Honeycomb Asset Management LP Takes $3.52 Million Position in Maplebear Inc. (NASDAQ:CART)

Honeycomb Asset Management LP purchased a new stake in shares of Maplebear Inc. (NASDAQ:CART) during the fourth quarter, Holdings Channel reports. The institutional investor purchased 150,000 shares of the company’s stock, valued at approximately $3,520,000. Maplebear makes up approximately 0.8% of Honeycomb Asset Management LP’s portfolio, making the stock its 28th biggest position.

Several other institutional investors and hedge funds have also bought and sold shares of CART. FMR LLC purchased a new stake in shares of Maplebear in the 3rd quarter worth about $56,424,000. Norges Bank purchased a new stake in Maplebear during the fourth quarter valued at approximately $78,674,000. Blackstone Inc. purchased a new stake in Maplebear during the third quarter valued at approximately $17,369,000. Monashee Investment Management LLC purchased a new stake in Maplebear during the third quarter valued at approximately $6,069,000. Finally, Federated Hermes Inc. increased its holdings in Maplebear by 190.2% during the fourth quarter. Federated Hermes Inc. now owns 464,355 shares of the company’s stock valued at $10,898,000 after buying an additional 304,355 shares during the last quarter. 63.09% of the stock is currently owned by hedge funds and other institutional investors.

Maplebear Trading Down 3.3 %

Shares of Maplebear stock traded down $1.14 during trading on Tuesday, hitting $33.37. The stock had a trading volume of 4,016,497 shares, compared to its average volume of 4,233,969. Maplebear Inc. has a fifty-two week low of $22.13 and a fifty-two week high of $42.95. The business has a fifty day moving average of $34.73 and a two-hundred day moving average of $30.38.

Maplebear (NASDAQ:CART) last released its quarterly earnings results on Wednesday, May 8th. The company reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.39. The company had revenue of $820.00 million during the quarter, compared to analyst estimates of $794.08 million. The company’s revenue for the quarter was up 8.0% on a year-over-year basis. On average, equities analysts forecast that Maplebear Inc. will post 1.02 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CART. Needham & Company LLC reissued a “hold” rating on shares of Maplebear in a research note on Tuesday, May 7th. Morgan Stanley raised their price target on shares of Maplebear from $28.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Monday, May 6th. Fox Advisors downgraded shares of Maplebear from an “overweight” rating to an “equal weight” rating in a research note on Monday, April 1st. Sanford C. Bernstein raised shares of Maplebear from a “market perform” rating to an “outperform” rating and raised their target price for the company from $30.00 to $43.00 in a research report on Thursday, March 14th. Finally, Macquarie began coverage on shares of Maplebear in a report on Monday, March 25th. They issued an “outperform” rating and a $42.00 price target on the stock. Nine research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $41.25.

Insider Buying and Selling

In related news, CAO Alan Ramsay sold 2,550 shares of the stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $33.21, for a total value of $84,685.50. Following the completion of the sale, the chief accounting officer now directly owns 113,086 shares of the company’s stock, valued at approximately $3,755,586.06. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CAO Alan Ramsay sold 2,550 shares of the stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $33.21, for a total value of $84,685.50. Following the completion of the sale, the chief accounting officer now directly owns 113,086 shares of the company’s stock, valued at approximately $3,755,586.06. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Fidji Simo sold 82,461 shares of the stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $38.07, for a total value of $3,139,290.27. Following the completion of the sale, the chief executive officer now directly owns 926,654 shares of the company’s stock, valued at $35,277,717.78. The disclosure for this sale can be found here. In the last ninety days, insiders sold 196,985 shares of company stock valued at $7,235,068. Corporate insiders own 36.00% of the company’s stock.

Maplebear Company Profile

Maplebear Inc, doing business as Instacart, provides online grocery shopping services to households in North America. It sells and delivers grocery products. The company offers its services through a mobile application and website. It also provides software-as-a-service solutions to retailers. The company was incorporated in 2012 and is based in San Francisco, California.