Hsbc Holdings PLC Takes Position in Maplebear Inc. $CART

Hsbc Holdings PLC purchased a new position in Maplebear Inc. (NASDAQ:CART) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 120,260 shares of the company’s stock, valued at approximately $5,751,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Royal Bank of Canada raised its holdings in Maplebear by 51.2% in the 1st quarter. Royal Bank of Canada now owns 131,789 shares of the company’s stock valued at $5,256,000 after acquiring an additional 44,642 shares during the last quarter. NewEdge Advisors LLC boosted its holdings in shares of Maplebear by 71.6% during the 1st quarter. NewEdge Advisors LLC now owns 1,673 shares of the company’s stock worth $67,000 after purchasing an additional 698 shares during the last quarter. Jones Financial Companies Lllp boosted its holdings in shares of Maplebear by 358.5% during the 1st quarter. Jones Financial Companies Lllp now owns 3,200 shares of the company’s stock worth $128,000 after purchasing an additional 2,502 shares during the last quarter. Goldman Sachs Group Inc. grew its position in shares of Maplebear by 17.4% in the first quarter. Goldman Sachs Group Inc. now owns 390,711 shares of the company’s stock valued at $15,585,000 after purchasing an additional 57,879 shares in the last quarter. Finally, Empowered Funds LLC acquired a new stake in shares of Maplebear in the first quarter valued at approximately $268,000. 63.09% of the stock is currently owned by institutional investors and hedge funds.

Maplebear Stock Up 0.1%

Shares of Maplebear stock opened at $50.54 on Friday. Maplebear Inc. has a 52 week low of $32.73 and a 52 week high of $52.05. The business’s fifty day simple moving average is $47.35 and its 200-day simple moving average is $42.19. The firm has a market cap of $11.70 billion, a PE ratio of 27.62, a price-to-earnings-growth ratio of 0.74 and a beta of 0.78.

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

Wall Street Analysts Forecast Growth

CART has been the topic of a number of analyst reports. Wells Fargo & Company lifted their price objective on Maplebear from $47.00 to $54.00 and gave the stock an “equal weight” rating in a research report on Friday, August 7th. Cantor Fitzgerald upped their target price on Maplebear from $56.00 to $63.00 and gave the company an “overweight” rating in a report on Friday, August 7th. Guggenheim raised their target price on Maplebear from $44.00 to $46.00 and gave the stock a “neutral” rating in a research note on Friday, August 7th. Wedbush initiated coverage on Maplebear in a report on Thursday, July 16th. They set an “outperform” rating and a $59.00 price target on the stock. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Maplebear in a research report on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and eight have given a Hold rating to the company’s stock. According to data from MarketBeat, Maplebear presently has a consensus rating of “Moderate Buy” and an average target price of $55.90.

Insider Transactions at Maplebear

In other Maplebear news, Director Ravi Gupta sold 181,000 shares of the company’s 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 transaction, the director owned 741,523 shares of the company’s stock, valued at $30,780,619.73. This represents a 19.62% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Morgan Fong sold 18,390 shares of the stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $49.96, for a total transaction of $918,764.40. Following the transaction, the insider directly owned 529,911 shares of the company’s stock, valued at approximately $26,474,353.56. This trade represents a 3.35% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 349,390 shares of company stock worth $16,023,574 in the last ninety days. 24.00% of the stock is currently owned by corporate insiders.

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.