Goodnow Investment Group LLC Takes $19.43 Million Position in Maplebear Inc. $CART

Goodnow Investment Group LLC acquired a new position in shares of Maplebear Inc. (NASDAQ:CART) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor acquired 429,387 shares of the company’s stock, valued at approximately $19,425,000. Maplebear accounts for about 1.8% of Goodnow Investment Group LLC’s portfolio, making the stock its 16th largest position.

Other institutional investors have also recently bought and sold shares of the company. JPMorgan Chase & Co. boosted its holdings in Maplebear by 7.5% in the second quarter. JPMorgan Chase & Co. now owns 1,040,129 shares of the company’s stock valued at $47,055,000 after acquiring an additional 72,643 shares during the last quarter. Champlain Investment Partners LLC increased its stake in Maplebear by 64.4% during the second quarter. Champlain Investment Partners LLC now owns 2,157,010 shares of the company’s stock worth $97,583,000 after acquiring an additional 845,070 shares during the last quarter. Sentry Investment Management LLC purchased a new position in shares of Maplebear in the 2nd quarter worth about $391,000. Mitsubishi UFJ Trust & Banking Corp lifted its stake in shares of Maplebear by 261.8% in the 2nd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 99,868 shares of the company’s stock valued at $4,518,000 after purchasing an additional 72,265 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Maplebear during the 2nd quarter worth about $97,351,000. 63.09% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Maplebear

In other news, CEO Chris Rogers sold 9,259 shares of the 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 completion of the transaction, the chief executive officer directly owned 739,880 shares in the company, valued at approximately $31,348,715.60. This represents a 1.24% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, General Counsel Morgan Fong sold 3,546 shares of the firm’s stock in a transaction that occurred on Monday, October 20th. The stock was sold at an average price of $38.85, for a total transaction of $137,762.10. Following the sale, the general counsel directly owned 427,523 shares of the company’s stock, valued at $16,609,268.55. The trade was a 0.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 27,556 shares of company stock worth $1,179,482 in the last 90 days. 26.00% of the stock is owned by corporate insiders.

Maplebear Price Performance

Maplebear stock opened at $44.96 on Friday. Maplebear Inc. has a 12-month low of $34.78 and a 12-month high of $53.50. The company has a market capitalization of $11.80 billion, a price-to-earnings ratio of 24.70, a price-to-earnings-growth ratio of 1.46 and a beta of 1.01. The firm’s fifty day moving average price is $40.05 and its 200 day moving average price is $43.59.

Maplebear (NASDAQ:CART) last announced its earnings results on Monday, November 10th. The company reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.01. Maplebear had a return on equity of 15.72% and a net margin of 14.09%.The company had revenue of $939.00 million during the quarter, compared to the consensus estimate of $933.76 million. During the same period last year, the firm earned $0.42 earnings per share. The company’s revenue was up 10.2% on a year-over-year basis. Analysts forecast that Maplebear Inc. will post 1.43 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms recently commented on CART. Mizuho began coverage on shares of Maplebear in a report on Tuesday, September 30th. They issued a “neutral” rating and a $45.00 price target on the stock. Fox Advisors raised shares of Maplebear from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 3rd. BMO Capital Markets upgraded shares of Maplebear from a “market perform” rating to an “outperform” rating and set a $58.00 target price on the stock in a report on Tuesday, November 11th. Citigroup decreased their price target on shares of Maplebear from $65.00 to $50.00 and set a “buy” rating for the company in a research report on Tuesday, November 11th. Finally, BTIG Research reissued a “neutral” rating and issued a $55.00 price objective on shares of Maplebear in a research report on Tuesday, September 30th. Two analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $52.21.

About Maplebear

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.