Portman Ltd Buys New Shares in Maplebear Inc. (NASDAQ:CART)

Portman Ltd acquired a new position in shares of Maplebear Inc. (NASDAQ:CART - Free Report) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 78,458 shares of the company's stock, valued at approximately $3,196,000. Maplebear makes up about 8.0% of Portman Ltd's investment portfolio, making the stock its 3rd largest position.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Russell Investments Group Ltd. purchased a new stake in shares of Maplebear in the first quarter worth $1,663,000. Vanguard Group Inc. grew its holdings in shares of Maplebear by 239.1% during the first quarter. Vanguard Group Inc. now owns 213,496 shares of the company's stock worth $7,961,000 after purchasing an additional 150,544 shares in the last quarter. BOKF NA bought a new position in shares of Maplebear in the first quarter worth approximately $2,167,000. Kodai Capital Management LP purchased a new stake in Maplebear in the first quarter valued at approximately $8,648,000. Finally, Jacobs Levy Equity Management Inc. bought a new stake in Maplebear during the first quarter valued at approximately $11,610,000. 63.09% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CART. Jefferies Financial Group initiated coverage on shares of Maplebear in a report on Wednesday, October 16th. They issued a "hold" rating and a $43.00 price target on the stock. Cantor Fitzgerald reissued an "overweight" rating and issued a $45.00 target price on shares of Maplebear in a research note on Monday, October 7th. JMP Securities lifted their price target on Maplebear from $42.00 to $51.00 and gave the stock a "market outperform" rating in a research note on Wednesday, November 13th. Stifel Nicolaus increased their price objective on Maplebear from $52.00 to $55.00 and gave the company a "buy" rating in a research report on Monday, October 28th. Finally, Morgan Stanley dropped their target price on Maplebear from $45.00 to $41.00 and set an "equal weight" rating for the company in a research report on Tuesday, September 24th. Twelve research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to MarketBeat.com, Maplebear presently has a consensus rating of "Moderate Buy" and a consensus price target of $47.29.

Maplebear Stock Performance

Shares of CART traded down $0.03 on Friday, reaching $43.22. The stock had a trading volume of 4,463,395 shares, compared to its average volume of 4,326,941. The firm has a market capitalization of $11.10 billion, a price-to-earnings ratio of 29.01, a price-to-earnings-growth ratio of 1.12 and a beta of 1.12. The company has a 50-day simple moving average of $42.82 and a 200-day simple moving average of $36.83. Maplebear Inc. has a 12-month low of $22.13 and a 12-month high of $50.01.

Maplebear (NASDAQ:CART - Get Free Report) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $0.42 EPS for the quarter, topping analysts' consensus estimates of $0.22 by $0.20. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. The firm had revenue of $852.00 million for the quarter, compared to analysts' expectations of $844.03 million. During the same period in the previous year, the firm posted ($20.86) EPS. The business's revenue for the quarter was up 11.5% compared to the same quarter last year. On average, analysts expect that Maplebear Inc. will post 1.4 EPS for the current fiscal year.

Insider Activity at Maplebear

In related news, CAO Alan Ramsay sold 2,247 shares of the company's stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $41.06, for a total value of $92,261.82. Following the transaction, the chief accounting officer now directly owns 89,982 shares of the company's stock, valued at approximately $3,694,660.92. This represents a 2.44 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Fidji Simo sold 33,000 shares of Maplebear stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $35.27, for a total value of $1,163,910.00. Following the completion of the sale, the chief executive officer now directly owns 1,844,778 shares of the company's stock, valued at approximately $65,065,320.06. The trade was a 1.76 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 123,204 shares of company stock valued at $5,162,688. 36.00% of the stock is owned by insiders.

Maplebear Company 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.