Cornerstone Wealth Group LLC Buys Shares of 14,307 Maplebear Inc. $CART

Cornerstone Wealth Group LLC purchased a new position in Maplebear Inc. (NASDAQ:CART) in the third quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 14,307 shares of the company’s stock, valued at approximately $526,000.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. State Street Corp raised its holdings in Maplebear by 1.3% during the second quarter. State Street Corp now owns 5,101,870 shares of the company’s stock worth $230,809,000 after purchasing an additional 66,588 shares in the last quarter. Boston Partners raised its stake in shares of Maplebear by 93.3% in the 2nd quarter. Boston Partners now owns 3,961,838 shares of the company’s stock worth $179,261,000 after buying an additional 1,911,771 shares in the last quarter. Viking Global Investors LP acquired a new stake in shares of Maplebear in the second quarter valued at $169,782,000. William Blair Investment Management LLC acquired a new stake in shares of Maplebear in the second quarter valued at $151,364,000. Finally, Federated Hermes Inc. lifted its holdings in shares of Maplebear by 12.3% in the second quarter. Federated Hermes Inc. now owns 3,179,537 shares of the company’s stock valued at $143,842,000 after buying an additional 347,153 shares during the period. 63.09% of the stock is currently owned by institutional investors.

Insider Activity at Maplebear

In other news, General Counsel Morgan Fong sold 4,914 shares of the firm’s stock in a transaction on Monday, December 22nd. The stock was sold at an average price of $45.21, for a total value of $222,161.94. Following the completion of the sale, the general counsel owned 404,940 shares of the company’s stock, valued at $18,307,337.40. This trade represents a 1.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 26.00% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

CART has been the topic of several research reports. JPMorgan Chase & Co. dropped their price target on shares of Maplebear from $65.00 to $55.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 11th. Stifel Nicolaus lowered their price objective on shares of Maplebear from $56.00 to $49.00 and set a “buy” rating on the stock in a research note on Friday, October 24th. Benchmark cut their target price 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. Wall Street Zen cut shares of Maplebear from a “buy” rating to a “hold” rating in a report on Sunday. Finally, Exane BNP Paribas upgraded shares of Maplebear to a “strong sell” rating in a research report on Wednesday, January 14th. Fifteen analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $51.73.

Maplebear Price Performance

Shares of CART opened at $39.00 on Thursday. The company has a 50-day moving average of $42.94 and a two-hundred day moving average of $43.24. The stock has a market cap of $10.24 billion, a price-to-earnings ratio of 21.43, a PEG ratio of 0.99 and a beta of 0.97. Maplebear Inc. has a one year low of $34.78 and a one year high of $53.50.

Maplebear (NASDAQ:CART) last issued its quarterly 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. Maplebear had a net margin of 14.09% and a return on equity of 15.72%. The business had revenue of $939.00 million during the quarter, compared to the consensus estimate of $933.76 million. During the same quarter in the prior year, the firm earned $0.42 EPS. The firm’s quarterly revenue was up 10.2% on a year-over-year basis. Analysts anticipate that Maplebear Inc. will post 1.43 earnings per share for the current year.

About Maplebear

Maplebear, Inc, doing business as Instacart, operates a leading online grocery and essentials marketplace that connects consumers, retail partners and personal shoppers through its digital platform. The company enables customers to order groceries, household items and specialty products for same-day or scheduled delivery, as well as in-store pickup. By integrating its technology with retailers’ existing inventory and point-of-sale systems, Maplebear streamlines the shopping experience and provides real-time availability and pricing.

Founded in 2012 and headquartered in San Francisco, Maplebear has grown from a regional startup to a publicly traded company listed on NASDAQ under the ticker CART.