Fmr LLC Trims Holdings in Maplebear Inc. (NASDAQ:CART)

Fmr LLC lessened its stake in Maplebear Inc. (NASDAQ:CART) by 34.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,525,509 shares of the company’s stock after selling 813,121 shares during the period. Fmr LLC owned about 0.58% of Maplebear worth $62,149,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Huntington National Bank bought a new stake in shares of Maplebear in the 3rd quarter worth about $54,000. nVerses Capital LLC raised its stake in Maplebear by 1,600.0% during the second quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock valued at $55,000 after buying an additional 1,600 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Maplebear during the third quarter valued at approximately $74,000. Quarry LP grew its position in shares of Maplebear by 269.5% in the 2nd quarter. Quarry LP now owns 3,928 shares of the company’s stock worth $126,000 after acquiring an additional 2,865 shares in the last quarter. Finally, Watts Gwilliam & Co. LLC acquired a new position in shares of Maplebear in the 3rd quarter worth approximately $231,000. 63.09% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Morgan Stanley reduced their price objective on Maplebear from $45.00 to $41.00 and set an “equal weight” rating on the stock in a research note on Tuesday, September 24th. Piper Sandler raised their price target on shares of Maplebear from $50.00 to $58.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Barclays boosted their price objective on shares of Maplebear from $48.00 to $56.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Needham & Company LLC reissued a “hold” rating on shares of Maplebear in a report on Wednesday, November 13th. Finally, JMP Securities upped their target price on Maplebear from $42.00 to $51.00 and gave the company a “market outperform” rating in a report on Wednesday, November 13th. Thirteen analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $46.82.

Insiders Place Their Bets

In related news, General Counsel Morgan Fong sold 8,345 shares of Maplebear stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $40.00, for a total value of $333,800.00. Following the transaction, the general counsel now directly owns 330,886 shares in the company, valued at $13,235,440. The trade was a 2.46 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Alan Ramsay sold 2,486 shares of the business’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $41.39, for a total value of $102,895.54. Following the sale, the chief accounting officer now directly owns 99,225 shares in the company, valued at $4,106,922.75. This trade represents a 2.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 110,954 shares of company stock worth $4,890,405. 36.00% of the stock is owned by corporate insiders.

Maplebear Price Performance

NASDAQ CART opened at $44.19 on Friday. The firm has a market capitalization of $11.35 billion, a PE ratio of 29.66, a P/E/G ratio of 1.13 and a beta of 0.94. Maplebear Inc. has a 12 month low of $22.13 and a 12 month high of $50.01. The company’s 50 day simple moving average is $43.52 and its 200 day simple moving average is $37.38.

Maplebear (NASDAQ:CART) last posted its quarterly earnings data on Tuesday, November 12th. The company reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.22 by $0.20. The company had revenue of $852.00 million for the quarter, compared to the consensus estimate of $844.03 million. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. The company’s quarterly revenue was up 11.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($20.86) EPS. Sell-side analysts anticipate that Maplebear Inc. will post 1.4 earnings per share for the current fiscal year.

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.