• Maplebear reported quarterly earnings, with an EPS of $0.41, surpassing estimates, and a revenue of $914 million, representing an 11.1% year-over-year increase.
• Multiple analysts have upgraded their target prices for Maplebear, with a consensus price target now at $55.33 and a majority rating the stock as a "Moderate Buy."

Townsquare Capital LLC raised its position in Maplebear Inc. (NASDAQ:CART - Free Report) by 674.9% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 64,257 shares of the company's stock after acquiring an additional 55,965 shares during the quarter. Townsquare Capital LLC's holdings in Maplebear were worth $2,563,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of CART. Proathlete Wealth Management LLC bought a new position in Maplebear in the first quarter valued at about $26,000. NewEdge Advisors LLC lifted its holdings in Maplebear by 277.9% in the fourth quarter. NewEdge Advisors LLC now owns 975 shares of the company's stock valued at $40,000 after acquiring an additional 717 shares during the period. UMB Bank n.a. increased its position in Maplebear by 914.1% in the first quarter. UMB Bank n.a. now owns 1,004 shares of the company's stock worth $40,000 after buying an additional 905 shares in the last quarter. Spire Wealth Management purchased a new stake in Maplebear in the first quarter worth about $41,000. Finally, CWM LLC increased its position in Maplebear by 35.1% in the first quarter. CWM LLC now owns 1,058 shares of the company's stock worth $42,000 after buying an additional 275 shares in the last quarter. Institutional investors own 63.09% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Jefferies Financial Group upped their price target on Maplebear from $50.00 to $55.00 and gave the stock a "hold" rating in a research report on Monday. Stifel Nicolaus upped their price target on Maplebear from $55.00 to $64.00 and gave the stock a "buy" rating in a research report on Friday, August 8th. JMP Securities upped their price target on Maplebear from $55.00 to $60.00 and gave the stock a "market outperform" rating in a research report on Friday, August 8th. Barclays upped their price target on Maplebear from $61.00 to $65.00 and gave the stock an "overweight" rating in a research report on Friday, August 8th. Finally, Citigroup upped their price target on Maplebear from $57.00 to $65.00 and gave the stock a "buy" rating in a research report on Friday, August 8th. Nine analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $55.33.

Insider Activity at Maplebear

In related news, Director Levien Meredith A. Kopit sold 4,225 shares of the stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $47.45, for a total transaction of $200,476.25. Following the completion of the transaction, the director directly owned 20,829 shares of the company's stock, valued at approximately $988,336.05. This represents a 16.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Daniel Danker sold 10,037 shares of the stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $48.82, for a total value of $490,006.34. Following the transaction, the insider directly owned 470,190 shares of the company's stock, valued at approximately $22,954,675.80. The trade was a 2.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 4,975,327 shares of company stock valued at $237,736,848 in the last 90 days. 26.00% of the stock is currently owned by insiders.

Maplebear Stock Down 11.5%

Maplebear stock traded down $5.87 during midday trading on Wednesday, reaching $45.11. 17,262,629 shares of the stock traded hands, compared to its average volume of 4,285,773. The stock's fifty day moving average is $46.88 and its 200-day moving average is $44.77. Maplebear Inc. has a 12 month low of $31.59 and a 12 month high of $53.50. The stock has a market cap of $11.88 billion, a P/E ratio of 26.08, a PEG ratio of 1.70 and a beta of 1.21.

Maplebear (NASDAQ:CART - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported $0.41 EPS for the quarter, beating 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 during the quarter, compared to analyst estimates of $896.55 million. During the same period in the prior year, the company earned $0.20 earnings per share. The firm's revenue was up 11.1% on a year-over-year basis. On average, equities analysts predict 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.