Arrowstreet Capital Limited Partnership Takes $8.63 Million Position in Maplebear Inc. $CART

Arrowstreet Capital Limited Partnership bought a new stake in Maplebear Inc. (NASDAQ:CART) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 190,787 shares of the company’s stock, valued at approximately $8,631,000. Arrowstreet Capital Limited Partnership owned approximately 0.07% of Maplebear at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in CART. Securian Asset Management Inc. boosted its stake in shares of Maplebear by 2.1% in the 2nd quarter. Securian Asset Management Inc. now owns 12,509 shares of the company’s stock valued at $566,000 after purchasing an additional 252 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in Maplebear by 0.4% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 75,161 shares of the company’s stock worth $3,546,000 after buying an additional 315 shares in the last quarter. Parallel Advisors LLC boosted its position in Maplebear by 1.3% in the 2nd quarter. Parallel Advisors LLC now owns 25,845 shares of the company’s stock valued at $1,169,000 after buying an additional 321 shares during the last quarter. ProShare Advisors LLC increased its stake in shares of Maplebear by 5.7% in the 2nd quarter. ProShare Advisors LLC now owns 7,284 shares of the company’s stock valued at $330,000 after buying an additional 390 shares during the period. Finally, Steward Partners Investment Advisory LLC increased its stake in shares of Maplebear by 19.6% in the 2nd quarter. Steward Partners Investment Advisory LLC now owns 3,072 shares of the company’s stock valued at $139,000 after buying an additional 503 shares during the period. Institutional investors own 63.09% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on CART shares. Morgan Stanley increased their price objective on shares of Maplebear from $45.00 to $48.00 and gave the company an “equal weight” rating in a report on Friday, August 15th. Robert W. Baird decreased their price target on shares of Maplebear from $60.00 to $50.00 and set an “outperform” rating for the company in a research note on Wednesday, October 1st. Benchmark reduced their price objective on shares of Maplebear from $67.00 to $60.00 and set a “buy” rating for the company in a research note on Tuesday, November 11th. Piper Sandler cut Maplebear from an “overweight” rating to a “neutral” rating and set a $41.00 price objective on the stock. in a research note on Friday, October 3rd. Finally, Mizuho assumed coverage on Maplebear in a research note on Tuesday, September 30th. They set a “neutral” rating and a $45.00 target price for the company. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $52.00.

Maplebear Price Performance

Shares of NASDAQ:CART opened at $43.49 on Thursday. Maplebear Inc. has a 1 year low of $34.78 and a 1 year high of $53.50. The business’s 50 day simple moving average is $39.80 and its 200 day simple moving average is $43.60. The company has a market capitalization of $11.42 billion, a P/E ratio of 23.90, a P/E/G ratio of 1.51 and a beta of 1.01.

Maplebear (NASDAQ:CART) last released its earnings results on Monday, November 10th. The company reported $0.51 EPS for the quarter, beating the consensus estimate of $0.50 by $0.01. The firm had revenue of $939.00 million for the quarter, compared to analyst estimates of $933.76 million. Maplebear had a net margin of 14.09% and a return on equity of 15.72%. The business’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same period last year, the firm earned $0.42 EPS. On average, sell-side analysts anticipate that Maplebear Inc. will post 1.43 EPS for the current fiscal year.

Insider Activity at Maplebear

In related news, Director Fidji Simo sold 1,014 shares of the company’s stock in a transaction that occurred on Thursday, October 16th. The shares were sold at an average price of $40.00, for a total transaction of $40,560.00. Following the completion of the transaction, the director directly owned 569,742 shares in the company, valued at $22,789,680. This represents a 0.18% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Chris Rogers sold 9,259 shares of the firm’s stock in a transaction that occurred on Monday, September 22nd. The shares were sold at an average price of $42.37, for a total transaction of $392,303.83. Following the completion of the sale, the chief executive officer owned 739,880 shares in the company, valued at $31,348,715.60. This represents a 1.24% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 27,556 shares of company stock valued at $1,179,482. 26.00% of the stock is owned by insiders.

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.