Parallel Advisors LLC Cuts Position in Maplebear Inc. $CART

Parallel Advisors LLC trimmed its holdings in shares of Maplebear Inc. (NASDAQ:CART) by 69.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,392 shares of the company’s stock after selling 21,711 shares during the period. Parallel Advisors LLC’s holdings in Maplebear were worth $352,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Viking Global Investors LP acquired a new stake in shares of Maplebear in the second quarter worth $169,782,000. Marshall Wace LLP acquired a new position in shares of Maplebear during the 4th quarter valued at $126,206,000. Norges Bank acquired a new position in shares of Maplebear during the 4th quarter valued at $97,221,000. Dimensional Fund Advisors LP boosted its position in Maplebear by 114.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,792,673 shares of the company’s stock worth $170,594,000 after purchasing an additional 2,026,567 shares during the period. Finally, Jacobs Levy Equity Management Inc. boosted its position in Maplebear by 401.4% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 2,281,452 shares of the company’s stock worth $102,620,000 after purchasing an additional 1,826,402 shares during the period. 63.09% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on CART. Wells Fargo & Company increased their price target on Maplebear from $45.00 to $47.00 and gave the company an “equal weight” rating in a report on Thursday, May 7th. Needham & Company LLC restated a “buy” rating and set a $55.00 price objective on shares of Maplebear in a research note on Thursday, May 7th. Wall Street Zen raised Maplebear from a “hold” rating to a “buy” rating in a research report on Saturday, July 18th. Barclays increased their target price on Maplebear from $65.00 to $69.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Finally, Citizens Jmp reiterated a “market outperform” rating and set a $60.00 target price on shares of Maplebear in a report on Monday, June 15th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $51.48.

Insider Buying and Selling at Maplebear

In other news, Director Ravi Gupta sold 181,000 shares of the firm’s stock in a transaction dated 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 sale, the director directly owned 741,523 shares in the company, 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 Securities & Exchange Commission, which is available at this hyperlink. 24.00% of the stock is owned by corporate insiders.

Maplebear Stock Performance

Shares of CART stock opened at $42.21 on Monday. The firm has a fifty day simple moving average of $43.98 and a 200-day simple moving average of $40.61. The company has a market capitalization of $9.92 billion, a PE ratio of 23.58, a price-to-earnings-growth ratio of 0.58 and a beta of 0.75. Maplebear Inc. has a twelve month low of $32.73 and a twelve month high of $53.50.

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

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.