General Catalyst Group Management LLC Makes New $33.65 Million Investment in Maplebear Inc. $CART

General Catalyst Group Management LLC bought a new stake in Maplebear Inc. (NASDAQ:CART) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 710,711 shares of the company’s stock, valued at approximately $33,652,000. Maplebear makes up approximately 17.9% of General Catalyst Group Management LLC’s holdings, making the stock its 3rd largest holding.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. US Bancorp DE increased its stake in Maplebear by 17.0% in the 4th quarter. US Bancorp DE now owns 437,658 shares of the company’s stock valued at $19,686,000 after purchasing an additional 63,666 shares in the last quarter. Bank of America Corp DE boosted its position in Maplebear by 16.5% during the first quarter. Bank of America Corp DE now owns 1,562,097 shares of the company’s stock worth $58,516,000 after purchasing an additional 221,036 shares in the last quarter. Horizon Investments LLC boosted its position in Maplebear by 263,556.8% during the fourth quarter. Horizon Investments LLC now owns 116,009 shares of the company’s stock worth $5,218,000 after purchasing an additional 115,965 shares in the last quarter. M&T Bank Corp acquired a new stake in Maplebear in the fourth quarter valued at $1,378,000. Finally, Geode Capital Management LLC grew its holdings in Maplebear by 1.6% in the fourth quarter. Geode Capital Management LLC now owns 3,526,124 shares of the company’s stock valued at $158,640,000 after purchasing an additional 54,010 shares during the last quarter. 63.09% of the stock is currently owned by institutional investors and hedge funds.

Maplebear Stock Performance

Shares of CART opened at $50.48 on Friday. The company has a market capitalization of $11.69 billion, a price-to-earnings ratio of 27.58, a PEG ratio of 0.75 and a beta of 0.78. The company’s 50 day simple moving average is $47.23 and its 200 day simple moving average is $42.13. Maplebear Inc. has a 1 year low of $32.73 and a 1 year high of $52.05.

Maplebear (NASDAQ:CART) last released its earnings results on Thursday, August 6th. The company reported $0.45 EPS for the quarter, missing the consensus estimate of $0.54 by ($0.09). The firm had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.03 billion. Maplebear had a return on equity of 20.19% and a net margin of 11.97%.The firm’s revenue was up 14.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.41 earnings per share. Equities analysts expect that Maplebear Inc. will post 2.33 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Morgan Fong sold 18,390 shares of Maplebear stock in a transaction on Monday, August 24th. The stock was sold at an average price of $49.96, for a total value of $918,764.40. Following the completion of the sale, the insider owned 529,911 shares of the company’s stock, valued at $26,474,353.56. The trade was a 3.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ravi Gupta sold 181,000 shares of the company’s stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $41.51, for a total value of $7,513,310.00. Following the completion of the transaction, the director owned 741,523 shares of the company’s stock, valued at $30,780,619.73. The trade was a 19.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 349,390 shares of company stock worth $16,023,574. Corporate insiders own 24.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on CART shares. Wedbush initiated coverage on shares of Maplebear in a research report on Thursday, July 16th. They issued an “outperform” rating and a $59.00 price objective on the stock. Oppenheimer raised their target price on shares of Maplebear from $60.00 to $65.00 and gave the company an “outperform” rating in a report on Friday, August 7th. Citigroup lifted their target price on shares of Maplebear from $50.00 to $58.00 and gave the stock a “buy” rating in a research report on Monday, August 10th. Needham & Company LLC lifted their target price on shares of Maplebear from $55.00 to $63.00 and gave the stock a “buy” rating in a research report on Friday, August 7th. Finally, Guggenheim upped their price target on shares of Maplebear from $44.00 to $46.00 and gave the company a “neutral” rating in a report on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and eight have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $55.90.

About Maplebear

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.