31,844 Shares in Maplebear Inc. $CART Bought by Summit Investment Advisors Inc.

Summit Investment Advisors Inc. purchased a new stake in shares of Maplebear Inc. (NASDAQ:CART) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 31,844 shares of the company’s stock, valued at approximately $1,270,000.

A number of other institutional investors and hedge funds have also made changes to their positions in CART. Brooklyn Investment Group bought a new stake in shares of Maplebear in the 1st quarter worth about $40,000. CWM LLC grew its position in Maplebear by 35.1% in the first quarter. CWM LLC now owns 1,058 shares of the company’s stock worth $42,000 after acquiring an additional 275 shares in the last quarter. Signaturefd LLC increased its stake in Maplebear by 27.1% during the first quarter. Signaturefd LLC now owns 1,335 shares of the company’s stock worth $53,000 after acquiring an additional 285 shares during the last quarter. Fifth Third Bancorp raised its position in Maplebear by 123.7% during the second quarter. Fifth Third Bancorp now owns 1,190 shares of the company’s stock valued at $54,000 after purchasing an additional 658 shares during the period. Finally, SRH Advisors LLC purchased a new stake in Maplebear during the second quarter valued at approximately $61,000. 63.09% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Fidji Simo sold 7,140 shares of the firm’s stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $47.30, for a total transaction of $337,722.00. Following the transaction, the director directly owned 573,807 shares of the company’s stock, valued at approximately $27,141,071.10. This trade represents a 1.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, General Counsel Morgan Fong sold 3,546 shares of Maplebear stock in a transaction that occurred on Monday, October 20th. The shares were 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. This represents a 0.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 27,556 shares of company stock worth $1,179,482 in the last three months. Corporate insiders own 26.00% of the company’s stock.

Maplebear Trading Up 5.0%

NASDAQ:CART opened at $39.20 on Wednesday. The company has a market cap of $10.33 billion, a price-to-earnings ratio of 21.54, a price-to-earnings-growth ratio of 1.15 and a beta of 1.10. Maplebear Inc. has a twelve month low of $34.78 and a twelve month high of $53.50. The stock has a fifty day simple moving average of $40.41 and a 200-day simple moving average of $43.94.

Maplebear (NASDAQ:CART) last posted its quarterly earnings results on Monday, November 10th. The company reported $0.51 EPS for the quarter, topping analysts’ consensus estimates of $0.50 by $0.01. Maplebear had a net margin of 14.09% and a return on equity of 15.72%. The firm had revenue of $939.00 million for the quarter, compared to analysts’ expectations of $933.76 million. During the same period in the prior year, the business posted $0.42 earnings per share. The business’s revenue for the quarter was up 10.2% on a year-over-year basis. As a group, equities research analysts predict that Maplebear Inc. will post 1.43 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on CART shares. JPMorgan Chase & Co. dropped their target price on Maplebear from $65.00 to $55.00 and set an “overweight” rating for the company in a report on Tuesday. Robert W. Baird dropped their price objective on shares of Maplebear from $60.00 to $50.00 and set an “outperform” rating for the company in a research note on Wednesday, October 1st. Needham & Company LLC reduced their target price on shares of Maplebear from $66.00 to $50.00 and set a “buy” rating on the stock in a research note on Tuesday. Bank of America raised their target price on shares of Maplebear from $53.00 to $58.00 and gave the stock a “neutral” rating in a report on Friday, August 8th. Finally, Stifel Nicolaus cut their price target on shares of Maplebear from $56.00 to $49.00 and set a “buy” rating on the stock in a report on Friday, October 24th. Two analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $51.40.

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.