The Manufacturers Life Insurance Company Buys 3,770 Shares of Maplebear Inc. (NASDAQ:CART)

The Manufacturers Life Insurance Company lifted its stake in shares of Maplebear Inc. (NASDAQ:CART) by 8.4% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 48,646 shares of the company’s stock after acquiring an additional 3,770 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Maplebear were worth $1,563,000 as of its most recent filing with the SEC.

Other large investors also recently made changes to their positions in the company. nVerses Capital LLC boosted its stake in shares of Maplebear by 1,600.0% during the 2nd quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock worth $55,000 after acquiring an additional 1,600 shares in the last quarter. Cantor Fitzgerald L. P. boosted its stake in shares of Maplebear by 389.5% during the 4th quarter. Cantor Fitzgerald L. P. now owns 1,850 shares of the company’s stock worth $43,000 after acquiring an additional 2,489 shares in the last quarter. Kapitalo Investimentos Ltda bought a new stake in shares of Maplebear during the 4th quarter worth about $69,000. Oppenheimer & Co. Inc. bought a new stake in shares of Maplebear during the 1st quarter worth about $213,000. Finally, Donoghue Forlines LLC bought a new stake in shares of Maplebear during the 1st quarter worth about $262,000. Institutional investors own 63.09% of the company’s stock.

Wall Street Analysts Forecast Growth

CART has been the subject of several recent analyst reports. Morgan Stanley decreased their target price on Maplebear from $45.00 to $41.00 and set an “equal weight” rating for the company in a research note on Tuesday, September 24th. Cantor Fitzgerald restated an “overweight” rating and set a $45.00 target price on shares of Maplebear in a research note on Monday. KeyCorp initiated coverage on Maplebear in a research note on Thursday, July 11th. They set a “sector weight” rating for the company. Citigroup increased their target price on Maplebear from $44.00 to $47.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. Finally, BMO Capital Markets increased their target price on Maplebear from $36.00 to $39.00 and gave the company a “market perform” rating in a research note on Wednesday, August 7th. Eleven research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $43.33.

Insider Buying and Selling

In related news, General Counsel Morgan Fong sold 9,506 shares of the 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 sale, the general counsel now directly owns 372,335 shares in the company, valued at $13,039,171.70. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, General Counsel Morgan Fong sold 9,506 shares of the 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 sale, the general counsel now directly owns 372,335 shares in the company, valued at $13,039,171.70. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Alan Ramsay sold 2,486 shares of the stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $41.39, for a total value of $102,895.54. Following the sale, the chief accounting officer now owns 99,225 shares in the company, valued at approximately $4,106,922.75. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 67,655 shares of company stock worth $2,504,824 in the last three months. Insiders own 36.00% of the company’s stock.

Maplebear Price Performance

Shares of CART opened at $42.74 on Friday. Maplebear Inc. has a 1 year low of $22.13 and a 1 year high of $45.01. The stock has a 50 day simple moving average of $36.30 and a 200-day simple moving average of $35.16.

Maplebear (NASDAQ:CART) last issued its 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. Maplebear had a negative return on equity of 49.98% and a negative net margin of 52.21%. The business had revenue of $823.00 million during the quarter, compared to analysts’ expectations of $806.35 million. The firm’s revenue was up 14.9% on a year-over-year basis. As a group, research analysts forecast that Maplebear Inc. will post 1.12 earnings per share for the current year.

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.