Wealth Enhancement Advisory Services LLC Invests $1.17 Million in Maplebear Inc. (NASDAQ:CART)

Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Maplebear Inc. (NASDAQ:CART - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 28,609 shares of the company's stock, valued at approximately $1,166,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Victory Capital Management Inc. lifted its stake in shares of Maplebear by 144.7% in the 2nd quarter. Victory Capital Management Inc. now owns 36,785 shares of the company's stock valued at $1,182,000 after purchasing an additional 21,755 shares during the period. State of New Jersey Common Pension Fund D bought a new stake in Maplebear in the second quarter valued at about $1,933,000. American Century Companies Inc. increased its holdings in Maplebear by 14.6% in the second quarter. American Century Companies Inc. now owns 131,707 shares of the company's stock valued at $4,233,000 after purchasing an additional 16,783 shares during the last quarter. Renaissance Technologies LLC bought a new stake in Maplebear in the second quarter valued at about $22,816,000. Finally, Amalgamated Bank increased its holdings in shares of Maplebear by 545.2% in the second quarter. Amalgamated Bank now owns 9,427 shares of the company's stock worth $303,000 after acquiring an additional 7,966 shares in the last quarter. Institutional investors and hedge funds own 63.09% of the company's stock.

Maplebear Stock Up 3.3 %

Maplebear stock traded up $1.47 during mid-day trading on Thursday, hitting $46.58. 3,344,019 shares of the stock were exchanged, compared to its average volume of 6,523,952. Maplebear Inc. has a 12 month low of $23.59 and a 12 month high of $50.01. The firm's fifty day simple moving average is $43.56 and its two-hundred day simple moving average is $39.61. The stock has a market capitalization of $11.97 billion, a price-to-earnings ratio of 31.26, a PEG ratio of 1.00 and a beta of 1.04.

Maplebear (NASDAQ:CART - Get Free Report) last released its quarterly earnings data on Tuesday, November 12th. The company reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.20. The company had revenue of $852.00 million during the quarter, compared to analyst estimates of $844.03 million. Maplebear had a net margin of 13.37% and a return on equity of 13.78%. Maplebear's revenue for the quarter was up 11.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($20.86) EPS. As a group, analysts forecast that Maplebear Inc. will post 1.4 earnings per share for the current fiscal year.

Insider Activity

In related news, CAO Alan Ramsay sold 2,247 shares of the stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $41.06, for a total value of $92,261.82. Following the completion of the sale, the chief accounting officer now directly owns 89,982 shares of the company's stock, valued at approximately $3,694,660.92. This represents a 2.44 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, General Counsel Morgan Fong sold 29,253 shares of the company'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 value of $1,405,021.59. Following the completion of the transaction, the general counsel now directly owns 258,406 shares of the company's stock, valued at approximately $12,411,240.18. This represents a 10.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 112,128 shares of company stock worth $4,980,404 in the last quarter. 36.00% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

CART has been the subject of several recent analyst reports. Raymond James initiated coverage on Maplebear in a report on Tuesday, September 24th. They issued a "market perform" rating for the company. Needham & Company LLC raised shares of Maplebear from a "hold" rating to a "buy" rating and set a $56.00 price objective on the stock in a research report on Monday. BMO Capital Markets boosted their price target on Maplebear from $39.00 to $48.00 and gave the stock a "market perform" rating in a research report on Wednesday, November 13th. Wells Fargo & Company initiated coverage on shares of Maplebear in a research note on Friday, January 10th. They set an "equal weight" rating and a $47.00 price objective on the stock. Finally, BTIG Research upgraded Maplebear from a "neutral" rating to a "buy" rating and set a $58.00 price target for the company in a report on Tuesday. Thirteen analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $48.31.

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.