Maplebear Inc. $CART Shares Sold by Parallel Advisors LLC

Parallel Advisors LLC reduced its holdings in shares of Maplebear Inc. (NASDAQ:CART) by 69.8% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 9,392 shares of the company’s stock after selling 21,711 shares during the period. Parallel Advisors LLC’s holdings in Maplebear were worth $352,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. PenderFund Capital Management Ltd. acquired a new stake in shares of Maplebear during the fourth quarter worth approximately $27,000. Pinnacle Bancorp Inc. acquired a new stake in Maplebear in the first quarter valued at $25,000. Allworth Financial LP raised its holdings in Maplebear by 35.7% in the third quarter. Allworth Financial LP now owns 928 shares of the company’s stock valued at $34,000 after acquiring an additional 244 shares in the last quarter. IFP Advisors Inc boosted its stake in Maplebear by 761.3% during the 4th quarter. IFP Advisors Inc now owns 956 shares of the company’s stock valued at $43,000 after acquiring an additional 845 shares during the last quarter. Finally, Sunbelt Securities Inc. boosted its stake in Maplebear by 212.7% during the 3rd quarter. Sunbelt Securities Inc. now owns 1,157 shares of the company’s stock valued at $43,000 after acquiring an additional 787 shares during the last quarter. 63.09% of the stock is currently owned by hedge funds and other institutional investors.

Maplebear Price Performance

Shares of CART opened at $42.21 on Monday. The stock has a market capitalization of $9.92 billion, a PE ratio of 23.58, a price-to-earnings-growth ratio of 0.58 and a beta of 0.75. The business’s fifty day moving average price is $43.98 and its 200 day moving average price is $40.61. Maplebear Inc. has a 12-month low of $32.73 and a 12-month high of $53.50.

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 business had revenue of $1.02 billion for 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%. The firm’s revenue for the quarter was up 13.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.37 EPS. As a group, research analysts anticipate that Maplebear Inc. will post 2.46 earnings per share for the current fiscal year.

Insider Activity at Maplebear

In other news, Director Ravi Gupta sold 181,000 shares of Maplebear stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $41.51, for a total value of $7,513,310.00. Following the completion of the transaction, the director directly owned 741,523 shares of the company’s stock, valued at approximately $30,780,619.73. The trade was a 19.62% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 24.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on CART shares. Wells Fargo & Company boosted their target price on shares of Maplebear from $45.00 to $47.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 7th. Needham & Company LLC restated a “buy” rating and issued a $55.00 target price on shares of Maplebear in a research note on Thursday, May 7th. Jefferies Financial Group raised shares of Maplebear from a “hold” rating to a “buy” rating and increased their price target for the stock from $38.00 to $45.00 in a research report on Monday, March 30th. Raymond James Financial upgraded Maplebear from a “hold” rating to a “moderate buy” rating in a research note on Thursday, April 9th. Finally, Citizens Jmp reissued a “market outperform” rating and issued a $60.00 price objective on shares of Maplebear in a report on Monday, June 15th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $51.48.

Maplebear Company 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.