Wealth Enhancement Advisory Services LLC Purchases New Stake in Maplebear Inc. (NASDAQ:CART)

Wealth Enhancement Advisory Services LLC acquired a new position in shares of Maplebear Inc. (NASDAQ:CART) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 28,609 shares of the company’s stock, valued at approximately $1,166,000.

Several other hedge funds also recently added to or reduced their stakes in the stock. Victory Capital Management Inc. lifted its position in shares of Maplebear by 144.7% during the second quarter. Victory Capital Management Inc. now owns 36,785 shares of the company’s stock worth $1,182,000 after purchasing an additional 21,755 shares during the last quarter. State of New Jersey Common Pension Fund D acquired a new stake in Maplebear during the second quarter valued at approximately $1,933,000. American Century Companies Inc. raised its stake in Maplebear by 14.6% during the second quarter. American Century Companies Inc. now owns 131,707 shares of the company’s stock valued at $4,233,000 after buying an additional 16,783 shares in the last quarter. Renaissance Technologies LLC bought a new position in Maplebear during the 2nd quarter worth approximately $22,816,000. Finally, Amalgamated Bank grew its position in shares of Maplebear by 545.2% in the 2nd quarter. Amalgamated Bank now owns 9,427 shares of the company’s stock worth $303,000 after acquiring an additional 7,966 shares in the last quarter. 63.09% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CAO Alan Ramsay sold 2,559 shares of Maplebear stock in a transaction that occurred 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 transaction, the chief accounting officer now owns 96,666 shares of the company’s stock, valued at $4,153,738.02. The trade was a 2.58 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Fidji Simo sold 20,750 shares of the business’s stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $44.39, for a total transaction of $921,092.50. Following the completion of the sale, the chief executive officer now owns 1,803,278 shares in the company, valued at $80,047,510.42. The trade was a 1.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 112,128 shares of company stock worth $4,980,404. 36.00% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on CART shares. Macquarie raised their price objective on Maplebear from $50.00 to $52.00 and gave the stock an “outperform” rating in a research note on Thursday, November 14th. Bank of America increased their target price on shares of Maplebear from $50.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday, November 13th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $45.00 price target on shares of Maplebear in a report on Monday, October 7th. Stifel Nicolaus boosted their price objective on shares of Maplebear from $52.00 to $55.00 and gave the company a “buy” rating in a research report on Monday, October 28th. Finally, BMO Capital Markets raised their target price on shares of Maplebear from $39.00 to $48.00 and gave the stock a “market perform” rating in a report on Wednesday, November 13th. Thirteen research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $48.31.

Maplebear Trading Down 2.9 %

Maplebear stock opened at $45.11 on Thursday. The company’s 50-day moving average price is $43.61 and its two-hundred day moving average price is $39.57. The stock has a market cap of $11.59 billion, a price-to-earnings ratio of 30.28, a PEG ratio of 1.08 and a beta of 1.04. Maplebear Inc. has a 52 week low of $22.70 and a 52 week high of $50.01.

Maplebear (NASDAQ:CART) last posted its quarterly earnings data on Tuesday, November 12th. The company reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.22 by $0.20. The business had revenue of $852.00 million for the quarter, compared to analyst estimates of $844.03 million. Maplebear had a net margin of 13.37% and a return on equity of 13.78%. The business’s revenue for the quarter was up 11.5% on a year-over-year basis. During the same quarter last year, the business earned ($20.86) earnings per share. Research analysts expect that Maplebear Inc. will post 1.4 earnings per share for the current fiscal year.

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.