Invenomic Capital Management LP Sells 83,787 Shares of Maplebear Inc. $CART

Invenomic Capital Management LP cut its stake in Maplebear Inc. (NASDAQ:CART) by 14.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 479,404 shares of the company’s stock after selling 83,787 shares during the period. Invenomic Capital Management LP owned approximately 0.18% of Maplebear worth $17,623,000 at the end of the most recent quarter.

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

Maplebear Stock Up 1.4%

Shares of Maplebear stock opened at $38.23 on Monday. Maplebear Inc. has a 52 week low of $32.73 and a 52 week high of $53.50. The business has a 50 day moving average price of $38.00 and a 200-day moving average price of $40.45. The company has a market cap of $9.20 billion, a PE ratio of 24.04, a price-to-earnings-growth ratio of 0.58 and a beta of 0.98.

Insider Buying and Selling

In related news, General Counsel Morgan Fong sold 126,083 shares of the stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $37.09, for a total value of $4,676,418.47. Following the completion of the sale, the general counsel directly owned 386,643 shares of the company’s stock, valued at approximately $14,340,588.87. This represents a 24.59% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 26.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Argus upgraded shares of Maplebear to a “strong-buy” rating in a report on Thursday, March 5th. Fox Advisors lowered shares of Maplebear from a “strong-buy” rating to a “hold” rating in a report on Thursday, December 18th. Wells Fargo & Company reduced their price objective on shares of Maplebear from $47.00 to $43.00 and set an “equal weight” rating for the company in a research report on Friday, February 13th. BNP Paribas Exane started coverage on shares of Maplebear in a research note on Wednesday, January 14th. They issued an “underperform” rating and a $41.00 price objective for the company. Finally, Cantor Fitzgerald boosted their target price on shares of Maplebear from $45.00 to $54.00 and gave the company an “overweight” rating in a research report on Thursday, January 8th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, eleven have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $51.04.

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.