SummitTX Capital L.P. Buys Shares of 12,828 Maplebear Inc. $CART

SummitTX Capital L.P. bought a new position in Maplebear Inc. (NASDAQ:CART) in the first quarter, Holdings Channel reports. The institutional investor bought 12,828 shares of the company’s stock, valued at approximately $481,000.

Several other institutional investors have also modified their holdings of CART. Renaissance Technologies LLC grew its holdings in shares of Maplebear by 10.0% in the first quarter. Renaissance Technologies LLC now owns 1,567,054 shares of the company’s stock valued at $58,702,000 after purchasing an additional 142,600 shares during the period. Compound Planning Inc. increased its position in Maplebear by 6.9% during the first quarter. Compound Planning Inc. now owns 20,679 shares of the company’s stock worth $775,000 after purchasing an additional 1,332 shares during the last quarter. Caxton Associates LLP raised its stake in Maplebear by 260.9% during the first quarter. Caxton Associates LLP now owns 53,418 shares of the company’s stock worth $2,001,000 after purchasing an additional 38,616 shares during the period. Sei Investments Co. raised its stake in Maplebear by 26.1% during the first quarter. Sei Investments Co. now owns 199,153 shares of the company’s stock worth $7,460,000 after purchasing an additional 41,270 shares during the period. Finally, Lido Advisors LLC boosted its holdings in Maplebear by 18.6% in the 1st quarter. Lido Advisors LLC now owns 27,345 shares of the company’s stock valued at $1,024,000 after purchasing an additional 4,293 shares during the last quarter. Hedge funds and other institutional investors own 63.09% of the company’s stock.

Maplebear Stock Down 0.3%

Shares of CART opened at $44.60 on Friday. Maplebear Inc. has a fifty-two week low of $32.73 and a fifty-two week high of $53.50. The firm’s 50 day moving average price is $44.38 and its 200 day moving average price is $40.69. The company has a market cap of $10.48 billion, a P/E ratio of 24.92, a PEG ratio of 0.61 and a beta of 0.75.

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

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Wedbush initiated coverage on shares of Maplebear in a research note on Thursday, July 16th. They issued an “outperform” rating and a $59.00 price target for the company. Guggenheim lifted their price target on shares of Maplebear from $40.00 to $44.00 and gave the company a “neutral” rating in a research report on Wednesday. Wells Fargo & Company upped their price objective on Maplebear from $45.00 to $47.00 and gave the company an “equal weight” rating in a report on Thursday, May 7th. Weiss Ratings upgraded Maplebear from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Finally, Citizens Jmp reissued a “market outperform” rating and set a $60.00 target price on shares of Maplebear in a research note on Monday, June 15th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, nine have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $51.67.

Insider Buying and Selling at Maplebear

In other news, Director Ravi Gupta sold 181,000 shares of the 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 sale, the director directly owned 741,523 shares in the company, valued at approximately $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 accessible through the SEC website. Corporate insiders own 24.00% of the company’s stock.

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.