Pier Capital LLC Boosts Stock Position in Maplebear Inc. (NASDAQ:CART)

Pier Capital LLC raised its position in Maplebear Inc. (NASDAQ:CART - Free Report) by 29.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 195,699 shares of the company's stock after purchasing an additional 44,095 shares during the quarter. Pier Capital LLC owned about 0.08% of Maplebear worth $8,106,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in CART. Jones Financial Companies Lllp lifted its holdings in Maplebear by 46.6% in the fourth quarter. Jones Financial Companies Lllp now owns 698 shares of the company's stock valued at $29,000 after acquiring an additional 222 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in Maplebear in the third quarter valued at $33,000. Allworth Financial LP lifted its stake in shares of Maplebear by 101.4% in the 4th quarter. Allworth Financial LP now owns 834 shares of the company's stock valued at $37,000 after purchasing an additional 420 shares during the last quarter. Cullen Frost Bankers Inc. purchased a new position in shares of Maplebear during the 4th quarter worth $62,000. Finally, PNC Financial Services Group Inc. increased its position in shares of Maplebear by 243.3% during the 4th quarter. PNC Financial Services Group Inc. now owns 3,399 shares of the company's stock worth $141,000 after purchasing an additional 2,409 shares during the last quarter. Hedge funds and other institutional investors own 63.09% of the company's stock.

Maplebear Stock Down 1.9 %

NASDAQ:CART traded down $0.79 during mid-day trading on Friday, reaching $39.73. 2,388,815 shares of the stock were exchanged, compared to its average volume of 4,020,932. The stock has a market capitalization of $10.51 billion, a P/E ratio of 26.66, a P/E/G ratio of 1.19 and a beta of 1.34. Maplebear Inc. has a 1 year low of $29.84 and a 1 year high of $53.44. The company has a 50 day simple moving average of $44.59 and a 200-day simple moving average of $43.48.

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Maplebear (NASDAQ:CART - Get Free Report) last issued its quarterly earnings results on Tuesday, February 25th. The company reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.16. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. The firm had revenue of $883.00 million for the quarter, compared to analysts' expectations of $889.98 million. As a group, research analysts predict that Maplebear Inc. will post 1.43 EPS for the current year.

Insider Buying and Selling at Maplebear

In related news, CEO Fidji Simo sold 2,033 shares of the business's stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $40.00, for a total value of $81,320.00. Following the sale, the chief executive officer now directly owns 1,654,559 shares in the company, valued at $66,182,360. The trade was a 0.12 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Alan Ramsay sold 2,314 shares of the stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $46.28, for a total transaction of $107,091.92. Following the completion of the sale, the chief accounting officer now directly owns 85,421 shares in the company, valued at approximately $3,953,283.88. The trade was a 2.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 25,097 shares of company stock valued at $1,087,094. 36.00% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Deutsche Bank Aktiengesellschaft started coverage on shares of Maplebear in a research note on Tuesday, December 3rd. They set a "hold" rating and a $37.00 target price for the company. Bank of America lifted their target price on shares of Maplebear from $51.00 to $53.00 and gave the company a "neutral" rating in a report on Tuesday, February 25th. Benchmark restated a "hold" rating on shares of Maplebear in a research note on Wednesday, February 26th. Mizuho dropped their price objective on Maplebear from $55.00 to $52.00 and set an "outperform" rating for the company in a research note on Wednesday, February 26th. Finally, Morgan Stanley raised their target price on Maplebear from $44.00 to $45.00 and gave the company an "equal weight" rating in a report on Wednesday, February 26th. Fourteen investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $50.25.

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.