Magnetar Financial LLC Invests $1.75 Million in Maplebear Inc. (NASDAQ:CART)

Magnetar Financial LLC acquired a new stake in shares of Maplebear Inc. (NASDAQ:CART) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 54,358 shares of the company’s stock, valued at approximately $1,747,000.

A number of other institutional investors also recently modified their holdings of the business. Norges Bank purchased a new stake in Maplebear during the fourth quarter valued at about $78,674,000. Federated Hermes Inc. grew its position in shares of Maplebear by 102.2% in the 2nd quarter. Federated Hermes Inc. now owns 1,734,264 shares of the company’s stock worth $55,739,000 after buying an additional 876,439 shares during the period. SG Americas Securities LLC purchased a new position in shares of Maplebear during the first quarter valued at approximately $31,109,000. Lord Abbett & CO. LLC bought a new stake in Maplebear in the first quarter worth $28,674,000. Finally, Renaissance Technologies LLC bought a new position in Maplebear in the 2nd quarter worth about $22,816,000. 63.09% of the stock is currently owned by hedge funds and other institutional investors.

Maplebear Price Performance

NASDAQ:CART opened at $40.22 on Tuesday. Maplebear Inc. has a 12 month low of $22.13 and a 12 month high of $42.58. The business’s 50-day moving average is $34.86 and its two-hundred day moving average is $34.76.

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

Wall Street Analyst Weigh In

CART has been the topic of several research reports. Citigroup raised their target price on shares of Maplebear from $44.00 to $47.00 and gave the stock a “buy” rating in a report on Thursday, August 8th. Gordon Haskett raised shares of Maplebear from a “hold” rating to a “buy” rating and lifted their price target for the company from $37.00 to $45.00 in a report on Wednesday, June 5th. Wolfe Research began coverage on Maplebear in a research report on Tuesday, July 16th. They set a “peer perform” rating for the company. Needham & Company LLC reissued a “hold” rating on shares of Maplebear in a report on Wednesday, August 7th. Finally, Macquarie boosted their price target on shares of Maplebear from $44.00 to $45.00 and gave the stock an “outperform” rating in a research report on Thursday, August 8th. Ten research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $42.81.

Insider Buying and Selling

In related news, CAO Alan Ramsay sold 2,626 shares of the firm’s 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 $91,962.52. Following the transaction, the chief accounting officer now owns 107,910 shares in the company, valued at $3,779,008.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CAO Alan Ramsay sold 2,626 shares of the firm’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $35.02, for a total value of $91,962.52. Following the completion of the transaction, the chief accounting officer now owns 107,910 shares of the company’s stock, valued at approximately $3,779,008.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Morgan Fong sold 10,992 shares of Maplebear stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $41.38, for a total value of $454,848.96. Following the transaction, the general counsel now directly owns 298,984 shares in the company, valued at approximately $12,371,957.92. The disclosure for this sale can be found here. Insiders sold 73,669 shares of company stock valued at $2,682,769 in the last three months. 36.00% of the stock is currently owned by corporate insiders.

About Maplebear

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.