Simcoe Capital Management LLC Has $49.94 Million Stock Holdings in Maplebear Inc. (NASDAQ:CART)

Simcoe Capital Management LLC boosted its position in Maplebear Inc. (NASDAQ:CART - Free Report) by 216.5% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,225,690 shares of the company's stock after purchasing an additional 838,470 shares during the quarter. Maplebear comprises 6.5% of Simcoe Capital Management LLC's holdings, making the stock its 6th biggest position. Simcoe Capital Management LLC owned approximately 0.47% of Maplebear worth $49,935,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of CART. Maverick Capital Ltd. lifted its holdings in Maplebear by 19.7% in the third quarter. Maverick Capital Ltd. now owns 2,684,425 shares of the company's stock worth $109,363,000 after purchasing an additional 441,156 shares during the period. Southpoint Capital Advisors LP lifted its stake in shares of Maplebear by 56.3% in the 3rd quarter. Southpoint Capital Advisors LP now owns 2,500,000 shares of the company's stock worth $101,850,000 after acquiring an additional 900,000 shares during the period. Verition Fund Management LLC boosted its holdings in shares of Maplebear by 54.0% in the third quarter. Verition Fund Management LLC now owns 630,809 shares of the company's stock valued at $25,699,000 after acquiring an additional 221,091 shares in the last quarter. Vinva Investment Management Ltd bought a new stake in Maplebear during the third quarter worth approximately $212,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Maplebear by 95.1% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 30,258 shares of the company's stock worth $1,233,000 after purchasing an additional 14,750 shares during the period. 63.09% of the stock is owned by institutional investors and hedge funds.

Maplebear Trading Up 0.6 %

Shares of Maplebear stock traded up $0.25 during mid-day trading on Monday, reaching $43.92. 2,770,126 shares of the stock were exchanged, compared to its average volume of 3,985,506. The company has a market cap of $11.28 billion, a price-to-earnings ratio of 29.31, a price-to-earnings-growth ratio of 1.13 and a beta of 1.12. Maplebear Inc. has a fifty-two week low of $22.13 and a fifty-two week high of $50.01. The firm has a 50-day simple moving average of $43.20 and a 200 day simple moving average of $37.14.

Maplebear (NASDAQ:CART - Get Free Report) last released its quarterly earnings results on Tuesday, November 12th. The company reported $0.42 EPS for the quarter, topping analysts' consensus estimates of $0.22 by $0.20. The business had revenue of $852.00 million for the quarter, compared to analyst estimates 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 prior year, the company earned ($20.86) EPS. On average, research analysts predict that Maplebear Inc. will post 1.4 EPS for the current fiscal year.

Insider Buying and Selling

In other Maplebear news, General Counsel Morgan Fong sold 8,345 shares of the stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $40.00, for a total value of $333,800.00. Following the transaction, the general counsel now directly owns 330,886 shares in the company, valued at approximately $13,235,440. This trade represents a 2.46 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Alan Ramsay sold 2,486 shares of Maplebear 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 sale, the chief accounting officer now directly owns 99,225 shares of the company's stock, valued at $4,106,922.75. This trade represents a 2.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 110,954 shares of company stock worth $4,890,405 in the last 90 days. Corporate insiders own 36.00% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on CART. Needham & Company LLC reissued a "hold" rating on shares of Maplebear in a research note on Wednesday, November 13th. Barclays boosted their price target on shares of Maplebear from $48.00 to $56.00 and gave the stock an "overweight" rating in a research report on Wednesday, November 13th. Morgan Stanley reduced their price objective on shares of Maplebear from $45.00 to $41.00 and set an "equal weight" rating for the company in a research report on Tuesday, September 24th. Citigroup boosted their target price on shares of Maplebear from $44.00 to $47.00 and gave the stock a "buy" rating in a report on Thursday, August 8th. Finally, Cantor Fitzgerald restated an "overweight" rating and issued a $45.00 price target on shares of Maplebear in a research report on Monday, October 7th. Twelve investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, Maplebear has an average rating of "Moderate Buy" and an average price target of $47.29.

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.