Machina Capital S.A.S. Makes New Investment in Maplebear Inc. $CART

Machina Capital S.A.S. bought a new position in shares of Maplebear Inc. (NASDAQ:CART) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 4,431 shares of the company’s stock, valued at approximately $200,000.

Several other large investors also recently bought and sold shares of the stock. Principal Financial Group Inc. raised its stake in shares of Maplebear by 4,154.7% in the first quarter. Principal Financial Group Inc. now owns 372,581 shares of the company’s stock worth $14,862,000 after purchasing an additional 363,824 shares during the last quarter. Sentry Investment Management LLC purchased a new position in shares of Maplebear in the second quarter worth about $391,000. Cambridge Investment Research Advisors Inc. raised its stake in shares of Maplebear by 7.6% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 6,166 shares of the company’s stock worth $246,000 after purchasing an additional 433 shares during the last quarter. Alpine Woods Capital Investors LLC raised its stake in shares of Maplebear by 132.3% in the second quarter. Alpine Woods Capital Investors LLC now owns 47,932 shares of the company’s stock worth $2,168,000 after purchasing an additional 27,297 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of Maplebear by 102.2% in the first quarter. Bank of New York Mellon Corp now owns 1,200,200 shares of the company’s stock worth $47,876,000 after purchasing an additional 606,720 shares during the last quarter. Hedge funds and other institutional investors own 63.09% of the company’s stock.

Wall Street Analysts Forecast Growth

CART has been the subject of several research analyst reports. Fox Advisors upgraded Maplebear from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 3rd. Wedbush restated an “underperform” rating and issued a $42.00 price objective (down from $55.00) on shares of Maplebear in a research note on Thursday, August 21st. Jefferies Financial Group reduced their price objective on Maplebear from $55.00 to $43.00 and set a “hold” rating for the company in a research note on Friday, October 17th. Piper Sandler cut Maplebear from an “overweight” rating to a “neutral” rating and set a $41.00 price objective for the company. in a research note on Friday, October 3rd. Finally, Bank of America lifted their price target on Maplebear from $53.00 to $58.00 and gave the company a “neutral” rating in a research report on Friday, August 8th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $52.12.

Insider Activity

In other news, General Counsel Morgan Fong sold 3,546 shares of the business’s stock in a transaction that occurred on Monday, October 20th. The stock was sold at an average price of $38.85, for a total value of $137,762.10. Following the completion of the sale, the general counsel directly owned 427,523 shares in the company, valued at $16,609,268.55. The trade was a 0.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Chris Rogers sold 9,259 shares of the business’s stock in a transaction that occurred on Monday, September 22nd. The shares were sold at an average price of $42.37, for a total value of $392,303.83. Following the completion of the sale, the chief executive officer owned 739,880 shares of the company’s stock, valued at $31,348,715.60. This trade represents a 1.24% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 27,556 shares of company stock worth $1,179,482 over the last three months. 26.00% of the stock is currently owned by corporate insiders.

Maplebear Price Performance

CART opened at $36.47 on Wednesday. The firm has a fifty day moving average price of $41.07 and a 200 day moving average price of $44.12. Maplebear Inc. has a 1 year low of $34.87 and a 1 year high of $53.50. The stock has a market cap of $9.61 billion, a P/E ratio of 21.08, a P/E/G ratio of 1.15 and a beta of 1.10.

Maplebear (NASDAQ:CART) last posted its earnings results on Thursday, August 7th. The company reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.02. Maplebear had a net margin of 13.76% and a return on equity of 15.69%. The firm had revenue of $914.00 million during the quarter, compared to analysts’ expectations of $896.55 million. During the same period in the previous year, the business posted $0.20 EPS. The business’s revenue was up 11.1% compared to the same quarter last year. Equities analysts expect that Maplebear Inc. will post 1.43 EPS for the current year.

About Maplebear

Maplebear Inc, doing business as Instacart, engages in the provision of online grocery shopping services to households in North America. It sells and delivers grocery products, as well as pickup services through a mobile application and website. It also operates virtual convenience stores; and provides software-as-a-service solutions to retailers.