Maplebear Inc. $CART Stock: Mawer Investment Management Ltd. Boosts Position

Mawer Investment Management Ltd. raised its position in shares of Maplebear Inc. (NASDAQ:CART) by 24.3% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 286,721 shares of the company’s stock after purchasing an additional 56,121 shares during the quarter. Mawer Investment Management Ltd. owned 0.12% of Maplebear worth $12,363,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. BlackRock Inc. purchased a new position in shares of Maplebear in the second quarter worth about $750,477,000. William Blair Investment Management LLC acquired a new stake in shares of Maplebear during the second quarter worth about $86,462,000. Deutsche Bank AG acquired a new stake in shares of Maplebear during the second quarter worth about $73,801,000. Goodnow Investment Group LLC purchased a new stake in Maplebear in the second quarter valued at approximately $69,898,000. Finally, Bank of America Corp DE purchased a new stake in Maplebear in the second quarter valued at approximately $57,392,000. 63.09% of the stock is owned by institutional investors and hedge funds.

Maplebear Price Performance

NASDAQ CART traded up $0.39 during trading hours on Friday, hitting $58.87. 2,552,054 shares of the company’s stock traded hands, compared to its average volume of 8,346,106. Maplebear Inc. has a 52-week low of $32.73 and a 52-week high of $62.00. The company has a market capitalization of $13.93 billion, a PE ratio of 30.66, a PEG ratio of 1.16 and a beta of 0.69. The firm’s 50-day moving average is $50.55 and its 200-day moving average is $44.25.

Maplebear (NASDAQ:CART) last released its quarterly earnings data on Thursday, October 29th. The company reported $0.60 EPS for the quarter, missing analysts’ consensus estimates of $0.63 by ($0.03). Maplebear had a net margin of 11.59% and a return on equity of 22.14%. The business had revenue of $1.09 billion during the quarter, compared to analyst estimates of $1.07 billion. During the same quarter in the previous year, the company posted $0.42 EPS. The firm’s revenue was up 16.6% on a year-over-year basis. Equities research analysts predict that Maplebear Inc. will post 2.28 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

CART has been the topic of several research reports. BNP Paribas Exane upgraded shares of Maplebear from an “underperform” rating to a “neutral” rating and set a $56.00 price target on the stock in a report on Friday, August 7th. Guggenheim raised their price target on shares of Maplebear from $44.00 to $46.00 and gave the stock a “neutral” rating in a research report on Friday, August 7th. Sanford C. Bernstein cut shares of Maplebear from an “outperform” rating to a “hold” rating and lifted their price objective for the company from $60.00 to $65.00 in a research note on Friday, October 30th. Citizens Jmp cut shares of Maplebear from a “market outperform” rating to a “hold” rating in a research note on Friday, October 30th. Finally, Rosenblatt Securities began coverage on shares of Maplebear in a report on Tuesday, September 1st. They issued a “neutral” rating and a $55.00 price objective on the stock. Seven analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $59.12.

Insiders Place Their Bets

In related news, insider Morgan Fong sold 18,390 shares of Maplebear stock in a transaction that occurred on Thursday, October 22nd. The stock was sold at an average price of $51.00, for a total transaction of $937,890.00. Following the transaction, the insider owned 529,911 shares in the company, valued at approximately $27,025,461. This trade represents a 3.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Emily Reuter sold 50,000 shares of Maplebear stock in a transaction that occurred on Friday, October 23rd. The stock was sold at an average price of $55.00, for a total value of $2,750,000.00. Following the transaction, the chief financial officer owned 599,337 shares in the company, valued at approximately $32,963,535. The trade was a 7.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 309,928 shares of company stock valued at $16,121,073. Insiders own 24.00% of the company’s stock.

About Maplebear

Maplebear Inc., which operates as Instacart, provides an online grocery and retail marketplace in the United States and Canada. Its platform connects customers with local grocery stores and other retailers, enabling them to order products for delivery or pickup. In addition to its consumer app and website, Instacart offers retailers technology and services for online ordering, fulfillment and digital advertising. The company was founded in 2012 and is led by CEO Fidji Simo.