MAI Capital Management Sells 1,231 Shares of Maplebear Inc. $CART

MAI Capital Management decreased its holdings in shares of Maplebear Inc. (NASDAQ:CART) by 14.6% in the 2nd quarter, Holdings Channel reports. The fund owned 7,212 shares of the company’s stock after selling 1,231 shares during the period. MAI Capital Management’s holdings in Maplebear were worth $326,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Securian Asset Management Inc. raised its position in Maplebear by 2.1% in the second quarter. Securian Asset Management Inc. now owns 12,509 shares of the company’s stock valued at $566,000 after purchasing an additional 252 shares during the last quarter. CWM LLC boosted its position in shares of Maplebear by 35.1% during the 1st quarter. CWM LLC now owns 1,058 shares of the company’s stock valued at $42,000 after purchasing an additional 275 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its position in shares of Maplebear by 0.4% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 75,161 shares of the company’s stock worth $3,546,000 after buying an additional 315 shares during the period. Parallel Advisors LLC grew its holdings in Maplebear by 1.3% in the second quarter. Parallel Advisors LLC now owns 25,845 shares of the company’s stock worth $1,169,000 after purchasing an additional 321 shares during the period. Finally, Wealthspire Advisors LLC increased its position in Maplebear by 0.5% in the 1st quarter. Wealthspire Advisors LLC now owns 70,951 shares of the company’s stock valued at $2,830,000 after buying an additional 334 shares in the last quarter. 63.09% of the stock is currently owned by institutional investors.

Maplebear Stock Up 0.0%

Shares of NASDAQ CART opened at $42.20 on Thursday. The company has a market cap of $11.08 billion, a price-to-earnings ratio of 23.19, a PEG ratio of 1.38 and a beta of 1.10. The firm’s fifty day moving average is $39.37 and its 200 day moving average is $43.77. Maplebear Inc. has a 52 week low of $34.78 and a 52 week high of $53.50.

Maplebear (NASDAQ:CART) last posted its earnings results on Monday, November 10th. The company reported $0.51 earnings per share for the quarter, topping analysts’ consensus estimates of $0.50 by $0.01. Maplebear had a net margin of 14.09% and a return on equity of 15.72%. The company had revenue of $939.00 million during the quarter, compared to analyst estimates of $933.76 million. During the same period in the prior year, the business posted $0.42 earnings per share. Maplebear’s revenue for the quarter was up 10.2% on a year-over-year basis. Equities research analysts anticipate that Maplebear Inc. will post 1.43 earnings per share for the current year.

Wall Street Analysts Forecast Growth

CART has been the topic of several research reports. JPMorgan Chase & Co. lowered their price objective on shares of Maplebear from $65.00 to $55.00 and set an “overweight” rating on the stock in a report on Tuesday, November 11th. Wells Fargo & Company lowered their price objective on shares of Maplebear from $57.00 to $47.00 and set an “equal weight” rating on the stock in a research report on Friday, October 3rd. Guggenheim started coverage on Maplebear in a research report on Wednesday, October 15th. They set a “neutral” rating and a $40.00 price target on the stock. Stifel Nicolaus cut their price objective on shares of Maplebear from $56.00 to $49.00 and set a “buy” rating for the company in a report on Friday, October 24th. Finally, JMP Securities raised their target price on Maplebear from $55.00 to $60.00 and gave the stock a “market outperform” rating in a research note on Friday, August 8th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $51.40.

Insider Activity

In other Maplebear news, Director Fidji Simo sold 7,140 shares of the stock in a transaction on Monday, September 15th. The stock was sold at an average price of $47.30, for a total value of $337,722.00. Following the completion of the transaction, the director owned 573,807 shares in the company, valued at approximately $27,141,071.10. This represents a 1.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel Morgan Fong sold 3,546 shares of Maplebear stock in a transaction dated Monday, October 20th. The shares were sold at an average price of $38.85, for a total transaction of $137,762.10. Following the transaction, the general counsel directly owned 427,523 shares of the company’s stock, valued at approximately $16,609,268.55. This trade represents a 0.82% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 27,556 shares of company stock worth $1,179,482 in the last quarter. 26.00% of the stock is owned by company insiders.

Maplebear Profile

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.