Kornitzer Capital Management Inc. KS Acquires New Stake in Maplebear Inc. (NASDAQ:CART)

Kornitzer Capital Management Inc. KS acquired a new stake in shares of Maplebear Inc. (NASDAQ:CART - Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 205,000 shares of the company's stock, valued at approximately $8,352,000. Kornitzer Capital Management Inc. KS owned 0.08% of Maplebear as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in CART. SG Americas Securities LLC acquired a new stake in Maplebear in the 1st quarter valued at $31,109,000. Oppenheimer & Co. Inc. acquired a new stake in Maplebear in the 1st quarter valued at $213,000. Donoghue Forlines LLC acquired a new stake in Maplebear in the 1st quarter valued at $262,000. Russell Investments Group Ltd. acquired a new stake in Maplebear in the 1st quarter valued at $1,663,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Maplebear in the 1st quarter valued at $6,462,000. 63.09% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Maplebear news, CEO Fidji Simo sold 33,000 shares of the firm's stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $35.27, for a total value of $1,163,910.00. Following the sale, the chief executive officer now owns 1,844,778 shares in the company, valued at approximately $65,065,320.06. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Maplebear news, CEO Fidji Simo sold 33,000 shares of the firm's stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $35.27, for a total value of $1,163,910.00. Following the sale, the chief executive officer now owns 1,844,778 shares in the company, valued at approximately $65,065,320.06. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel Morgan Fong sold 29,253 shares of the firm's stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $48.03, for a total transaction of $1,405,021.59. Following the completion of the sale, the general counsel now owns 258,406 shares in the company, valued at $12,411,240.18. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 118,710 shares of company stock valued at $4,978,164 over the last quarter. Insiders own 36.00% of the company's stock.

Maplebear Trading Down 1.9 %

NASDAQ CART traded down $0.94 during trading hours on Friday, reaching $47.72. The company's stock had a trading volume of 3,923,179 shares, compared to its average volume of 3,917,582. The business has a 50-day simple moving average of $40.91 and a 200 day simple moving average of $36.16. Maplebear Inc. has a 52 week low of $22.13 and a 52 week high of $50.01. The stock has a market cap of $12.45 billion, a PE ratio of -2.40, a PEG ratio of 1.39 and a beta of 1.12.

Maplebear (NASDAQ:CART - Get Free Report) last issued its earnings results on Tuesday, August 6th. The company reported $0.20 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.13 by $0.07. Maplebear had a negative net margin of 52.21% and a negative return on equity of 49.98%. The firm had revenue of $823.00 million for the quarter, compared to analysts' expectations of $806.35 million. The company's quarterly revenue was up 14.9% compared to the same quarter last year. As a group, equities analysts predict that Maplebear Inc. will post 1.17 EPS for the current year.

Analysts Set New Price Targets

Several brokerages recently issued reports on CART. Piper Sandler increased their price target on Maplebear from $47.00 to $50.00 and gave the company an "overweight" rating in a report on Wednesday, August 7th. Benchmark reissued a "hold" rating on shares of Maplebear in a research report on Wednesday, August 7th. Raymond James started coverage on shares of Maplebear in a research report on Tuesday, September 24th. They issued a "market perform" rating for the company. Stifel Nicolaus upped their price objective 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. Finally, Oppenheimer upped their price objective on shares of Maplebear from $48.00 to $55.00 and gave the company an "outperform" rating in a research report on Wednesday. Twelve equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, Maplebear presently has an average rating of "Moderate Buy" and an average price target of $43.90.

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.