Assenagon Asset Management S.A. Sells 29,085 Shares of Maplebear Inc. $CART

Assenagon Asset Management S.A. decreased its stake in Maplebear Inc. (NASDAQ:CART) by 28.2% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 74,212 shares of the company’s stock after selling 29,085 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Maplebear were worth $3,338,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Hantz Financial Services Inc. raised its stake in shares of Maplebear by 78.6% in the third quarter. Hantz Financial Services Inc. now owns 884 shares of the company’s stock valued at $32,000 after acquiring an additional 389 shares during the period. Allworth Financial LP grew its stake in shares of Maplebear by 35.7% during the third quarter. Allworth Financial LP now owns 928 shares of the company’s stock valued at $34,000 after buying an additional 244 shares during the last quarter. Abich Financial Wealth Management LLC purchased a new stake in shares of Maplebear in the third quarter worth approximately $43,000. Sunbelt Securities Inc. lifted its stake in shares of Maplebear by 212.7% during the 3rd quarter. Sunbelt Securities Inc. now owns 1,157 shares of the company’s stock worth $43,000 after acquiring an additional 787 shares during the last quarter. Finally, Elevation Point Wealth Partners LLC purchased a new position in Maplebear during the 2nd quarter valued at $53,000. Hedge funds and other institutional investors own 63.09% of the company’s stock.

Maplebear Stock Performance

CART opened at $35.72 on Monday. The firm has a market cap of $8.59 billion, a price-to-earnings ratio of 22.47, a PEG ratio of 0.55 and a beta of 0.98. Maplebear Inc. has a 12 month low of $32.73 and a 12 month high of $53.50. The stock has a fifty day moving average price of $37.01 and a 200-day moving average price of $39.92.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Wells Fargo & Company reduced their target price on Maplebear from $47.00 to $43.00 and set an “equal weight” rating on the stock in a research note on Friday, February 13th. Stifel Nicolaus reduced their price objective on Maplebear from $49.00 to $46.00 and set a “buy” rating on the stock in a report on Tuesday, January 27th. Weiss Ratings reiterated a “hold (c)” rating on shares of Maplebear in a report on Monday, December 29th. Jefferies Financial Group increased their price target on Maplebear from $41.00 to $48.00 and gave the stock a “hold” rating in a research report on Thursday, December 11th. Finally, Wall Street Zen upgraded Maplebear from a “hold” rating to a “buy” rating in a research note on Saturday, February 14th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $51.33.

Insider Activity

In related news, General Counsel Morgan Fong sold 126,083 shares of the stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $37.09, for a total transaction of $4,676,418.47. Following the completion of the sale, the general counsel owned 386,643 shares of the company’s stock, valued at $14,340,588.87. This represents a 24.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Lisa Blackwood-Kapral sold 9,390 shares of the firm’s stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $38.74, for a total transaction of $363,768.60. Following the completion of the sale, the chief accounting officer owned 47,510 shares of the company’s stock, valued at approximately $1,840,537.40. This trade represents a 16.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 26.00% of the company’s stock.

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.