SummitTX Capital L.P. Buys New Stake in Maplebear Inc. $CART

SummitTX Capital L.P. purchased a new stake in Maplebear Inc. (NASDAQ:CART) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 12,828 shares of the company’s stock, valued at approximately $481,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Pinnacle Bancorp Inc. acquired a new position in shares of Maplebear in the 1st quarter valued at about $25,000. PenderFund Capital Management Ltd. acquired a new stake in Maplebear during the fourth quarter worth about $27,000. Allworth Financial LP grew its holdings in Maplebear by 35.7% during the third quarter. Allworth Financial LP now owns 928 shares of the company’s stock worth $34,000 after acquiring an additional 244 shares during the period. IFP Advisors Inc raised its position in Maplebear by 761.3% during the fourth quarter. IFP Advisors Inc now owns 956 shares of the company’s stock valued at $43,000 after acquiring an additional 845 shares in the last quarter. Finally, Sunbelt Securities Inc. raised its position in Maplebear by 212.7% during the third quarter. Sunbelt Securities Inc. now owns 1,157 shares of the company’s stock valued at $43,000 after acquiring an additional 787 shares in the last quarter. 63.09% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Ravi Gupta sold 181,000 shares of the business’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 transaction, the director directly owned 741,523 shares in the company, valued at $30,780,619.73. The trade was a 19.62% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 24.00% of the stock is owned by company insiders.

Maplebear Stock Down 0.3%

Shares of NASDAQ CART opened at $44.60 on Friday. The firm has a 50-day simple moving average of $44.38 and a 200-day simple moving average of $40.69. The stock has a market capitalization of $10.48 billion, a price-to-earnings ratio of 24.92, a price-to-earnings-growth ratio of 0.61 and a beta of 0.75. Maplebear Inc. has a 52 week low of $32.73 and a 52 week high of $53.50.

Maplebear (NASDAQ:CART) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $0.57 earnings per share for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.01). Maplebear had a return on equity of 18.67% and a net margin of 12.50%.The business had revenue of $1.02 billion for the quarter, compared to analyst estimates of $1.01 billion. During the same quarter in the previous year, the firm posted $0.37 earnings per share. The business’s revenue was up 13.6% compared to the same quarter last year. As a group, equities research analysts expect that Maplebear Inc. will post 2.46 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts have commented on CART shares. Guggenheim upped their price objective on Maplebear from $40.00 to $44.00 and gave the stock a “neutral” rating in a research report on Wednesday. Wall Street Zen raised shares of Maplebear from a “hold” rating to a “buy” rating in a report on Saturday, July 18th. Citizens Jmp reiterated a “market outperform” rating and issued a $60.00 target price on shares of Maplebear in a research note on Monday, June 15th. Wedbush started coverage on shares of Maplebear in a report on Thursday, July 16th. They set an “outperform” rating and a $59.00 price target on the stock. Finally, Raymond James Financial upgraded shares of Maplebear from a “hold” rating to a “moderate buy” rating in a research report on Thursday, April 9th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $51.67.

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.