Maplebear Inc. (NASDAQ:CART) Shares Bought by Bank of Nova Scotia

Bank of Nova Scotia boosted its holdings in shares of Maplebear Inc. (NASDAQ:CART - Free Report) by 83.0% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 441,949 shares of the company's stock after buying an additional 200,449 shares during the quarter. Bank of Nova Scotia owned 0.17% of Maplebear worth $18,306,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Invesco Ltd. raised its stake in shares of Maplebear by 11.6% in the fourth quarter. Invesco Ltd. now owns 1,410,922 shares of the company's stock valued at $58,440,000 after acquiring an additional 147,012 shares in the last quarter. Cerity Partners LLC raised its position in Maplebear by 139.3% in the 4th quarter. Cerity Partners LLC now owns 84,704 shares of the company's stock valued at $3,508,000 after purchasing an additional 49,309 shares in the last quarter. Federated Hermes Inc. raised its position in Maplebear by 22.9% in the 4th quarter. Federated Hermes Inc. now owns 2,462,264 shares of the company's stock valued at $102,035,000 after purchasing an additional 458,243 shares in the last quarter. Russell Investments Group Ltd. boosted its stake in shares of Maplebear by 91.0% in the 4th quarter. Russell Investments Group Ltd. now owns 644,080 shares of the company's stock valued at $26,709,000 after buying an additional 306,910 shares during the period. Finally, Envestnet Asset Management Inc. grew its position in shares of Maplebear by 35.0% during the fourth quarter. Envestnet Asset Management Inc. now owns 13,628 shares of the company's stock worth $564,000 after buying an additional 3,532 shares in the last quarter. Hedge funds and other institutional investors own 63.09% of the company's stock.

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Maplebear Stock Up 0.5 %

NASDAQ CART traded up $0.21 during trading hours on Tuesday, hitting $42.01. 1,077,282 shares of the stock were exchanged, compared to its average volume of 4,063,570. Maplebear Inc. has a 12-month low of $29.84 and a 12-month high of $53.44. The stock has a 50-day moving average of $42.54 and a 200 day moving average of $43.49. The company has a market cap of $11.03 billion, a price-to-earnings ratio of 28.19, a price-to-earnings-growth ratio of 1.19 and a beta of 1.20.

Maplebear (NASDAQ:CART - Get Free Report) last issued its earnings results on Tuesday, February 25th. The company reported $0.53 EPS for the quarter, topping the consensus estimate of $0.37 by $0.16. Maplebear had a net margin of 13.37% and a return on equity of 13.78%. The company had revenue of $883.00 million for the quarter, compared to analyst estimates of $889.98 million. On average, equities research analysts expect that Maplebear Inc. will post 1.43 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $55.00 target price on shares of Maplebear in a report on Wednesday, February 26th. Barclays raised their price objective on shares of Maplebear from $56.00 to $58.00 and gave the company an "overweight" rating in a report on Wednesday, February 26th. Macquarie boosted their target price on shares of Maplebear from $52.00 to $55.00 and gave the stock an "outperform" rating in a research note on Thursday, February 27th. Seaport Res Ptn upgraded Maplebear to a "strong-buy" rating in a research note on Wednesday, February 12th. Finally, BMO Capital Markets upped their price objective on Maplebear from $48.00 to $49.00 and gave the stock a "market perform" rating in a research report on Wednesday, February 26th. Twelve investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $50.61.

Insiders Place Their Bets

In other news, CEO Fidji Simo sold 2,033 shares of Maplebear stock in a transaction on Monday, March 17th. The stock was sold at an average price of $40.00, for a total transaction of $81,320.00. Following the completion of the transaction, the chief executive officer now owns 1,654,559 shares of the company's stock, valued at $66,182,360. The trade was a 0.12 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CAO Alan Ramsay sold 2,314 shares of the stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $46.28, for a total transaction of $107,091.92. Following the completion of the sale, the chief accounting officer now directly owns 85,421 shares in the company, valued at approximately $3,953,283.88. The trade was a 2.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 25,097 shares of company stock worth $1,087,094. 36.00% of the stock is owned by company insiders.

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.