Wolf Hill Capital Management LP Makes New $31.09 Billion Investment in Maplebear Inc. $CART

Wolf Hill Capital Management LP purchased a new stake in shares of Maplebear Inc. (NASDAQ:CART) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 656,630 shares of the company’s stock, valued at approximately $31,091,431,000. Maplebear accounts for approximately 2.6% of Wolf Hill Capital Management LP’s investment portfolio, making the stock its 13th largest holding. Wolf Hill Capital Management LP owned approximately 0.28% of Maplebear at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of CART. BlackRock Inc. acquired a new stake in Maplebear in the second quarter worth about $750,477,000. Viking Global Investors LP acquired a new stake in shares of Maplebear in the 2nd quarter worth approximately $169,782,000. Marshall Wace LLP acquired a new stake in shares of Maplebear in the 4th quarter worth approximately $126,206,000. Norges Bank bought a new position in shares of Maplebear in the fourth quarter valued at approximately $97,221,000. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Maplebear by 114.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,792,673 shares of the company’s stock valued at $170,594,000 after acquiring an additional 2,026,567 shares in the last quarter. 63.09% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have issued reports on CART. Oppenheimer increased their price target on Maplebear from $60.00 to $65.00 and gave the company an “outperform” rating in a research note on Friday, August 7th. Weiss Ratings restated a “hold (c)” rating on shares of Maplebear in a research report on Friday, August 7th. Wall Street Zen cut shares of Maplebear from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Citizens Jmp reiterated a “market outperform” rating and issued a $60.00 target price on shares of Maplebear in a report on Monday, June 15th. Finally, BNP Paribas Exane raised shares of Maplebear from an “underperform” rating to a “neutral” rating and set a $56.00 target price for the company in a research note on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and eight have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $55.90.

Insider Activity

In related news, Director Ravi Gupta sold 150,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $50.61, for a total value of $7,591,500.00. Following the completion of the sale, the director owned 591,523 shares in the company, valued at approximately $29,936,979.03. This represents a 20.23% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 24.00% of the stock is owned by corporate insiders.

Maplebear Trading Up 3.9%

Shares of CART opened at $51.78 on Tuesday. The business’s 50-day moving average price is $46.81 and its 200 day moving average price is $41.80. The stock has a market capitalization of $11.99 billion, a P/E ratio of 28.30, a P/E/G ratio of 0.73 and a beta of 0.78. Maplebear Inc. has a 1-year low of $32.73 and a 1-year high of $51.91.

Maplebear (NASDAQ:CART) last posted its quarterly earnings data on Thursday, August 6th. The company reported $0.45 EPS for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.09). Maplebear had a net margin of 11.97% and a return on equity of 20.19%. The firm had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.03 billion. During the same period in the prior year, the company posted $0.41 earnings per share. Maplebear’s quarterly revenue was up 14.1% compared to the same quarter last year. On average, research analysts predict that Maplebear Inc. will post 2.33 earnings per share for the current year.

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.