State Street Corp increased its holdings in Maplebear Inc. (NASDAQ:CART - Free Report) by 48.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,552,617 shares of the company's stock after purchasing an additional 831,795 shares during the quarter. State Street Corp owned 0.98% of Maplebear worth $103,994,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also added to or reduced their stakes in CART. Assenagon Asset Management S.A. bought a new position in shares of Maplebear in the second quarter valued at $8,293,000. Investment House LLC purchased a new stake in shares of Maplebear during the second quarter valued at $750,000. Lecap Asset Management Ltd. purchased a new stake in shares of Maplebear during the second quarter valued at $704,000. Bank of New York Mellon Corp boosted its position in shares of Maplebear by 936.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 489,761 shares of the company's stock valued at $15,741,000 after purchasing an additional 442,517 shares during the period. Finally, State of Michigan Retirement System purchased a new position in Maplebear in the 2nd quarter worth about $484,000. 63.09% of the stock is owned by institutional investors and hedge funds.
Maplebear Stock Performance
Shares of CART traded up $0.80 during trading hours on Monday, hitting $42.58. 4,077,137 shares of the company were exchanged, compared to its average volume of 4,000,555. The company has a market cap of $10.94 billion, a PE ratio of 28.58, a PEG ratio of 1.08 and a beta of 0.94. The firm's 50 day moving average is $43.81 and its 200-day moving average is $37.96. Maplebear Inc. has a 52 week low of $22.13 and a 52 week high of $50.01.
Maplebear (NASDAQ:CART - Get Free Report) last announced its earnings results on Tuesday, November 12th. The company reported $0.42 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.22 by $0.20. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. The firm had revenue of $852.00 million during the quarter, compared to analysts' expectations of $844.03 million. During the same quarter in the prior year, the business earned ($20.86) earnings per share. The company's revenue was up 11.5% on a year-over-year basis. As a group, equities analysts forecast that Maplebear Inc. will post 1.4 earnings per share for the current fiscal year.
Insider Activity at Maplebear
In other news, CEO Fidji Simo sold 20,750 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $42.97, for a total value of $891,627.50. Following the completion of the sale, the chief executive officer now directly owns 1,804,243 shares of the company's stock, valued at approximately $77,528,321.71. This represents a 1.14 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel Morgan Fong sold 29,253 shares of the firm's stock in a transaction on Thursday, November 7th. The stock was 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 approximately $12,411,240.18. The trade was a 10.17 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 110,954 shares of company stock worth $4,890,405. 36.00% of the stock is owned by insiders.
Analyst Ratings Changes
A number of analysts have commented on CART shares. Raymond James assumed coverage on shares of Maplebear in a research note on Tuesday, September 24th. They set a "market perform" rating for the company. Macquarie upped their price target on shares of Maplebear from $50.00 to $52.00 and gave the company an "outperform" rating in a research report on Thursday, November 14th. Barclays lifted their price objective 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 cut their target price on shares of Maplebear from $45.00 to $41.00 and set an "equal weight" rating on the stock in a research note on Tuesday, September 24th. Finally, Piper Sandler raised their target price on Maplebear from $50.00 to $58.00 and gave the stock an "overweight" rating in a research report on Wednesday, November 13th. Thirteen investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $47.14.
Read Our Latest Analysis on CART
Maplebear Company Profile
(
Free Report)
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.
Read More
Before you consider Maplebear, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Maplebear wasn't on the list.
While Maplebear currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Unlock the timeless value of gold with our exclusive 2025 Gold Forecasting Report. Explore why gold remains the ultimate investment for safeguarding wealth against inflation, economic shifts, and global uncertainties. Whether you're planning for future generations or seeking a reliable asset in turbulent times, this report is your essential guide to making informed decisions.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.