Amalgamated Bank Buys 7,966 Shares of Maplebear Inc. (NASDAQ:CART)

Amalgamated Bank lifted its stake in shares of Maplebear Inc. (NASDAQ:CART) by 545.2% in the second quarter, HoldingsChannel.com reports. The fund owned 9,427 shares of the company’s stock after acquiring an additional 7,966 shares during the quarter. Amalgamated Bank’s holdings in Maplebear were worth $303,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Parallel Advisors LLC lifted its stake in Maplebear by 139.3% during the fourth 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 last quarter. Treasurer of the State of North Carolina bought a new position in shares of Maplebear during the fourth quarter valued at about $218,000. Honeycomb Asset Management LP bought a new position in shares of Maplebear during the fourth quarter valued at about $3,520,000. Cantor Fitzgerald L. P. increased its holdings in shares of Maplebear by 389.5% in the fourth quarter. Cantor Fitzgerald L. P. now owns 1,850 shares of the company’s stock worth $43,000 after buying an additional 2,489 shares during the period. Finally, Nomura Holdings Inc. bought a new stake in shares of Maplebear in the 4th quarter valued at about $587,000. 63.09% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts recently commented on the stock. KeyCorp started coverage on shares of Maplebear in a research note on Thursday, July 11th. They issued a “sector weight” rating on the stock. Wedbush upped their price target on Maplebear from $35.00 to $38.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Gordon Haskett upgraded Maplebear from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $37.00 to $45.00 in a research report on Wednesday, June 5th. BMO Capital Markets raised their target price on shares of Maplebear from $36.00 to $39.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 7th. Finally, Morgan Stanley reduced their price target on shares of Maplebear from $45.00 to $41.00 and set an “equal weight” rating on the stock in a research report on Tuesday, September 24th. Eleven analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $43.33.

Insider Transactions at Maplebear

In other Maplebear news, General Counsel Morgan Fong sold 9,506 shares of the stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $35.02, for a total transaction of $332,900.12. Following the completion of the sale, the general counsel now directly owns 372,335 shares of the company’s stock, valued at approximately $13,039,171.70. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Maplebear news, General Counsel Morgan Fong sold 9,506 shares of the firm’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $35.02, for a total transaction of $332,900.12. Following the completion of the transaction, the general counsel now owns 372,335 shares in the company, valued at approximately $13,039,171.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Fidji Simo sold 33,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $35.27, for a total value of $1,163,910.00. Following the sale, the chief executive officer now directly owns 1,844,778 shares in the company, valued at $65,065,320.06. The disclosure for this sale can be found here. Insiders sold a total of 67,655 shares of company stock valued at $2,504,824 over the last 90 days. Company insiders own 36.00% of the company’s stock.

Maplebear Price Performance

Shares of CART stock opened at $40.74 on Tuesday. The firm has a fifty day moving average price of $35.32 and a 200-day moving average price of $34.94. Maplebear Inc. has a 1 year low of $22.13 and a 1 year high of $42.58.

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

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.