Wolf Hill Capital Management LP Buys Shares of 656,630 Maplebear Inc. $CART

Wolf Hill Capital Management LP bought a new stake in Maplebear Inc. (NASDAQ:CART) during the second quarter, Holdings Channel reports. The institutional investor bought 656,630 shares of the company’s stock, valued at approximately $31,091,431,000. Maplebear accounts for 2.6% of Wolf Hill Capital Management LP’s holdings, making the stock its 13th largest holding.

A number of other hedge funds have also made changes to their positions in CART. 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 position in Maplebear in the 1st quarter valued at approximately $25,000. Allworth Financial LP lifted its position in Maplebear by 35.7% in the 3rd quarter. Allworth Financial LP now owns 928 shares of the company’s stock worth $34,000 after buying an additional 244 shares in the last quarter. IFP Advisors Inc lifted its position in Maplebear by 761.3% in the 4th quarter. IFP Advisors Inc now owns 956 shares of the company’s stock worth $43,000 after buying an additional 845 shares in the last quarter. Finally, Sunbelt Securities Inc. boosted its stake in shares of 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 buying an additional 787 shares during the period. 63.09% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on CART shares. Wedbush started coverage on shares of Maplebear in a report on Thursday, July 16th. They set an “outperform” rating and a $59.00 price target on the stock. Oppenheimer lifted their price objective on Maplebear from $60.00 to $65.00 and gave the company an “outperform” rating in a research report on Friday, August 7th. Weiss Ratings restated a “hold (c)” rating on shares of Maplebear in a research note on Friday, August 7th. Citizens Jmp reaffirmed a “market outperform” rating and issued a $60.00 target price on shares of Maplebear in a research report on Monday, June 15th. Finally, Wall Street Zen downgraded Maplebear from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and eight have issued a Hold rating to the company’s stock. According to MarketBeat, Maplebear presently has a consensus rating of “Moderate Buy” and a consensus target price of $55.90.

Maplebear Trading Up 3.9%

CART stock opened at $51.78 on Tuesday. Maplebear Inc. has a 1 year low of $32.73 and a 1 year high of $51.91. The company has a fifty day simple moving average of $46.81 and a 200 day simple moving average of $41.80. The firm has a market cap of $11.99 billion, a PE ratio of 28.30, a PEG ratio of 0.73 and a beta of 0.78.

Maplebear (NASDAQ:CART) last posted its earnings results on Thursday, August 6th. The company reported $0.45 EPS for the quarter, missing the consensus estimate of $0.54 by ($0.09). Maplebear had a return on equity of 20.19% and a net margin of 11.97%.The business had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same period in the previous year, the company earned $0.41 earnings per share. The company’s quarterly revenue was up 14.1% compared to the same quarter last year. As a group, analysts forecast that Maplebear Inc. will post 2.33 EPS for the current fiscal year.

Insider Activity

In other news, Director Ravi Gupta sold 150,000 shares of the stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $50.61, for a total transaction of $7,591,500.00. Following the transaction, the director owned 591,523 shares of the company’s stock, valued at approximately $29,936,979.03. This represents a 20.23% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 24.00% of the company’s stock.

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.