HighTower Advisors LLC Sells 40,524 Shares of Maplebear Inc. $CART

HighTower Advisors LLC trimmed its position in shares of Maplebear Inc. (NASDAQ:CART) by 26.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 110,114 shares of the company’s stock after selling 40,524 shares during the period. HighTower Advisors LLC’s holdings in Maplebear were worth $4,953,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in CART. State Street Corp raised its position in Maplebear by 1.3% in the 2nd 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 during the period. Viking Global Investors LP purchased a new stake in Maplebear in the 2nd quarter worth about $169,782,000. Bank of America Corp DE raised its position in Maplebear by 75.9% in the 3rd quarter. Bank of America Corp DE now owns 3,036,736 shares of the company’s stock worth $111,630,000 after purchasing an additional 1,310,392 shares during the period. Holocene Advisors LP purchased a new stake in Maplebear in the 3rd quarter worth about $90,167,000. Finally, UBS Group AG raised its position in Maplebear by 28.2% in the 3rd quarter. UBS Group AG now owns 1,971,524 shares of the company’s stock worth $72,473,000 after purchasing an additional 433,240 shares during the period. 63.09% of the stock is currently owned by institutional investors.

Insider Activity

In other Maplebear news, CAO Lisa Blackwood-Kapral sold 9,390 shares of the business’s stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $40.25, for a total value of $377,947.50. Following the completion of the sale, the chief accounting officer directly owned 58,971 shares of the company’s stock, valued at $2,373,582.75. The trade was a 13.74% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Morgan Fong sold 126,083 shares of the business’s stock in a transaction dated 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 directly owned 386,643 shares of the company’s stock, valued at approximately $14,340,588.87. This trade represents a 24.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 144,863 shares of company stock valued at $5,418,135. 24.00% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on CART. Raymond James Financial raised shares of Maplebear from a “hold” rating to a “moderate buy” rating in a research report on Thursday, April 9th. Jefferies Financial Group raised shares of Maplebear from a “hold” rating to a “buy” rating and increased their price objective for the stock from $38.00 to $45.00 in a research report on Monday, March 30th. Barclays increased their price objective on shares of Maplebear from $65.00 to $69.00 and gave the stock an “overweight” rating in a research report on Thursday, May 7th. Benchmark reduced their price objective on shares of Maplebear from $60.00 to $53.00 and set a “buy” rating on the stock in a research report on Tuesday, February 10th. Finally, Wall Street Zen lowered shares of Maplebear from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $51.09.

Maplebear Price Performance

Maplebear stock opened at $39.94 on Friday. The stock has a market cap of $9.39 billion, a price-to-earnings ratio of 22.31, a price-to-earnings-growth ratio of 0.56 and a beta of 0.96. Maplebear Inc. has a 1 year low of $32.73 and a 1 year high of $53.50. The firm has a 50-day moving average of $40.04 and a two-hundred day moving average of $40.17.

Maplebear (NASDAQ:CART) last released its quarterly earnings data on Wednesday, May 6th. The company reported $0.57 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.58 by ($0.01). The company had revenue of $1.02 billion during the quarter, compared to analysts’ expectations of $1.01 billion. Maplebear had a net margin of 12.50% and a return on equity of 18.67%. Maplebear’s quarterly revenue was up 13.6% on a year-over-year basis. During the same period last year, the firm earned $0.37 earnings per share. Research analysts expect that Maplebear Inc. will post 2.43 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.