Hodges Capital Management Inc. Reduces Position in Maplebear Inc. (NASDAQ:CART)

Hodges Capital Management Inc. lowered its position in Maplebear Inc. (NASDAQ:CART - Free Report) by 79.6% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 79,050 shares of the company's stock after selling 307,800 shares during the period. Hodges Capital Management Inc.'s holdings in Maplebear were worth $3,220,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CART. Vanguard Group Inc. raised its position in shares of Maplebear by 239.1% in the first quarter. Vanguard Group Inc. now owns 213,496 shares of the company's stock valued at $7,961,000 after buying an additional 150,544 shares during the last quarter. Diversified Trust Co purchased a new position in Maplebear in the 2nd quarter worth approximately $327,000. Great Valley Advisor Group Inc. boosted its holdings in shares of Maplebear by 32.1% during the 2nd quarter. Great Valley Advisor Group Inc. now owns 10,300 shares of the company's stock worth $331,000 after purchasing an additional 2,500 shares during the last quarter. Assenagon Asset Management S.A. purchased a new stake in shares of Maplebear in the second quarter valued at approximately $8,293,000. Finally, Investment House LLC acquired a new stake in shares of Maplebear in the second quarter valued at approximately $750,000. Institutional investors and hedge funds own 63.09% of the company's stock.

Wall Street Analysts Forecast Growth

CART has been the subject of several analyst reports. BMO Capital Markets upped their target price on Maplebear from $39.00 to $48.00 and gave the company a "market perform" rating in a report on Wednesday, November 13th. Macquarie upped their price objective on shares of Maplebear from $50.00 to $52.00 and gave the company an "outperform" rating in a report on Thursday, November 14th. Jefferies Financial Group initiated coverage on shares of Maplebear in a research note on Wednesday, October 16th. They set a "hold" rating and a $43.00 target price on the stock. Morgan Stanley dropped their price target on shares of Maplebear from $45.00 to $41.00 and set an "equal weight" rating for the company in a research note on Tuesday, September 24th. Finally, Stifel Nicolaus lifted their price target on shares of Maplebear from $52.00 to $55.00 and gave the company a "buy" rating in a research report on Monday, October 28th. Thirteen investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $47.14.

Maplebear Stock Down 3.9 %

CART stock traded down $1.72 during midday trading on Monday, hitting $42.47. The company's stock had a trading volume of 4,040,593 shares, compared to its average volume of 3,992,253. Maplebear Inc. has a 52-week low of $22.13 and a 52-week high of $50.01. The firm has a 50-day simple moving average of $43.61 and a 200-day simple moving average of $37.53. The firm has a market capitalization of $10.91 billion, a P/E ratio of 28.59, a PEG ratio of 1.15 and a beta of 0.94.

Maplebear (NASDAQ:CART - Get Free Report) last released its earnings results on Tuesday, November 12th. The company reported $0.42 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 return on equity of 13.78% and a net margin of 13.37%. Maplebear's revenue for the quarter was up 11.5% on a year-over-year basis. During the same period in the previous year, the firm posted ($20.86) EPS. On average, sell-side analysts expect that Maplebear Inc. will post 1.4 earnings per share for the current fiscal year.

Insider Transactions at Maplebear

In other Maplebear news, CAO Alan Ramsay sold 2,486 shares of the business's stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $41.39, for a total transaction of $102,895.54. Following the completion of the transaction, the chief accounting officer now owns 99,225 shares in the company, valued at $4,106,922.75. The trade was a 2.44 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Fidji Simo sold 20,750 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $42.97, for a total transaction of $891,627.50. Following the completion of the sale, the chief executive officer now directly owns 1,804,243 shares in the company, valued at approximately $77,528,321.71. This represents a 1.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 110,954 shares of company stock valued at $4,890,405. 36.00% of the stock is currently owned by corporate 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.