D1 Capital Partners L.P. Sells 6,359,608 Shares of Maplebear Inc. (NASDAQ:CART)

D1 Capital Partners L.P. cut its holdings in shares of Maplebear Inc. (NASDAQ:CART - Free Report) by 22.0% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 22,551,414 shares of the company's stock after selling 6,359,608 shares during the quarter. Maplebear accounts for about 17.7% of D1 Capital Partners L.P.'s portfolio, making the stock its largest holding. D1 Capital Partners L.P. owned about 8.65% of Maplebear worth $918,745,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the business. CIBC Asset Management Inc raised its position in Maplebear by 3.7% during the third quarter. CIBC Asset Management Inc now owns 8,114 shares of the company's stock valued at $331,000 after acquiring an additional 286 shares in the last quarter. Oppenheimer & Co. Inc. increased its holdings in shares of Maplebear by 5.1% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 12,090 shares of the company's stock valued at $493,000 after purchasing an additional 584 shares in the last quarter. Creative Planning lifted its stake in shares of Maplebear by 9.5% in the 2nd quarter. Creative Planning now owns 9,566 shares of the company's stock valued at $307,000 after purchasing an additional 831 shares during the period. Huntington National Bank purchased a new stake in Maplebear during the third quarter worth $54,000. Finally, nVerses Capital LLC grew its position in Maplebear by 1,600.0% during the second quarter. nVerses Capital LLC now owns 1,700 shares of the company's stock valued at $55,000 after buying an additional 1,600 shares during the period. 63.09% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Robert W. Baird upped their price objective on shares of Maplebear from $44.00 to $51.00 and gave the stock an "outperform" rating in a research report on Wednesday, November 13th. Citigroup upped their price target on Maplebear from $44.00 to $47.00 and gave the stock a "buy" rating in a report on Thursday, August 8th. Wedbush raised their price objective on Maplebear from $35.00 to $38.00 and gave the company a "neutral" rating in a report on Wednesday, August 7th. Jefferies Financial Group initiated coverage on Maplebear in a research report on Wednesday, October 16th. They issued a "hold" rating and a $43.00 price objective for the company. Finally, JMP Securities increased their target price on Maplebear from $42.00 to $51.00 and gave the company a "market outperform" rating in a research report on Wednesday, November 13th. Twelve investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $47.29.

Insider Activity

In other Maplebear news, General Counsel Morgan Fong sold 10,992 shares of the firm's stock in a transaction on Friday, September 20th. The stock was sold at an average price of $41.38, for a total transaction of $454,848.96. Following the completion of the sale, the general counsel now owns 298,984 shares of the company's stock, valued at $12,371,957.92. This trade represents a 3.55 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Alan Ramsay sold 2,486 shares of the company's stock in a transaction on Friday, September 20th. The shares were sold at an average price of $41.39, for a total value of $102,895.54. Following the completion of the transaction, the chief accounting officer now directly owns 99,225 shares in the company, valued at approximately $4,106,922.75. This trade represents a 2.44 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 110,954 shares of company stock valued at $4,890,405. 36.00% of the stock is currently owned by company insiders.

Maplebear Stock Up 0.5 %

Shares of CART traded up $0.23 during midday trading on Friday, reaching $43.67. The company had a trading volume of 1,464,106 shares, compared to its average volume of 3,990,990. Maplebear Inc. has a 1-year low of $22.13 and a 1-year high of $50.01. The firm has a 50 day simple moving average of $43.17 and a 200-day simple moving average of $37.03. The stock has a market cap of $11.22 billion, a PE ratio of 29.15, a price-to-earnings-growth ratio of 1.12 and a beta of 1.12.

Maplebear (NASDAQ:CART - Get Free Report) last released its quarterly earnings data on Tuesday, November 12th. The company reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.20. The firm had revenue of $852.00 million during the quarter, compared to analysts' expectations of $844.03 million. Maplebear had a net margin of 13.37% and a return on equity of 13.78%. Maplebear's revenue was up 11.5% compared to the same quarter last year. During the same period last year, the business earned ($20.86) earnings per share. As a group, sell-side analysts anticipate that Maplebear Inc. will post 1.4 earnings per share for the current fiscal year.

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.