JPMorgan Chase & Co. Trims Stock Position in Maplebear Inc. (NASDAQ:CART)

JPMorgan Chase & Co. lessened its position in shares of Maplebear Inc. (NASDAQ:CART) by 9.1% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 383,082 shares of the company’s stock after selling 38,558 shares during the quarter. JPMorgan Chase & Co. owned about 0.15% of Maplebear worth $15,607,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Wilmington Savings Fund Society FSB purchased a new stake in shares of Maplebear during the 3rd quarter valued at approximately $33,000. Huntington National Bank purchased a new stake in Maplebear in the third quarter valued at approximately $54,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Maplebear in the third quarter valued at approximately $74,000. Quarry LP raised its position in Maplebear by 269.5% in the second quarter. Quarry LP now owns 3,928 shares of the company’s stock valued at $126,000 after purchasing an additional 2,865 shares during the period. Finally, Vinva Investment Management Ltd purchased a new stake in Maplebear in the third quarter valued at approximately $212,000. Hedge funds and other institutional investors own 63.09% of the company’s stock.

Maplebear Trading Down 1.3 %

Shares of CART stock opened at $44.23 on Friday. The firm has a fifty day moving average price of $43.59 and a 200 day moving average price of $39.28. The company has a market cap of $11.36 billion, a P/E ratio of 29.68, a PEG ratio of 1.08 and a beta of 1.04. Maplebear Inc. has a 12 month low of $22.60 and a 12 month high of $50.01.

Maplebear (NASDAQ:CART) last issued its earnings results on Tuesday, November 12th. The company reported $0.42 EPS for the quarter, topping analysts’ consensus estimates 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 net margin of 13.37% and a return on equity of 13.78%. The company’s revenue was up 11.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($20.86) earnings per share. On average, equities analysts forecast that Maplebear Inc. will post 1.4 EPS for the current year.

Insider Buying and Selling at Maplebear

In other Maplebear news, CAO Alan Ramsay sold 2,559 shares of the company’s stock in a transaction on Monday, October 21st. The shares were sold at an average price of $42.97, for a total value of $109,960.23. Following the completion of the transaction, the chief accounting officer now owns 96,666 shares in the company, valued at $4,153,738.02. This represents a 2.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, General Counsel Morgan Fong sold 11,325 shares of the company’s stock in a transaction on Monday, October 21st. The shares were sold at an average price of $42.97, for a total transaction of $486,635.25. Following the completion of the transaction, the general counsel now owns 287,659 shares of the company’s stock, valued at $12,360,707.23. This represents a 3.79 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 112,128 shares of company stock worth $4,980,404 over the last 90 days. Corporate insiders own 36.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Cantor Fitzgerald reissued an “overweight” rating and issued a $45.00 target price on shares of Maplebear in a research report on Monday, October 7th. Oppenheimer boosted their target price on Maplebear from $55.00 to $60.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. Loop Capital boosted their target price on Maplebear from $49.00 to $56.00 and gave the company a “buy” rating in a research report on Monday, December 9th. Barclays boosted their target price on Maplebear from $48.00 to $56.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Finally, JMP Securities upped their price objective on Maplebear from $42.00 to $51.00 and gave the stock a “market outperform” rating in a research report on Wednesday, November 13th. Fourteen investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, Maplebear presently has an average rating of “Hold” and a consensus target price of $47.13.

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.