Bank of New York Mellon Corp Sells 15,573 Shares of Maplebear Inc. $CART

Bank of New York Mellon Corp trimmed its position in shares of Maplebear Inc. (NASDAQ:CART) by 1.4% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,086,635 shares of the company’s stock after selling 15,573 shares during the quarter. Bank of New York Mellon Corp owned about 0.46% of Maplebear worth $40,705,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the company. US Bancorp DE lifted its position in Maplebear by 17.0% during the fourth quarter. US Bancorp DE now owns 437,658 shares of the company’s stock valued at $19,686,000 after purchasing an additional 63,666 shares during the period. Ruffer LLP acquired a new stake in Maplebear during the 4th quarter worth about $2,567,000. CWM LLC grew its position in Maplebear by 1,741.4% during the 4th quarter. CWM LLC now owns 30,088 shares of the company’s stock worth $1,353,000 after purchasing an additional 28,454 shares during the period. SG Americas Securities LLC raised its stake in shares of Maplebear by 1,076.1% during the 4th quarter. SG Americas Securities LLC now owns 273,379 shares of the company’s stock valued at $12,297,000 after buying an additional 250,135 shares during the last quarter. Finally, Horizon Investments LLC raised its stake in shares of Maplebear by 263,556.8% during the 4th quarter. Horizon Investments LLC now owns 116,009 shares of the company’s stock valued at $5,218,000 after buying an additional 115,965 shares during the last quarter. 63.09% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on CART shares. Wedbush began coverage on Maplebear in a research note on Thursday, July 16th. They issued an “outperform” rating and a $59.00 target price on the stock. Jefferies Financial Group raised Maplebear from a “hold” rating to a “buy” rating and raised their target price for the stock from $38.00 to $45.00 in a report on Monday, March 30th. Barclays lifted their price target on Maplebear from $65.00 to $69.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. Raymond James Financial raised Maplebear from a “hold” rating to a “moderate buy” rating in a report on Thursday, April 9th. Finally, Needham & Company LLC restated a “buy” rating and issued a $55.00 price objective on shares of Maplebear in a research report on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $51.48.

Maplebear Stock Down 0.8%

Shares of Maplebear stock opened at $42.21 on Friday. Maplebear Inc. has a twelve month low of $32.73 and a twelve month high of $53.50. The business has a 50-day moving average price of $43.98 and a 200 day moving average price of $40.64. The firm has a market cap of $9.92 billion, a PE ratio of 23.58, a P/E/G ratio of 0.58 and a beta of 0.75.

Maplebear (NASDAQ:CART) last released its quarterly earnings results on Wednesday, May 6th. The company reported $0.57 earnings per share for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.01). Maplebear had a return on equity of 18.67% and a net margin of 12.50%.The business had revenue of $1.02 billion during the quarter, compared to analyst estimates of $1.01 billion. During the same period in the previous year, the company posted $0.37 EPS. The business’s revenue for the quarter was up 13.6% compared to the same quarter last year. On average, sell-side analysts expect that Maplebear Inc. will post 2.46 EPS for the current year.

Insider Buying and Selling at Maplebear

In other news, Director Ravi Gupta sold 181,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $41.51, for a total transaction of $7,513,310.00. Following the completion of the transaction, the director directly owned 741,523 shares of the company’s stock, valued at $30,780,619.73. This represents a 19.62% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 24.00% of the stock is currently owned by insiders.

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.