Canaan Partners IX LLC Takes Position in Maplebear Inc. (NASDAQ:CART)

Canaan Partners IX LLC bought a new position in shares of Maplebear Inc. (NASDAQ:CART - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 3,728,485 shares of the company's stock, valued at approximately $87,508,000. Maplebear makes up 100.0% of Canaan Partners IX LLC's investment portfolio, making the stock its biggest position. Canaan Partners IX LLC owned approximately 1.33% of Maplebear at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. Signaturefd LLC purchased a new stake in shares of Maplebear during the third quarter worth about $30,000. UBS Group AG bought a new position in Maplebear during the third quarter valued at approximately $56,000. California State Teachers Retirement System bought a new position in Maplebear during the third quarter valued at approximately $74,000. Legal & General Group Plc bought a new position in Maplebear during the third quarter valued at approximately $74,000. Finally, International Assets Investment Management LLC bought a new position in Maplebear during the fourth quarter valued at approximately $110,000. Hedge funds and other institutional investors own 63.09% of the company's stock.

Insider Activity

In other news, CAO Alan Ramsay sold 12,113 shares of the business's stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $34.33, for a total value of $415,839.29. Following the completion of the transaction, the chief accounting officer now owns 114,205 shares of the company's stock, valued at approximately $3,920,657.65. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CEO Fidji Simo sold 82,461 shares of Maplebear stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $38.07, for a total value of $3,139,290.27. Following the completion of the transaction, the chief executive officer now owns 926,654 shares in the company, valued at approximately $35,277,717.78. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Alan Ramsay sold 12,113 shares of Maplebear stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $34.33, for a total value of $415,839.29. Following the completion of the transaction, the chief accounting officer now owns 114,205 shares of the company's stock, valued at approximately $3,920,657.65. The disclosure for this sale can be found here. In the last quarter, insiders purchased 2,157,745 shares of company stock valued at $61,771,955 and sold 998,592 shares valued at $28,401,288. Insiders own 4.02% of the company's stock.

Maplebear Stock Performance

CART traded down $0.77 on Friday, reaching $37.81. 4,408,260 shares of the stock were exchanged, compared to its average volume of 2,871,083. The company's 50-day moving average price is $33.29 and its 200 day moving average price is $27.95. Maplebear Inc. has a fifty-two week low of $22.13 and a fifty-two week high of $42.95.

Maplebear (NASDAQ:CART - Get Free Report) last issued its quarterly earnings data on Tuesday, February 13th. The company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.52. The company had revenue of $803.00 million during the quarter, compared to analyst estimates of $804.62 million. Maplebear's revenue was up 6.1% on a year-over-year basis. As a group, research analysts predict that Maplebear Inc. will post 0.53 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. BMO Capital Markets started coverage on Maplebear in a research note on Tuesday, January 9th. They set a "market perform" rating and a $26.00 price target for the company. Moffett Nathanson reiterated a "neutral" rating and issued a $37.00 price target (up from $36.00) on shares of Maplebear in a report on Thursday. Piper Sandler increased their price target on Maplebear from $36.00 to $45.00 and gave the stock an "overweight" rating in a report on Friday, March 15th. Sanford C. Bernstein upgraded Maplebear from a "market perform" rating to an "outperform" rating and raised their price objective for the stock from $30.00 to $43.00 in a report on Thursday, March 14th. Finally, Barclays lifted their price target on Maplebear from $40.00 to $41.00 and gave the company an "overweight" rating in a report on Wednesday, February 14th. Ten analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $37.72.

Maplebear Company 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.