Epoch Investment Partners Inc. Cuts Stake in Maplebear Inc. $CART

Epoch Investment Partners Inc. lowered its holdings in shares of Maplebear Inc. (NASDAQ:CART) by 8.1% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 746,131 shares of the company’s stock after selling 65,827 shares during the period. Epoch Investment Partners Inc. owned about 0.32% of Maplebear worth $27,950,000 as of its most recent filing with the SEC.

A number of other large investors also recently added to or reduced their stakes in CART. Pinnacle Bancorp Inc. purchased a new stake in Maplebear during the first quarter valued at about $25,000. PenderFund Capital Management Ltd. bought a new position in shares of Maplebear during the fourth quarter valued at about $27,000. Allworth Financial LP increased its holdings in shares of Maplebear by 35.7% in the third quarter. Allworth Financial LP now owns 928 shares of the company’s stock worth $34,000 after buying an additional 244 shares during the period. IFP Advisors Inc increased its holdings in shares of Maplebear by 761.3% in the fourth quarter. IFP Advisors Inc now owns 956 shares of the company’s stock worth $43,000 after buying an additional 845 shares during the period. Finally, Sunbelt Securities Inc. lifted its stake in shares of Maplebear by 212.7% in the 3rd quarter. Sunbelt Securities Inc. now owns 1,157 shares of the company’s stock valued at $43,000 after acquiring an additional 787 shares during the last quarter. Hedge funds and other institutional investors own 63.09% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Wedbush started coverage on Maplebear in a report on Thursday, July 16th. They set an “outperform” rating and a $59.00 target price for the company. Jefferies Financial Group raised Maplebear from a “hold” rating to a “buy” rating and lifted their price target for the stock from $38.00 to $45.00 in a research note on Monday, March 30th. Weiss Ratings upgraded Maplebear from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Citizens Jmp reissued a “market outperform” rating and set a $60.00 price objective on shares of Maplebear in a research note on Monday, June 15th. Finally, Barclays raised their target price on shares of Maplebear from $65.00 to $69.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Maplebear has a consensus rating of “Moderate Buy” and a consensus price target of $51.48.

Maplebear Trading Down 0.8%

Maplebear stock opened at $42.21 on Friday. The firm has a 50-day moving average of $43.98 and a 200-day moving average of $40.64. The firm has a market cap of $9.92 billion, a P/E ratio of 23.58, a P/E/G ratio of 0.58 and a beta of 0.75. Maplebear Inc. has a 1-year low of $32.73 and a 1-year high of $53.50.

Maplebear (NASDAQ:CART) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $0.57 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.01). The business had revenue of $1.02 billion for the quarter, compared to analysts’ expectations of $1.01 billion. Maplebear had a net margin of 12.50% and a return on equity of 18.67%. The firm’s revenue for the quarter was up 13.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.37 EPS. Research analysts forecast that Maplebear Inc. will post 2.46 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Ravi Gupta sold 181,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $41.51, for a total transaction of $7,513,310.00. Following the completion of the transaction, the director owned 741,523 shares in the company, valued at $30,780,619.73. This represents a 19.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 24.00% of the company’s stock.

Maplebear Company Profile

Maplebear, Inc, doing business as Instacart, operates a leading online grocery and essentials marketplace that connects consumers, retail partners and personal shoppers through its digital platform. The company enables customers to order groceries, household items and specialty products for same-day or scheduled delivery, as well as in-store pickup. By integrating its technology with retailers’ existing inventory and point-of-sale systems, Maplebear streamlines the shopping experience and provides real-time availability and pricing.

Founded in 2012 and headquartered in San Francisco, Maplebear has grown from a regional startup to a publicly traded company listed on NASDAQ under the ticker CART.