Nierenberg Investment Management Company LLC Makes New $13.82 Million Investment in Maplebear Inc. $CART

Nierenberg Investment Management Company LLC acquired a new position in shares of Maplebear Inc. (NASDAQ:CART) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 291,888 shares of the company’s stock, valued at approximately $13,820,897. Maplebear accounts for about 0.0% of Nierenberg Investment Management Company LLC’s holdings, making the stock its 5th biggest position. Nierenberg Investment Management Company LLC owned 0.12% of Maplebear at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CART. Pinnacle Bancorp Inc. bought a new stake in Maplebear during the first quarter valued at about $25,000. PenderFund Capital Management Ltd. acquired a new stake in shares of Maplebear in the 4th quarter valued at approximately $27,000. Allworth Financial LP boosted its stake in Maplebear by 35.7% during the third quarter. Allworth Financial LP now owns 928 shares of the company’s stock worth $34,000 after acquiring an additional 244 shares in the last quarter. IFP Advisors Inc grew its stake in Maplebear by 761.3% in the 4th quarter. IFP Advisors Inc now owns 956 shares of the company’s stock valued at $43,000 after purchasing an additional 845 shares during the period. Finally, Sunbelt Securities Inc. increased its stake in Maplebear by 212.7% in the 3rd quarter. Sunbelt Securities Inc. now owns 1,157 shares of the company’s stock worth $43,000 after acquiring an additional 787 shares during the last quarter. 63.09% of the stock is currently owned by institutional investors.

Maplebear Stock Up 0.5%

Maplebear stock traded up $0.27 during mid-day trading on Friday, hitting $50.75. 930,251 shares of the company were exchanged, compared to its average volume of 4,509,644. Maplebear Inc. has a 1-year low of $32.73 and a 1-year high of $52.05. The business has a fifty day moving average of $47.23 and a 200 day moving average of $42.13. The company has a market capitalization of $11.75 billion, a PE ratio of 27.73, a price-to-earnings-growth ratio of 0.75 and a beta of 0.78.

Maplebear (NASDAQ:CART) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.45 earnings per share for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.09). Maplebear had a net margin of 11.97% and a return on equity of 20.19%. The business had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.03 billion. During the same quarter in the previous year, the firm posted $0.41 earnings per share. The firm’s quarterly revenue was up 14.1% on a year-over-year basis. Research analysts expect that Maplebear Inc. will post 2.33 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Wells Fargo & Company boosted their price target on Maplebear from $47.00 to $54.00 and gave the company an “equal weight” rating in a report on Friday, August 7th. JPMorgan Chase & Co. increased their price objective on Maplebear from $55.00 to $62.00 and gave the stock an “overweight” rating in a research report on Friday, August 7th. Wedbush assumed coverage on Maplebear in a report on Thursday, July 16th. They set an “outperform” rating and a $59.00 price target for the company. Citizens Jmp restated a “market outperform” rating and set a $60.00 target price on shares of Maplebear in a research report on Monday, June 15th. Finally, Benchmark increased their price target on shares of Maplebear from $55.00 to $63.00 and gave the stock a “buy” rating in a report on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat, Maplebear presently has an average rating of “Moderate Buy” and an average target price of $55.90.

Insider Activity

In other news, Director Ravi Gupta sold 150,000 shares of Maplebear stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $50.61, for a total transaction of $7,591,500.00. Following the completion of the sale, the director directly owned 591,523 shares of the company’s stock, valued at approximately $29,936,979.03. The trade was a 20.23% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Morgan Fong sold 18,390 shares of the firm’s stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $49.96, for a total transaction of $918,764.40. Following the transaction, the insider directly owned 529,911 shares of the company’s stock, valued at approximately $26,474,353.56. This trade represents a 3.35% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 349,390 shares of company stock worth $16,023,574 over the last ninety days. Insiders own 24.00% of the company’s stock.

Maplebear Profile

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.