Shay Capital LLC Makes New Investment in Maplebear Inc. (NASDAQ:CART)

Shay Capital LLC bought a new position in shares of Maplebear Inc. (NASDAQ:CART) in the 4th quarter, Holdings Channel reports. The institutional investor bought 10,000 shares of the company’s stock, valued at approximately $414,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CART. Victory Capital Management Inc. lifted its stake in Maplebear by 11,501.2% during the fourth quarter. Victory Capital Management Inc. now owns 4,526,673 shares of the company’s stock worth $187,495,000 after purchasing an additional 4,487,654 shares during the last quarter. Boston Partners bought a new stake in Maplebear during the fourth quarter worth $111,506,000. Altimeter Capital Management LP bought a new position in shares of Maplebear in the 4th quarter valued at $105,108,000. Vanguard Group Inc. lifted its stake in shares of Maplebear by 16.8% in the 4th quarter. Vanguard Group Inc. now owns 15,968,358 shares of the company’s stock valued at $661,409,000 after acquiring an additional 2,300,288 shares during the last quarter. Finally, Norges Bank bought a new position in shares of Maplebear in the 4th quarter valued at $95,162,000. 63.09% of the stock is currently owned by institutional investors.

Maplebear Stock Up 3.5%

Shares of NASDAQ:CART opened at $45.66 on Friday. The business has a fifty day simple moving average of $41.16 and a 200 day simple moving average of $43.54. Maplebear Inc. has a 12-month low of $29.84 and a 12-month high of $53.44. The firm has a market cap of $11.99 billion, a P/E ratio of 30.64, a P/E/G ratio of 1.19 and a beta of 1.19.

Maplebear (NASDAQ:CART) last issued its quarterly earnings results on Thursday, May 1st. The company reported $0.37 earnings per share for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.01). Maplebear had a return on equity of 13.78% and a net margin of 13.37%. The business had revenue of $897.00 million for the quarter, compared to analyst estimates of $896.86 million. During the same quarter in the previous year, the business posted $0.43 earnings per share. The business’s revenue was up 9.4% on a year-over-year basis. As a group, equities research analysts expect that Maplebear Inc. will post 1.43 EPS for the current year.

Analysts Set New Price Targets

CART has been the subject of a number of research reports. Oppenheimer dropped their price target on Maplebear from $65.00 to $60.00 and set an “outperform” rating for the company in a research note on Wednesday, February 26th. Stifel Nicolaus dropped their price target on Maplebear from $57.00 to $54.00 and set a “buy” rating for the company in a research note on Wednesday, April 23rd. Needham & Company LLC reiterated a “buy” rating and issued a $56.00 price target on shares of Maplebear in a research note on Friday, May 2nd. Wells Fargo & Company dropped their price target on Maplebear from $47.00 to $44.00 and set an “equal weight” rating for the company in a research note on Thursday, April 3rd. Finally, Loop Capital dropped their price target on Maplebear from $56.00 to $52.00 and set a “buy” rating for the company in a research note on Thursday, March 6th. Twelve equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Maplebear has an average rating of “Moderate Buy” and a consensus price target of $51.04.

Insiders Place Their Bets

In other Maplebear news, CEO Fidji Simo sold 2,033 shares of the stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $40.00, for a total transaction of $81,320.00. Following the completion of the sale, the chief executive officer now directly owns 1,654,559 shares in the company, valued at approximately $66,182,360. This trade represents a 0.12% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, General Counsel Morgan Fong sold 5,249 shares of the stock in a transaction dated Monday, April 21st. The stock was sold at an average price of $42.57, for a total value of $223,449.93. Following the sale, the general counsel now owns 484,292 shares of the company’s stock, valued at approximately $20,616,310.44. The trade was a 1.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 36,165 shares of company stock worth $1,541,785. Company insiders own 26.00% of the company’s stock.

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.