Kornitzer Capital Management Inc. KS Sells 82,000 Shares of Maplebear Inc. $CART

Kornitzer Capital Management Inc. KS lessened its holdings in shares of Maplebear Inc. (NASDAQ:CART) by 33.5% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 163,000 shares of the company’s stock after selling 82,000 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Maplebear were worth $7,374,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the business. Principal Financial Group Inc. lifted its stake in shares of Maplebear by 4,154.7% during the first quarter. Principal Financial Group Inc. now owns 372,581 shares of the company’s stock valued at $14,862,000 after acquiring an additional 363,824 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Maplebear by 18.6% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,056 shares of the company’s stock valued at $82,000 after acquiring an additional 322 shares during the period. Sentry Investment Management LLC acquired a new position in shares of Maplebear during the second quarter valued at $391,000. Cambridge Investment Research Advisors Inc. lifted its stake in shares of Maplebear by 7.6% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 6,166 shares of the company’s stock valued at $246,000 after acquiring an additional 433 shares during the period. Finally, Golden State Wealth Management LLC lifted its stake in shares of Maplebear by 100.0% during the first quarter. Golden State Wealth Management LLC now owns 1,066 shares of the company’s stock valued at $43,000 after acquiring an additional 533 shares during the period. Institutional investors own 63.09% of the company’s stock.

Maplebear Stock Performance

NASDAQ CART opened at $39.15 on Friday. The stock has a market cap of $10.31 billion, a price-to-earnings ratio of 22.63, a PEG ratio of 1.20 and a beta of 1.10. The business has a 50 day simple moving average of $42.07 and a 200 day simple moving average of $44.25. Maplebear Inc. has a 52-week low of $34.87 and a 52-week high of $53.50.

Maplebear (NASDAQ:CART) last issued its quarterly earnings data on Thursday, August 7th. The company reported $0.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.02. The company had revenue of $914.00 million during the quarter, compared to the consensus estimate of $896.55 million. Maplebear had a net margin of 13.76% and a return on equity of 15.69%. The firm’s revenue was up 11.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.20 earnings per share. On average, analysts predict that Maplebear Inc. will post 1.43 EPS for the current year.

Insider Buying and Selling

In other Maplebear news, Director Fidji Simo sold 7,140 shares of the business’s stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $47.30, for a total value of $337,722.00. Following the sale, the director owned 573,807 shares in the company, valued at approximately $27,141,071.10. The trade was a 1.23% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Chris Rogers sold 9,259 shares of the firm’s stock in a transaction that occurred on Monday, September 22nd. The stock was sold at an average price of $42.37, for a total transaction of $392,303.83. Following the transaction, the chief executive officer directly owned 739,880 shares of the company’s stock, valued at $31,348,715.60. This represents a 1.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 27,556 shares of company stock worth $1,179,482. 26.00% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CART. Bank of America upped their price target on Maplebear from $53.00 to $58.00 and gave the company a “neutral” rating in a research note on Friday, August 8th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Maplebear in a report on Tuesday, October 14th. Wall Street Zen downgraded Maplebear from a “buy” rating to a “hold” rating in a report on Monday, September 29th. Guggenheim started coverage on Maplebear in a report on Wednesday, October 15th. They issued a “neutral” rating and a $40.00 price objective for the company. Finally, Barclays upped their price objective on Maplebear from $61.00 to $65.00 and gave the company an “overweight” rating in a report on Friday, August 8th. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $52.12.

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.