Maplebear Inc. $CART Shares Bought by Kingdon Capital Management L.L.C.

Kingdon Capital Management L.L.C. grew its holdings in shares of Maplebear Inc. (NASDAQ:CART) by 40.6% during the third quarter, HoldingsChannel reports. The firm owned 450,000 shares of the company’s stock after purchasing an additional 130,000 shares during the quarter. Maplebear accounts for approximately 2.1% of Kingdon Capital Management L.L.C.’s investment portfolio, making the stock its 13th largest holding. Kingdon Capital Management L.L.C.’s holdings in Maplebear were worth $16,542,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Holocene Advisors LP bought a new stake in shares of Maplebear in the third quarter worth $90,167,000. Brevan Howard Capital Management LP raised its position in Maplebear by 397.9% during the third quarter. Brevan Howard Capital Management LP now owns 55,941 shares of the company’s stock valued at $2,056,000 after buying an additional 44,705 shares during the period. Capital Impact Advisors LLC increased its holdings in shares of Maplebear by 26.2% in the 3rd quarter. Capital Impact Advisors LLC now owns 193,886 shares of the company’s stock valued at $7,127,000 after purchasing an additional 40,225 shares during the period. Bank of America Corp DE increased its holdings in Maplebear by 75.9% in the third quarter. Bank of America Corp DE now owns 3,036,736 shares of the company’s stock worth $111,630,000 after buying an additional 1,310,392 shares during the last quarter. Finally, Boothbay Fund Management LLC acquired a new position in Maplebear during the 3rd quarter worth $1,418,000. 63.09% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have weighed in on CART shares. Needham & Company LLC upped their price objective on shares of Maplebear from $50.00 to $55.00 and gave the stock a “buy” rating in a research note on Friday, February 13th. Fox Advisors downgraded shares of Maplebear from a “strong-buy” rating to a “hold” rating in a research report on Thursday, December 18th. Wells Fargo & Company lowered their target price on Maplebear from $47.00 to $43.00 and set an “equal weight” rating on the stock in a research report on Friday, February 13th. Argus raised shares of Maplebear to a “strong-buy” rating in a research report on Thursday, March 5th. Finally, Stifel Nicolaus reduced their target price on Maplebear from $49.00 to $46.00 and set a “buy” rating for the company in a research note on Tuesday, January 27th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, eleven have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $51.04.

Maplebear Stock Up 1.4%

NASDAQ:CART opened at $38.23 on Monday. The company has a fifty day moving average of $38.00 and a 200-day moving average of $40.45. The firm has a market capitalization of $9.20 billion, a P/E ratio of 24.04, a P/E/G ratio of 0.58 and a beta of 0.98. Maplebear Inc. has a twelve month low of $32.73 and a twelve month high of $53.50.

Insider Activity at Maplebear

In other news, General Counsel Morgan Fong sold 126,083 shares of the stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $37.09, for a total transaction of $4,676,418.47. Following the completion of the transaction, the general counsel owned 386,643 shares in the company, valued at approximately $14,340,588.87. This represents a 24.59% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 26.00% of the company’s stock.

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.