Maplebear Inc. $CART Shares Bought by Fifth Third Bancorp

Fifth Third Bancorp boosted its holdings in shares of Maplebear Inc. (NASDAQ:CART) by 123.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,190 shares of the company’s stock after purchasing an additional 658 shares during the period. Fifth Third Bancorp’s holdings in Maplebear were worth $54,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Proathlete Wealth Management LLC purchased a new stake in shares of Maplebear in the 1st quarter valued at approximately $26,000. UMB Bank n.a. lifted its stake in Maplebear by 914.1% in the 1st quarter. UMB Bank n.a. now owns 1,004 shares of the company’s stock worth $40,000 after acquiring an additional 905 shares in the last quarter. Brooklyn Investment Group purchased a new stake in Maplebear in the 1st quarter worth about $40,000. Spire Wealth Management purchased a new stake in Maplebear in the 1st quarter worth about $41,000. Finally, CWM LLC lifted its stake in Maplebear by 35.1% in the 1st quarter. CWM LLC now owns 1,058 shares of the company’s stock worth $42,000 after acquiring an additional 275 shares in the last quarter. 63.09% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Maplebear

In related news, General Counsel Morgan Fong sold 4,680 shares of Maplebear stock in a transaction on Monday, July 21st. The shares were sold at an average price of $49.16, for a total value of $230,068.80. Following the transaction, the general counsel owned 452,000 shares in the company, valued at $22,220,320. This trade represents a 1.02% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Grosvenor L.P. Gcm sold 4,864,272 shares of Maplebear stock in a transaction on Friday, July 25th. The stock was sold at an average price of $47.75, for a total transaction of $232,268,988.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 4,986,367 shares of company stock worth $238,211,261. Corporate insiders own 26.00% of the company’s stock.

Maplebear Stock Performance

Shares of CART stock opened at $39.30 on Friday. The stock’s 50 day simple moving average is $44.91 and its 200 day simple moving average is $44.28. Maplebear Inc. has a twelve month low of $34.87 and a twelve month high of $53.50. The company has a market capitalization of $10.35 billion, a price-to-earnings ratio of 22.72, a PEG ratio of 1.25 and a beta of 1.10.

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

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Robert W. Baird reduced their price objective on Maplebear from $60.00 to $50.00 and set an “outperform” rating for the company in a research note on Wednesday. Wall Street Zen downgraded shares of Maplebear from a “buy” rating to a “hold” rating in a research report on Monday. Benchmark upgraded shares of Maplebear from a “hold” rating to a “buy” rating and set a $67.00 target price for the company in a research report on Friday, August 8th. Jefferies Financial Group increased their target price on shares of Maplebear from $50.00 to $55.00 and gave the stock a “hold” rating in a research report on Monday, August 11th. Finally, Sanford C. Bernstein increased their target price on shares of Maplebear from $55.00 to $60.00 and gave the stock an “outperform” rating in a research report on Monday, July 21st. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $54.54.

Maplebear Company 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.