Nierenberg Investment Management Company LLC Buys New Shares in Maplebear Inc. $CART

Nierenberg Investment Management Company LLC bought a new position in Maplebear Inc. (NASDAQ:CART) during the second quarter, HoldingsChannel.com reports. The institutional investor bought 291,888 shares of the company’s stock, valued at approximately $13,820,897,000. Maplebear accounts for 6.9% of Nierenberg Investment Management Company LLC’s portfolio, making the stock its 5th biggest position.

Several other hedge funds have also added to or reduced their stakes in the business. Pinnacle Bancorp Inc. purchased a new stake in Maplebear during the first quarter valued at about $25,000. PenderFund Capital Management Ltd. purchased a new position in shares of Maplebear in the fourth quarter worth about $27,000. Allworth Financial LP lifted its stake in shares of Maplebear by 35.7% in the 3rd quarter. Allworth Financial LP now owns 928 shares of the company’s stock valued at $34,000 after acquiring an additional 244 shares during the last quarter. IFP Advisors Inc lifted its stake in shares of Maplebear by 761.3% in the 4th quarter. IFP Advisors Inc now owns 956 shares of the company’s stock valued at $43,000 after acquiring an additional 845 shares during the last quarter. 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. 63.09% of the stock is owned by institutional investors.

Maplebear Price Performance

CART opened at $50.67 on Thursday. The business has a 50 day simple moving average of $46.26 and a two-hundred day simple moving average of $41.51. The firm has a market capitalization of $11.73 billion, a price-to-earnings ratio of 27.69, a PEG ratio of 0.72 and a beta of 0.78. Maplebear Inc. has a one year low of $32.73 and a one year high of $51.06.

Maplebear (NASDAQ:CART) last issued its quarterly earnings data on Thursday, August 6th. The company reported $0.45 earnings per share for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.09). Maplebear had a return on equity of 20.19% and a net margin of 11.97%.The business had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter in the prior year, the business posted $0.41 earnings per share. Maplebear’s quarterly revenue was up 14.1% compared to the same quarter last year. As a group, sell-side analysts expect that Maplebear Inc. will post 2.33 EPS for the current fiscal year.

Insider Buying and Selling

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

Wall Street Analyst Weigh In

Several research firms recently issued reports on CART. Wedbush started coverage on Maplebear in a research report on Thursday, July 16th. They set an “outperform” rating and a $59.00 price target on the stock. Citigroup increased their price objective on Maplebear from $50.00 to $58.00 and gave the company a “buy” rating in a research note on Monday, August 10th. Benchmark lifted their target price on shares of Maplebear from $55.00 to $63.00 and gave the stock a “buy” rating in a research note on Friday, August 7th. 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. Finally, BNP Paribas Exane raised shares of Maplebear from an “underperform” rating to a “neutral” rating and set a $56.00 price target for the company in a research report on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and eight have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $55.90.

Maplebear 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.