Thrive Capital Management LLC Makes New Investment in Maplebear Inc. (NASDAQ:CART)

Thrive Capital Management LLC purchased a new stake in Maplebear Inc. (NASDAQ:CART - Free Report) during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 1,610,560 shares of the company's stock, valued at approximately $47,818,000. Maplebear accounts for about 25.6% of Thrive Capital Management LLC's portfolio, making the stock its 3rd largest position. Thrive Capital Management LLC owned 0.57% of Maplebear as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in CART. FMR LLC acquired a new position in Maplebear during the 3rd quarter worth approximately $56,424,000. Blackstone Inc. acquired a new position in Maplebear during the 3rd quarter worth approximately $17,369,000. KPCB DGF II Associates LLC acquired a new position in Maplebear during the 3rd quarter worth approximately $119,544,000. Monashee Investment Management LLC acquired a new position in Maplebear during the 3rd quarter worth approximately $6,069,000. Finally, Hudson Bay Capital Management LP acquired a new position in Maplebear during the 3rd quarter worth approximately $904,000. Institutional investors and hedge funds own 63.09% of the company's stock.

Maplebear Trading Down 2.0 %

Shares of Maplebear stock traded down $0.77 during trading hours on Friday, reaching $37.81. 4,374,067 shares of the company's stock were exchanged, compared to its average volume of 4,061,279. Maplebear Inc. has a 52-week low of $22.13 and a 52-week high of $42.95. The company has a fifty day moving average of $33.29 and a 200-day moving average of $27.96.

Maplebear (NASDAQ:CART - Get Free Report) last issued its quarterly earnings results on Tuesday, February 13th. The company reported $0.44 earnings per share for the quarter, topping analysts' consensus estimates of ($0.08) by $0.52. The business had revenue of $803.00 million for the quarter, compared to analysts' expectations of $804.62 million. Maplebear's revenue was up 6.1% on a year-over-year basis. Analysts anticipate that Maplebear Inc. will post 0.53 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Jeffrey D. Jordan sold 760,479 shares of the stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $26.01, for a total value of $19,780,058.79. Following the transaction, the director now directly owns 20,783 shares of the company's stock, valued at approximately $540,565.83. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, major shareholder Us (Ttgp) Ltd. Sc bought 1,036,683 shares of the business's stock in a transaction that occurred on Tuesday, February 20th. The shares were acquired at an average cost of $27.90 per share, with a total value of $28,923,455.70. Following the transaction, the insider now owns 1,036,683 shares of the company's stock, valued at approximately $28,923,455.70. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Jeffrey D. Jordan sold 760,479 shares of the stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $26.01, for a total value of $19,780,058.79. Following the completion of the transaction, the director now directly owns 20,783 shares in the company, valued at $540,565.83. The disclosure for this sale can be found here. In the last quarter, insiders have acquired 2,157,745 shares of company stock valued at $61,771,955 and have sold 998,592 shares valued at $28,401,288. Corporate insiders own 4.02% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on CART shares. Moffett Nathanson reiterated a "neutral" rating and set a $37.00 target price (up previously from $36.00) on shares of Maplebear in a research report on Thursday. Robert W. Baird upped their price target on Maplebear from $31.00 to $44.00 and gave the stock an "outperform" rating in a report on Monday, April 1st. Fox Advisors cut Maplebear from an "overweight" rating to an "equal weight" rating in a report on Monday, April 1st. Wolfe Research upped their price target on Maplebear from $35.00 to $39.00 and gave the stock an "outperform" rating in a report on Tuesday, March 5th. Finally, JPMorgan Chase & Co. upped their price target on Maplebear from $35.00 to $45.00 and gave the stock an "overweight" rating in a report on Monday, March 25th. Ten analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $37.72.

Maplebear Profile

Maplebear Inc, doing business as Instacart, provides online grocery shopping services to households in North America. It sells and delivers grocery products. The company offers its services through a mobile application and website. It also provides software-as-a-service solutions to retailers. The company was incorporated in 2012 and is based in San Francisco, California.