Carnegie Investment Counsel Has $13.39 Million Holdings in Maplebear Inc. $CART

Carnegie Investment Counsel raised its position in shares of Maplebear Inc. (NASDAQ:CART) by 100.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 295,875 shares of the company’s stock after purchasing an additional 148,405 shares during the period. Carnegie Investment Counsel owned 0.11% of Maplebear worth $13,385,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Brooklyn Investment Group bought a new position in Maplebear during the first quarter valued at approximately $40,000. Spire Wealth Management acquired a new stake in shares of Maplebear in the 1st quarter valued at $41,000. CWM LLC boosted its holdings in Maplebear by 35.1% in the first quarter. CWM LLC now owns 1,058 shares of the company’s stock worth $42,000 after purchasing an additional 275 shares in the last quarter. Golden State Wealth Management LLC increased its position in Maplebear by 100.0% during the first quarter. Golden State Wealth Management LLC now owns 1,066 shares of the company’s stock worth $43,000 after buying an additional 533 shares during the last quarter. Finally, Fifth Third Bancorp lifted its position in shares of Maplebear by 123.7% in the second quarter. Fifth Third Bancorp now owns 1,190 shares of the company’s stock worth $54,000 after buying an additional 658 shares during the last quarter. Institutional investors and hedge funds own 63.09% of the company’s stock.

Insider Buying and Selling

In related news, Director Fidji Simo sold 7,140 shares of the business’s stock in a transaction on Monday, September 15th. The stock was sold at an average price of $47.30, for a total value of $337,722.00. Following the sale, the director owned 573,807 shares of the company’s stock, valued at $27,141,071.10. The trade was a 1.23% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Chris Rogers sold 9,259 shares of the company’s stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $42.37, for a total value 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 trade represents a 1.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 27,556 shares of company stock valued at $1,179,482 over the last quarter. Corporate insiders own 26.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on CART shares. Weiss Ratings reissued a “hold (c+)” rating on shares of Maplebear in a report on Tuesday, October 14th. Wall Street Zen downgraded shares of Maplebear from a “buy” rating to a “hold” rating in a report on Monday, September 29th. Wedbush restated an “underperform” rating and set a $42.00 price target (down from $55.00) on shares of Maplebear in a report on Thursday, August 21st. Piper Sandler cut Maplebear from an “overweight” rating to a “neutral” rating and set a $41.00 price objective for the company. in a research report on Friday, October 3rd. Finally, Mizuho initiated coverage on Maplebear in a research report on Tuesday, September 30th. They issued a “neutral” rating and a $45.00 price target on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Maplebear presently has a consensus rating of “Moderate Buy” and a consensus price target of $52.40.

Maplebear Stock Down 0.1%

Maplebear stock opened at $39.42 on Friday. The business has a 50 day moving average price of $42.17 and a two-hundred day moving average price of $44.19. Maplebear Inc. has a 12 month low of $34.87 and a 12 month high of $53.50. The stock has a market cap of $10.38 billion, a price-to-earnings ratio of 22.79, a price-to-earnings-growth ratio of 1.21 and a beta of 1.10.

Maplebear (NASDAQ:CART) last released its quarterly earnings data on Thursday, August 7th. The company reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.39 by $0.02. The business had revenue of $914.00 million for the quarter, compared to analysts’ expectations of $896.55 million. Maplebear had a return on equity of 15.69% and a net margin of 13.76%.Maplebear’s quarterly revenue was up 11.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.20 earnings per share. On average, analysts expect that Maplebear Inc. will post 1.43 earnings per share for the current fiscal year.

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.