United Services Automobile Association Buys New Shares in Maplebear Inc. $CART

Key Points

• United Services Automobile Association recently invested approximately $418,000 in Maplebear Inc., acquiring 10,509 shares during the first quarter.
• Analysts' price targets for Maplebear's stock have seen significant upward revisions, with Jefferies raising its target from $50 to $55 and Barclays from $61 to $65, indicating positive market sentiment.
• Maplebear's most recent earnings report showed a quarterly revenue of $914 million, surpassing analysts' expectations and reflecting an 11.1% increase from the previous year.

United Services Automobile Association bought a new stake in Maplebear Inc. (NASDAQ:CART - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 10,509 shares of the company's stock, valued at approximately $418,000.

A number of other hedge funds also recently made changes to their positions in the stock. Proathlete Wealth Management LLC acquired a new stake in Maplebear in the first quarter valued at approximately $26,000. Brooklyn Investment Group purchased a new position in shares of Maplebear during the first quarter valued at approximately $40,000. UMB Bank n.a. boosted its position in shares of Maplebear by 914.1% during the first quarter. UMB Bank n.a. now owns 1,004 shares of the company's stock valued at $40,000 after buying an additional 905 shares during the last quarter. Spire Wealth Management purchased a new position in shares of Maplebear during the first quarter valued at 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 valued at $42,000 after buying an additional 275 shares during the last quarter. 63.09% of the stock is currently owned by institutional investors.

Maplebear Trading Up 0.0%

NASDAQ CART traded up $0.02 on Monday, hitting $46.38. The company's stock had a trading volume of 4,292,266 shares, compared to its average volume of 4,369,005. Maplebear Inc. has a 52-week low of $35.14 and a 52-week high of $53.50. The company's 50-day simple moving average is $46.82 and its 200 day simple moving average is $44.05. The firm has a market cap of $12.22 billion, a P/E ratio of 26.81, a PEG ratio of 1.55 and a beta of 1.22.

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

Insiders Place Their Bets

In other Maplebear news, General Counsel Morgan Fong sold 4,680 shares of Maplebear stock in a transaction on 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 sale, the general counsel owned 452,000 shares of the company's stock, valued at approximately $22,220,320. This trade represents a 1.02% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Daniel Danker sold 10,037 shares of Maplebear stock in a transaction on Friday, July 18th. The stock was sold at an average price of $48.82, for a total value of $490,006.34. Following the completion of the sale, the insider directly owned 470,190 shares of the company's stock, valued at $22,954,675.80. The trade was a 2.09% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 4,971,102 shares of company stock worth $237,536,372 in the last 90 days. 26.00% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have weighed in on CART shares. Stifel Nicolaus boosted their price objective on Maplebear from $55.00 to $64.00 and gave the stock a "buy" rating in a research report on Friday, August 8th. Robert W. Baird cut their price objective on Maplebear from $65.00 to $60.00 and set an "outperform" rating on the stock in a research report on Friday, August 22nd. Wedbush reissued an "underperform" rating and issued a $42.00 price objective (down previously from $55.00) on shares of Maplebear in a research report on Thursday, August 21st. Wall Street Zen cut Maplebear from a "buy" rating to a "hold" rating in a research report on Saturday. Finally, Bank of America boosted their target price on Maplebear from $53.00 to $58.00 and gave the company a "neutral" rating in a research note on Friday, August 8th. 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's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $55.71.

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.