Kornitzer Capital Management Inc. KS Acquires 40,000 Shares of Maplebear Inc. (NASDAQ:CART)

Kornitzer Capital Management Inc. KS raised its holdings in Maplebear Inc. (NASDAQ:CART) by 19.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 245,000 shares of the company’s stock after acquiring an additional 40,000 shares during the period. Kornitzer Capital Management Inc. KS owned about 0.10% of Maplebear worth $10,148,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in CART. Pacer Advisors Inc. acquired a new position in Maplebear in the third quarter valued at approximately $158,701,000. Geode Capital Management LLC increased its holdings in shares of Maplebear by 151.7% during the third quarter. Geode Capital Management LLC now owns 2,732,738 shares of the company’s stock valued at $111,361,000 after acquiring an additional 1,647,081 shares in the last quarter. Maverick Capital Ltd. increased its holdings in shares of Maplebear by 19.7% during the third quarter. Maverick Capital Ltd. now owns 2,684,425 shares of the company’s stock valued at $109,363,000 after acquiring an additional 441,156 shares in the last quarter. State Street Corp increased its holdings in shares of Maplebear by 48.3% during the third quarter. State Street Corp now owns 2,552,617 shares of the company’s stock valued at $103,994,000 after acquiring an additional 831,795 shares in the last quarter. Finally, Southpoint Capital Advisors LP increased its holdings in shares of Maplebear by 56.3% during the third quarter. Southpoint Capital Advisors LP now owns 2,500,000 shares of the company’s stock valued at $101,850,000 after acquiring an additional 900,000 shares in the last quarter. 63.09% of the stock is owned by institutional investors and hedge funds.

Maplebear Stock Down 1.2 %

NASDAQ:CART opened at $50.35 on Wednesday. Maplebear Inc. has a 52 week low of $26.82 and a 52 week high of $51.50. The company has a market capitalization of $12.93 billion, a P/E ratio of 33.79, a P/E/G ratio of 1.09 and a beta of 1.07. The stock’s fifty day moving average is $45.55 and its two-hundred day moving average is $41.99.

Analyst Ratings Changes

A number of research firms recently commented on CART. Deutsche Bank Aktiengesellschaft began coverage on shares of Maplebear in a report on Tuesday, December 3rd. They issued a “hold” rating and a $37.00 price target on the stock. Loop Capital boosted their price target on shares of Maplebear from $49.00 to $56.00 and gave the company a “buy” rating in a research report on Monday, December 9th. JMP Securities upped their target price on shares of Maplebear from $42.00 to $51.00 and gave the stock a “market outperform” rating in a research report on Wednesday, November 13th. Stifel Nicolaus upped their target price on shares of Maplebear from $52.00 to $55.00 and gave the stock a “buy” rating in a research report on Monday, October 28th. Finally, Morgan Stanley boosted their price target on shares of Maplebear from $41.00 to $44.00 and gave the stock an “equal weight” rating in a research note on Monday, January 13th. Thirteen investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.96.

Insider Activity at Maplebear

In other news, CEO Fidji Simo sold 20,750 shares of the company’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $42.74, for a total transaction of $886,855.00. Following the completion of the transaction, the chief executive officer now directly owns 1,771,993 shares of the company’s stock, valued at approximately $75,734,980.82. This represents a 1.16 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Alan Ramsay sold 2,314 shares of the company’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $46.28, for a total value of $107,091.92. Following the completion of the sale, the chief accounting officer now directly owns 85,421 shares of the company’s stock, valued at approximately $3,953,283.88. This trade represents a 2.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 46,061 shares of company stock worth $1,980,263. 36.00% of the stock is currently owned by company insiders.

Maplebear Company 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.