Gateway Investment Advisers LLC Makes New Investment in Maplebear Inc. $CART

Gateway Investment Advisers LLC purchased a new stake in Maplebear Inc. (NASDAQ:CART) during the 4th quarter, Holdings Channel.com reports. The firm purchased 26,098 shares of the company’s stock, valued at approximately $1,174,000.

Other institutional investors also recently modified their holdings of the company. State Street Corp grew its holdings in shares of Maplebear by 1.3% during the second quarter. State Street Corp now owns 5,101,870 shares of the company’s stock worth $230,809,000 after buying an additional 66,588 shares in the last quarter. Viking Global Investors LP acquired a new stake in Maplebear in the 2nd quarter valued at approximately $169,782,000. Bank of America Corp DE boosted its position in Maplebear by 75.9% during the 3rd quarter. Bank of America Corp DE now owns 3,036,736 shares of the company’s stock worth $111,630,000 after acquiring an additional 1,310,392 shares during the last quarter. Holocene Advisors LP acquired a new position in Maplebear during the 3rd quarter worth approximately $90,167,000. Finally, UBS Group AG boosted its position in Maplebear by 28.2% during the 3rd quarter. UBS Group AG now owns 1,971,524 shares of the company’s stock worth $72,473,000 after acquiring an additional 433,240 shares during the last quarter. 63.09% of the stock is currently owned by institutional investors.

Maplebear Stock Up 6.2%

NASDAQ:CART opened at $40.35 on Friday. Maplebear Inc. has a twelve month low of $32.73 and a twelve month high of $53.50. The firm has a market capitalization of $9.55 billion, a price-to-earnings ratio of 22.54, a price-to-earnings-growth ratio of 0.56 and a beta of 0.96. The stock’s 50 day moving average price is $39.26 and its two-hundred day moving average price is $39.90.

Maplebear (NASDAQ:CART) last released its earnings results on Wednesday, May 6th. The company reported $0.57 earnings per share for the quarter, missing the consensus estimate of $0.58 by ($0.01). The firm had revenue of $1.02 billion during the quarter, compared to the consensus estimate of $1.01 billion. Maplebear had a net margin of 12.50% and a return on equity of 18.67%. Maplebear’s quarterly revenue was up 13.6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.37 earnings per share. As a group, analysts anticipate that Maplebear Inc. will post 2.42 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Benchmark lowered their price objective on shares of Maplebear from $60.00 to $53.00 and set a “buy” rating on the stock in a report on Tuesday, February 10th. Needham & Company LLC restated a “buy” rating and set a $55.00 target price on shares of Maplebear in a report on Thursday. Barclays raised their target price on shares of Maplebear from $65.00 to $69.00 and gave the company an “overweight” rating in a research report on Thursday. BNP Paribas Exane began coverage on shares of Maplebear in a research note on Wednesday, January 14th. They issued an “underperform” rating and a $41.00 price target on the stock. Finally, Wall Street Zen cut shares of Maplebear from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Maplebear currently has a consensus rating of “Moderate Buy” and a consensus target price of $51.39.

Insiders Place Their Bets

In other news, General Counsel Morgan Fong sold 126,083 shares of Maplebear stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $37.09, for a total value of $4,676,418.47. Following the completion of the transaction, the general counsel owned 386,643 shares of the company’s stock, valued at $14,340,588.87. This trade represents a 24.59% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Lisa Blackwood-Kapral sold 9,390 shares of the business’s stock in a transaction dated Wednesday, April 15th. The stock was sold at an average price of $40.25, for a total transaction of $377,947.50. Following the transaction, the chief accounting officer owned 58,971 shares in the company, valued at $2,373,582.75. This represents a 13.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 144,863 shares of company stock valued at $5,418,135. Corporate insiders own 24.00% of the company’s stock.

Maplebear Profile

Maplebear, Inc, doing business as Instacart, operates a leading online grocery and essentials marketplace that connects consumers, retail partners and personal shoppers through its digital platform. The company enables customers to order groceries, household items and specialty products for same-day or scheduled delivery, as well as in-store pickup. By integrating its technology with retailers’ existing inventory and point-of-sale systems, Maplebear streamlines the shopping experience and provides real-time availability and pricing.

Founded in 2012 and headquartered in San Francisco, Maplebear has grown from a regional startup to a publicly traded company listed on NASDAQ under the ticker CART.