Rhumbline Advisers Raises Position in Maplebear Inc. (NASDAQ:CART)

Rhumbline Advisers boosted its stake in Maplebear Inc. (NASDAQ:CART) by 571.0% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 149,618 shares of the company’s stock after buying an additional 127,319 shares during the period. Rhumbline Advisers owned 0.06% of Maplebear worth $4,809,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Parallel Advisors LLC lifted its holdings in Maplebear by 139.3% in the fourth quarter. Parallel Advisors LLC now owns 1,065 shares of the company’s stock worth $25,000 after buying an additional 620 shares during the period. nVerses Capital LLC lifted its holdings in Maplebear by 1,600.0% in the second quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock worth $55,000 after buying an additional 1,600 shares during the period. Cantor Fitzgerald L. P. lifted its holdings in 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. Kapitalo Investimentos Ltda purchased a new stake in Maplebear in the fourth quarter worth about $69,000. Finally, Amalgamated Bank purchased a new stake in Maplebear in the fourth quarter worth about $94,000. 63.09% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Maplebear

In other news, General Counsel Morgan Fong sold 9,228 shares of the firm’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $33.86, for a total value of $312,460.08. Following the transaction, the general counsel now owns 381,841 shares of the company’s stock, valued at $12,929,136.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CAO Alan Ramsay sold 2,550 shares of Maplebear stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $33.86, for a total transaction of $86,343.00. Following the sale, the chief accounting officer now owns 110,536 shares of the company’s stock, valued at approximately $3,742,748.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel Morgan Fong sold 9,228 shares of the business’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $33.86, for a total transaction of $312,460.08. Following the completion of the transaction, the general counsel now directly owns 381,841 shares in the company, valued at approximately $12,929,136.26. The disclosure for this sale can be found here. Insiders have sold 66,110 shares of company stock valued at $2,292,923 over the last quarter. 36.00% of the stock is currently owned by company insiders.

Maplebear Price Performance

Shares of NASDAQ:CART opened at $36.99 on Monday. The stock’s 50-day simple moving average is $34.17 and its two-hundred day simple moving average is $34.48. Maplebear Inc. has a 52-week low of $22.13 and a 52-week high of $42.95.

Maplebear (NASDAQ:CART) last announced 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 business had revenue of $823.00 million for the quarter, compared to analysts’ expectations of $806.35 million. Maplebear had a negative return on equity of 49.98% and a negative net margin of 52.21%. Maplebear’s revenue was up 14.9% compared to the same quarter last year. Equities analysts anticipate that Maplebear Inc. will post 1.12 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have recently issued reports on CART. Gordon Haskett upgraded shares of Maplebear from a “hold” rating to a “buy” rating and lifted their target price for the company from $37.00 to $45.00 in a report on Wednesday, June 5th. Macquarie boosted their target price on Maplebear from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Thursday, August 8th. KeyCorp began coverage on Maplebear in a report on Thursday, July 11th. They set a “sector weight” rating for the company. Wolfe Research began coverage on shares of Maplebear in a research note on Tuesday, July 16th. They issued a “peer perform” rating on the stock. Finally, Piper Sandler raised their price objective on shares of Maplebear from $47.00 to $50.00 and gave the company an “overweight” rating in a research note on Wednesday, August 7th. Eleven investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $42.81.

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.