Maplebear Inc. (NASDAQ:CART) Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. decreased its holdings in shares of Maplebear Inc. (NASDAQ:CART) by 9.1% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 383,082 shares of the company’s stock after selling 38,558 shares during the quarter. JPMorgan Chase & Co.’s holdings in Maplebear were worth $15,607,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Portman Ltd acquired a new stake in shares of Maplebear during the third quarter worth about $3,196,000. State Street Corp boosted its stake in shares of Maplebear by 48.3% during the third quarter. State Street Corp now owns 2,552,617 shares of the company’s stock worth $103,994,000 after buying an additional 831,795 shares during the period. Cerity Partners LLC acquired a new stake in shares of Maplebear during the third quarter worth about $1,442,000. Charles Schwab Investment Management Inc. boosted its stake in shares of Maplebear by 5,191.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,489,655 shares of the company’s stock worth $60,689,000 after buying an additional 1,461,501 shares during the period. Finally, Zacks Investment Management purchased a new position in Maplebear during the third quarter worth about $4,853,000. Institutional investors and hedge funds own 63.09% of the company’s stock.

Insider Activity

In related news, General Counsel Morgan Fong sold 11,325 shares of the firm’s stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $42.97, for a total transaction of $486,635.25. Following the sale, the general counsel now owns 287,659 shares in the company, valued at approximately $12,360,707.23. This trade represents a 3.79 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Alan Ramsay sold 2,559 shares of the firm’s stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $42.97, for a total transaction of $109,960.23. Following the sale, the chief accounting officer now owns 96,666 shares in the company, valued at approximately $4,153,738.02. This trade represents a 2.58 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 112,128 shares of company stock worth $4,980,404 over the last ninety days. 36.00% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

CART has been the subject of several analyst reports. Bank of America increased their price target on shares of Maplebear from $50.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday, November 13th. Oppenheimer increased their price target on shares of Maplebear from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. Loop Capital increased their price target on shares of Maplebear from $49.00 to $56.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Barclays increased their price target on shares of Maplebear from $48.00 to $56.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Maplebear in a report on Tuesday, December 3rd. They set a “hold” rating and a $37.00 price target for the company. Fourteen equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $47.13.

Maplebear Price Performance

CART stock opened at $44.23 on Friday. The company’s 50 day simple moving average is $43.59 and its 200-day simple moving average is $39.28. The firm has a market capitalization of $11.36 billion, a PE ratio of 29.68, a P/E/G ratio of 1.08 and a beta of 1.04. Maplebear Inc. has a 12 month low of $22.60 and a 12 month high of $50.01.

Maplebear (NASDAQ:CART) last released its quarterly earnings results on Tuesday, November 12th. The company reported $0.42 EPS for the quarter, beating the consensus estimate of $0.22 by $0.20. The business had revenue of $852.00 million for the quarter, compared to analyst estimates of $844.03 million. Maplebear had a net margin of 13.37% and a return on equity of 13.78%. The company’s quarterly revenue was up 11.5% on a year-over-year basis. During the same period in the prior year, the business earned ($20.86) earnings per share. As a group, sell-side analysts anticipate that Maplebear Inc. will post 1.4 earnings per share for the current year.

About Maplebear

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.