Fmr LLC Sells 813,121 Shares of Maplebear Inc. (NASDAQ:CART)

FMR LLC trimmed its position in shares of Maplebear Inc. (NASDAQ:CART - Free Report) by 34.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,525,509 shares of the company's stock after selling 813,121 shares during the period. FMR LLC owned about 0.58% of Maplebear worth $62,149,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of CART. Pacer Advisors Inc. purchased a new stake in shares of Maplebear during the third quarter worth $158,701,000. Sculptor Capital LP purchased a new stake in shares of Maplebear during the second quarter worth $77,361,000. Charles Schwab Investment Management Inc. raised its holdings in shares of Maplebear by 5,191.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,489,655 shares of the company's stock worth $60,689,000 after acquiring an additional 1,461,501 shares in the last quarter. Federated Hermes Inc. raised its holdings in shares of Maplebear by 102.2% during the second quarter. Federated Hermes Inc. now owns 1,734,264 shares of the company's stock worth $55,739,000 after acquiring an additional 876,439 shares in the last quarter. Finally, Renaissance Technologies LLC purchased a new stake in shares of Maplebear during the second quarter worth $22,816,000. 63.09% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have commented on CART. Needham & Company LLC reissued a "hold" rating on shares of Maplebear in a research report on Wednesday, November 13th. Deutsche Bank Aktiengesellschaft started coverage on Maplebear in a research report on Tuesday. They set a "hold" rating and a $37.00 target price on the stock. Jefferies Financial Group assumed coverage on Maplebear in a research report on Wednesday, October 16th. They set a "hold" rating and a $43.00 target price on the stock. Stifel Nicolaus raised their price target on shares of Maplebear from $52.00 to $55.00 and gave the stock a "buy" rating in a research note on Monday, October 28th. Finally, Barclays lifted their target price on shares of Maplebear from $48.00 to $56.00 and gave the company an "overweight" rating in a research note on Wednesday, November 13th. Thirteen research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $46.82.

Maplebear Stock Performance

NASDAQ CART traded up $0.37 on Friday, reaching $44.19. The company had a trading volume of 3,600,178 shares, compared to its average volume of 4,677,134. The firm has a market capitalization of $11.35 billion, a price-to-earnings ratio of 29.66, a price-to-earnings-growth ratio of 1.18 and a beta of 0.94. Maplebear Inc. has a 1-year low of $22.13 and a 1-year high of $50.01. The company's fifty day moving average is $43.52 and its 200-day moving average is $37.38.

Maplebear (NASDAQ:CART - Get Free Report) last posted its quarterly earnings data 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 net margin of 13.37% and a return on equity of 13.78%. The company had revenue of $852.00 million during the quarter, compared to the consensus estimate of $844.03 million. During the same period in the prior year, the business posted ($20.86) EPS. The company's quarterly revenue was up 11.5% on a year-over-year basis. On average, research analysts forecast that Maplebear Inc. will post 1.4 earnings per share for the current year.

Insider Activity at Maplebear

In other Maplebear news, CAO Alan Ramsay sold 2,486 shares of the stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $41.39, for a total value of $102,895.54. Following the transaction, the chief accounting officer now directly owns 99,225 shares of the company's stock, valued at $4,106,922.75. This represents a 2.44 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Morgan Fong sold 8,345 shares of the stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $40.00, for a total transaction of $333,800.00. Following the completion of the transaction, the general counsel now directly owns 330,886 shares in the company, valued at approximately $13,235,440. This represents a 2.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 110,954 shares of company stock worth $4,890,405. Insiders own 36.00% of the company's stock.

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.