Bank of New York Mellon Corp Has $24.58 Million Holdings in Maplebear Inc. (NASDAQ:CART)

Bank of New York Mellon Corp lifted its stake in shares of Maplebear Inc. (NASDAQ:CART) by 4.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 593,480 shares of the company’s stock after buying an additional 23,295 shares during the period. Bank of New York Mellon Corp owned about 0.23% of Maplebear worth $24,582,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of CART. New York State Teachers Retirement System boosted its position in shares of Maplebear by 704.1% during the third quarter. New York State Teachers Retirement System now owns 15,824 shares of the company’s stock valued at $645,000 after buying an additional 13,856 shares during the last quarter. US Bancorp DE boosted its position in shares of Maplebear by 429.2% during the third quarter. US Bancorp DE now owns 10,690 shares of the company’s stock valued at $436,000 after buying an additional 8,670 shares during the last quarter. Eos Management L.P. boosted its position in shares of Maplebear by 98.1% during the third quarter. Eos Management L.P. now owns 31,508 shares of the company’s stock valued at $1,284,000 after buying an additional 15,600 shares during the last quarter. Entropy Technologies LP purchased a new position in shares of Maplebear during the third quarter valued at approximately $232,000. Finally, Victory Capital Management Inc. boosted its position in shares of Maplebear by 6.1% during the third quarter. Victory Capital Management Inc. now owns 39,019 shares of the company’s stock valued at $1,590,000 after buying an additional 2,234 shares during the last quarter. Hedge funds and other institutional investors own 63.09% of the company’s stock.

Analyst Upgrades and Downgrades

CART has been the topic of several analyst reports. BTIG Research raised Maplebear from a “neutral” rating to a “buy” rating and set a $58.00 target price on the stock in a research report on Tuesday, January 14th. JPMorgan Chase & Co. cut their price objective on Maplebear from $52.00 to $50.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 26th. Deutsche Bank Aktiengesellschaft assumed coverage on Maplebear in a research report on Tuesday, December 3rd. They issued a “hold” rating and a $37.00 price objective on the stock. Oppenheimer cut their price objective on Maplebear from $65.00 to $60.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 26th. Finally, Loop Capital cut their price objective on Maplebear from $56.00 to $52.00 and set a “buy” rating on the stock in a research report on Thursday. Thirteen research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Maplebear currently has an average rating of “Moderate Buy” and an average target price of $50.21.

Maplebear Stock Performance

NASDAQ:CART opened at $39.90 on Monday. Maplebear Inc. has a 52-week low of $29.84 and a 52-week high of $53.44. The firm has a market cap of $10.56 billion, a price-to-earnings ratio of 26.78, a PEG ratio of 1.19 and a beta of 1.34. The business’s fifty day moving average is $45.99 and its 200 day moving average is $43.08.

Maplebear (NASDAQ:CART) last released its quarterly earnings data on Tuesday, February 25th. The company reported $0.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.37 by $0.16. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. The company had revenue of $883.00 million for the quarter, compared to analyst estimates of $889.98 million. Equities analysts predict that Maplebear Inc. will post 1.43 EPS for the current fiscal year.

Insider Activity at Maplebear

In other Maplebear news, CAO Alan Ramsay sold 2,314 shares of the company’s stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $46.28, for a total value of $107,091.92. Following the transaction, the chief accounting officer now directly owns 85,421 shares in the company, valued at $3,953,283.88. This represents a 2.64 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Fidji Simo sold 20,750 shares of the company’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $42.74, for a total value of $886,855.00. Following the completion of the transaction, the chief executive officer now owns 1,771,993 shares in the company, valued at $75,734,980.82. This represents a 1.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 46,061 shares of company stock worth $1,987,318. 36.00% of the stock is owned by company insiders.

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.