American Express Co Purchases Shares of 763,706 Maplebear Inc. (NASDAQ:CART)

American Express Co acquired a new stake in Maplebear Inc. (NASDAQ:CART - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 763,706 shares of the company's stock, valued at approximately $17,924,000. Maplebear accounts for about 1.7% of American Express Co's holdings, making the stock its 2nd biggest position. American Express Co owned about 0.27% of Maplebear at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Signaturefd LLC purchased a new stake in shares of Maplebear during the third quarter valued at $30,000. International Assets Investment Management LLC acquired a new position in shares of Maplebear in the fourth quarter worth about $110,000. Jump Financial LLC purchased a new position in shares of Maplebear in the third quarter worth approximately $245,000. Alberta Investment Management Corp acquired a new stake in shares of Maplebear during the third quarter valued at approximately $252,000. Finally, EFG Asset Management North America Corp. purchased a new stake in shares of Maplebear in the 3rd quarter valued at approximately $270,000. 63.09% of the stock is owned by institutional investors and hedge funds.

Maplebear Stock Performance

NASDAQ:CART traded up $0.86 during midday trading on Wednesday, reaching $34.28. The stock had a trading volume of 4,131,695 shares, compared to its average volume of 4,093,516. Maplebear Inc. has a 1-year low of $22.13 and a 1-year high of $42.95. The firm's fifty day simple moving average is $34.85 and its 200-day simple moving average is $28.41.

Maplebear (NASDAQ:CART - Get Free Report) last issued its quarterly earnings results 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 business had revenue of $803.00 million during the quarter, compared to analyst estimates of $804.62 million. The firm's quarterly revenue was up 6.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Maplebear Inc. will post 0.53 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Wedbush reduced their target price on Maplebear from $30.00 to $26.00 and set a "neutral" rating for the company in a report on Wednesday, December 27th. Wolfe Research lifted their target price on Maplebear from $35.00 to $39.00 and gave the company an "outperform" rating in a research note on Tuesday, March 5th. Needham & Company LLC reiterated a "hold" rating on shares of Maplebear in a report on Tuesday. Benchmark cut shares of Maplebear from a "buy" rating to a "hold" rating in a report on Tuesday, January 23rd. Finally, Macquarie started coverage on shares of Maplebear in a research report on Monday, March 25th. They set an "outperform" rating and a $42.00 price objective on the stock. Ten equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $38.16.

Insiders Place Their Bets

In other news, Director Jeffrey D. Jordan sold 760,479 shares of the stock in a transaction that occurred 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 sale, the director now directly owns 20,783 shares of the company's stock, valued at $540,565.83. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, major shareholder Us (Ttgp) Ltd. Sc purchased 1,036,683 shares of the stock in a transaction that occurred on Tuesday, February 20th. The shares were purchased at an average cost of $27.90 per share, for a total transaction of $28,923,455.70. Following the completion of the purchase, the insider now directly owns 1,036,683 shares of the company's stock, valued at approximately $28,923,455.70. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Jeffrey D. Jordan sold 760,479 shares of the company's stock in a transaction that occurred on Thursday, February 15th. The shares were 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 of the company's stock, valued at approximately $540,565.83. The disclosure for this sale can be found here. In the last three months, insiders have acquired 2,157,745 shares of company stock valued at $61,771,955 and have sold 1,027,279 shares valued at $29,422,416.

About Maplebear

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.

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