Huntington National Bank Takes $54,000 Position in Maplebear Inc. (NASDAQ:CART)

Huntington National Bank bought a new position in Maplebear Inc. (NASDAQ:CART) during the third quarter, according to its most recent disclosure with the SEC. The institutional investor bought 1,320 shares of the company’s stock, valued at approximately $54,000.

Other institutional investors also recently modified their holdings of the company. Oppenheimer & Co. Inc. grew its holdings in Maplebear by 5.1% in the third quarter. Oppenheimer & Co. Inc. now owns 12,090 shares of the company’s stock worth $493,000 after purchasing an additional 584 shares during the period. Creative Planning grew its stake in shares of Maplebear by 9.5% in the 2nd quarter. Creative Planning now owns 9,566 shares of the company’s stock worth $307,000 after buying an additional 831 shares during the last quarter. nVerses Capital LLC grew its stake in shares of Maplebear by 1,600.0% in the 2nd quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock worth $55,000 after buying an additional 1,600 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new position in Maplebear during the 3rd quarter valued at approximately $74,000. Finally, Exchange Traded Concepts LLC raised its stake in Maplebear by 3.2% during the third quarter. Exchange Traded Concepts LLC now owns 64,943 shares of the company’s stock valued at $2,646,000 after buying an additional 1,993 shares during the last quarter. 63.09% of the stock is currently owned by institutional investors.

Maplebear Price Performance

Shares of CART stock opened at $40.91 on Tuesday. The company has a market cap of $10.51 billion, a price-to-earnings ratio of 27.46, a PEG ratio of 1.13 and a beta of 1.12. Maplebear Inc. has a 1 year low of $22.13 and a 1 year high of $50.01. The firm has a fifty day moving average price of $42.28 and a 200-day moving average price of $36.67.

Maplebear (NASDAQ:CART) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.22 by $0.20. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. The business had revenue of $852.00 million during the quarter, compared to analysts’ expectations of $844.03 million. During the same quarter in the prior year, the business posted ($20.86) earnings per share. The business’s quarterly revenue was up 11.5% on a year-over-year basis. Equities research analysts expect that Maplebear Inc. will post 1.4 EPS for the current year.

Insider Buying and Selling

In other news, CEO Fidji Simo sold 33,000 shares of the business’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $35.27, for a total value of $1,163,910.00. Following the transaction, the chief executive officer now directly owns 1,844,778 shares in the company, valued at $65,065,320.06. The trade was a 1.76 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Morgan Fong sold 29,253 shares of the stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $48.03, for a total value of $1,405,021.59. Following the sale, the general counsel now owns 258,406 shares of the company’s stock, valued at $12,411,240.18. This represents a 10.17 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 118,710 shares of company stock valued at $4,978,164. 36.00% of the stock is owned by corporate insiders.

Analyst Ratings Changes

CART has been the topic of a number of recent research reports. Macquarie increased their target price on Maplebear from $50.00 to $52.00 and gave the stock an “outperform” rating in a research note on Thursday, November 14th. Barclays raised their price objective on shares of Maplebear from $48.00 to $56.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Piper Sandler upped their target price on shares of Maplebear from $50.00 to $58.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. Morgan Stanley reduced their price target on shares of Maplebear from $45.00 to $41.00 and set an “equal weight” rating for the company in a research report on Tuesday, September 24th. Finally, Robert W. Baird boosted their price objective on shares of Maplebear from $44.00 to $51.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. Twelve equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, Maplebear presently has an average rating of “Moderate Buy” and an average target price of $47.29.

Maplebear Profile

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.