Oak Thistle LLC Raises Stock Position in Maplebear Inc. $CART

Oak Thistle LLC boosted its stake in Maplebear Inc. (NASDAQ:CART) by 177.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 38,122 shares of the company’s stock after purchasing an additional 24,401 shares during the period. Oak Thistle LLC’s holdings in Maplebear were worth $1,401,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Viking Global Investors LP purchased a new position in shares of Maplebear in the 2nd quarter worth $169,782,000. William Blair Investment Management LLC bought a new position in Maplebear in the second quarter valued at about $151,364,000. Norges Bank purchased a new position in Maplebear in the second quarter worth about $97,351,000. Boston Partners boosted its position in Maplebear by 93.3% in the second quarter. Boston Partners now owns 3,961,838 shares of the company’s stock worth $179,261,000 after purchasing an additional 1,911,771 shares during the last quarter. Finally, Champlain Investment Partners LLC bought a new stake in shares of Maplebear during the 1st quarter valued at about $52,333,000. 63.09% of the stock is owned by institutional investors.

Maplebear Trading Up 0.2%

Maplebear stock opened at $45.65 on Thursday. Maplebear Inc. has a 12-month low of $34.78 and a 12-month high of $53.50. The firm has a market capitalization of $11.98 billion, a price-to-earnings ratio of 25.08, a P/E/G ratio of 1.49 and a beta of 1.01. The firm has a 50 day moving average of $40.45 and a 200 day moving average of $43.55.

Maplebear (NASDAQ:CART) last posted its quarterly 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. The business had revenue of $939.00 million during the quarter, compared to analyst estimates of $933.76 million. Maplebear had a net margin of 14.09% and a return on equity of 15.72%. The company’s revenue was up 10.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.42 earnings per share. On average, analysts predict that Maplebear Inc. will post 1.43 EPS for the current year.

Insider Activity at Maplebear

In related news, General Counsel Morgan Fong sold 3,546 shares of the company’s stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $42.39, for a total value of $150,314.94. Following the completion of the transaction, the general counsel owned 431,069 shares of the company’s stock, valued at approximately $18,273,014.91. This represents a 0.82% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Chris Rogers sold 9,259 shares of the stock in a transaction on Monday, September 22nd. The stock was 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. The trade was a 1.24% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 20,416 shares of company stock worth $841,760. 26.00% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

CART has been the topic of several recent research reports. Piper Sandler cut shares of Maplebear from an “overweight” rating to a “neutral” rating and set a $41.00 price objective on the stock. in a research note on Friday, October 3rd. Stifel Nicolaus reduced their target price 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. Wells Fargo & Company decreased their price target 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. Robert W. Baird dropped their price target on shares of Maplebear from $60.00 to $50.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 1st. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Maplebear in a research report on Monday. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $52.21.

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.