Rhumbline Advisers Raises Position in Maplebear Inc. (NASDAQ:CART)

Rhumbline Advisers lifted its stake in Maplebear Inc. (NASDAQ:CART) by 571.0% in the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 149,618 shares of the company’s stock after purchasing an additional 127,319 shares during the quarter. Rhumbline Advisers’ holdings in Maplebear were worth $4,809,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of CART. Renaissance Capital LLC increased its position in Maplebear by 4.3% during the first quarter. Renaissance Capital LLC now owns 14,692 shares of the company’s stock valued at $548,000 after acquiring an additional 607 shares during the last quarter. Parallel Advisors LLC raised its position in Maplebear by 139.3% in the 4th quarter. Parallel Advisors LLC now owns 1,065 shares of the company’s stock worth $25,000 after purchasing an additional 620 shares during the period. nVerses Capital LLC lifted its stake in Maplebear by 1,600.0% in the second quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock worth $55,000 after purchasing an additional 1,600 shares during the last quarter. Cantor Fitzgerald L. P. boosted its position in shares of Maplebear by 389.5% during the fourth quarter. Cantor Fitzgerald L. P. now owns 1,850 shares of the company’s stock valued at $43,000 after buying an additional 2,489 shares during the period. Finally, Great Valley Advisor Group Inc. raised its holdings in shares of Maplebear by 32.1% in the second quarter. Great Valley Advisor Group Inc. now owns 10,300 shares of the company’s stock worth $331,000 after buying an additional 2,500 shares during the period. Hedge funds and other institutional investors own 63.09% of the company’s stock.

Insider Transactions at Maplebear

In other news, General Counsel Morgan Fong sold 9,228 shares of the company’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $33.86, for a total transaction of $312,460.08. Following the transaction, the general counsel now directly owns 381,841 shares of the company’s stock, valued at $12,929,136.26. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Maplebear news, General Counsel Morgan Fong sold 9,228 shares of the company’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $33.86, for a total transaction of $312,460.08. Following the transaction, the general counsel now owns 381,841 shares in the company, valued at approximately $12,929,136.26. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Fidji Simo sold 8,500 shares of the company’s stock in a transaction on Wednesday, June 26th. The shares were sold at an average price of $33.04, for a total value of $280,840.00. Following the completion of the transaction, the chief executive officer now directly owns 1,984,167 shares in the company, valued at $65,556,877.68. The disclosure for this sale can be found here. Over the last three months, insiders have sold 66,110 shares of company stock valued at $2,292,923. Corporate insiders own 36.00% of the company’s stock.

Maplebear Price Performance

NASDAQ:CART opened at $36.99 on Monday. The firm has a 50 day moving average of $34.17 and a 200 day moving average of $34.48. Maplebear Inc. has a 52 week low of $22.13 and a 52 week high of $42.95.

Maplebear (NASDAQ:CART) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $0.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.13 by $0.07. The business had revenue of $823.00 million for the quarter, compared to the consensus estimate of $806.35 million. Maplebear had a negative return on equity of 49.98% and a negative net margin of 52.21%. Maplebear’s revenue was up 14.9% on a year-over-year basis. Equities research analysts anticipate that Maplebear Inc. will post 1.12 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on CART shares. Gordon Haskett upgraded Maplebear from a “hold” rating to a “buy” rating and boosted their price objective for the company from $37.00 to $45.00 in a report on Wednesday, June 5th. Benchmark reissued a “hold” rating on shares of Maplebear in a research note on Wednesday, August 7th. Wedbush boosted their target price on shares of Maplebear from $35.00 to $38.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Macquarie boosted their target price on shares of Maplebear from $44.00 to $45.00 and gave the company an “outperform” rating in a research note on Thursday, August 8th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Maplebear in a research note on Wednesday, August 7th. Eleven investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $42.81.

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.