GAMMA Investing LLC Increases Holdings in Maplebear Inc. $CART

GAMMA Investing LLC lifted its position in Maplebear Inc. (NASDAQ:CART) by 98.4% in the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,647 shares of the company’s stock after purchasing an additional 1,313 shares during the period. GAMMA Investing LLC’s holdings in Maplebear were worth $120,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the stock. Proathlete Wealth Management LLC acquired a new position in shares of Maplebear during the first quarter worth $26,000. UMB Bank n.a. increased its position in shares of Maplebear by 914.1% during the first quarter. UMB Bank n.a. now owns 1,004 shares of the company’s stock worth $40,000 after purchasing an additional 905 shares in the last quarter. Brooklyn Investment Group acquired a new position in shares of Maplebear during the first quarter worth $40,000. Spire Wealth Management acquired a new position in shares of Maplebear during the first quarter worth $41,000. Finally, CWM LLC increased its position in shares of Maplebear by 35.1% during the first quarter. CWM LLC now owns 1,058 shares of the company’s stock worth $42,000 after purchasing an additional 275 shares in the last quarter. Hedge funds and other institutional investors own 63.09% of the company’s stock.

Wall Street Analysts Forecast Growth

CART has been the topic of a number of recent analyst reports. Wells Fargo & Company upped their price target on Maplebear from $55.00 to $57.00 and gave the stock an “equal weight” rating in a research report on Friday, September 5th. Wedbush reissued an “underperform” rating and issued a $42.00 target price (down from $55.00) on shares of Maplebear in a research report on Thursday, August 21st. Sanford C. Bernstein upped their target price on Maplebear from $55.00 to $60.00 and gave the company an “outperform” rating in a research report on Monday, July 21st. BTIG Research reissued a “neutral” rating and issued a $55.00 target price on shares of Maplebear in a research report on Tuesday. Finally, JMP Securities upped their target price on Maplebear from $55.00 to $60.00 and gave the company a “market outperform” rating in a research report on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Maplebear currently has an average rating of “Moderate Buy” and a consensus target price of $54.96.

Insider Buying and Selling at Maplebear

In other news, Director Fidji Simo sold 7,140 shares of the stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $47.30, for a total transaction of $337,722.00. Following the sale, the director directly owned 573,807 shares of the company’s stock, valued at $27,141,071.10. This represents a 1.23% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Daniel Danker sold 10,037 shares of the stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $48.82, for a total transaction of $490,006.34. Following the sale, the insider directly owned 470,190 shares in the company, valued at approximately $22,954,675.80. The trade was a 2.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 4,986,367 shares of company stock worth $238,211,261. 26.00% of the stock is currently owned by company insiders.

Maplebear Stock Down 3.1%

CART stock opened at $36.76 on Wednesday. The company’s 50-day simple moving average is $45.37 and its 200-day simple moving average is $44.33. Maplebear Inc. has a 52-week low of $34.87 and a 52-week high of $53.50. The firm has a market cap of $9.68 billion, a P/E ratio of 21.25, a PEG ratio of 1.27 and a beta of 1.22.

Maplebear (NASDAQ:CART) last posted its earnings results on Thursday, August 7th. The company reported $0.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.02. Maplebear had a net margin of 13.76% and a return on equity of 15.69%. The business had revenue of $914.00 million for the quarter, compared to analyst estimates of $896.55 million. During the same period in the prior year, the company posted $0.20 EPS. The company’s revenue for the quarter was up 11.1% on a year-over-year basis. On average, analysts anticipate that Maplebear Inc. will post 1.43 earnings per share for the current fiscal year.

Maplebear Profile

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.