Fmr LLC Has $62.15 Million Holdings in Maplebear Inc. (NASDAQ:CART)

Fmr LLC decreased its position in Maplebear Inc. (NASDAQ:CART) by 34.8% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 1,525,509 shares of the company’s stock after selling 813,121 shares during the period. Fmr LLC’s holdings in Maplebear were worth $62,149,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Portman Ltd purchased a new stake in shares of Maplebear in the third quarter valued at $3,196,000. Cerity Partners LLC acquired a new position in Maplebear during the third quarter valued at $1,442,000. Charles Schwab Investment Management Inc. lifted its stake in Maplebear by 5,191.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,489,655 shares of the company’s stock worth $60,689,000 after acquiring an additional 1,461,501 shares in the last quarter. Pacer Advisors Inc. acquired a new stake in Maplebear during the 3rd quarter worth about $158,701,000. Finally, AlpInvest Partners B.V. purchased a new position in Maplebear during the 3rd quarter valued at about $24,342,000. Institutional investors and hedge funds own 63.09% of the company’s stock.

Insider Activity at Maplebear

In related news, General Counsel Morgan Fong sold 29,253 shares of Maplebear stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $48.03, for a total transaction of $1,405,021.59. Following the sale, the general counsel now directly owns 258,406 shares of the company’s stock, valued at $12,411,240.18. This trade represents a 10.17 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Alan Ramsay sold 2,247 shares of the business’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $41.06, for a total transaction of $92,261.82. Following the completion of the sale, the chief accounting officer now directly owns 89,982 shares in the company, valued at $3,694,660.92. This trade represents a 2.44 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 110,954 shares of company stock worth $4,890,405 in the last ninety days. 36.00% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

CART has been the subject of a number of research analyst reports. Macquarie increased their price target on shares of Maplebear from $50.00 to $52.00 and gave the stock an “outperform” rating in a research report on Thursday, November 14th. BMO Capital Markets boosted their price target on shares of Maplebear from $39.00 to $48.00 and gave the company a “market perform” rating in a report on Wednesday, November 13th. Piper Sandler increased their price objective on Maplebear from $50.00 to $58.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Cantor Fitzgerald reissued an “overweight” rating and set a $45.00 price objective on shares of Maplebear in a research report on Monday, October 7th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Maplebear in a research report on Wednesday, November 13th. Thirteen equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $46.82.

Maplebear Price Performance

Maplebear stock opened at $44.19 on Friday. Maplebear Inc. has a fifty-two week low of $22.13 and a fifty-two week high of $50.01. The firm has a fifty day moving average price of $43.52 and a two-hundred day moving average price of $37.38. The firm has a market cap of $11.35 billion, a price-to-earnings ratio of 29.66, a P/E/G ratio of 1.13 and a beta of 0.94.

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

Maplebear Profile

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.