Shellback Capital LP Increases Stake in Maplebear Inc. (NASDAQ:CART)

Shellback Capital LP lifted its stake in shares of Maplebear Inc. (NASDAQ:CART) by 25.0% during the 4th quarter, HoldingsChannel reports. The fund owned 250,000 shares of the company’s stock after acquiring an additional 50,000 shares during the period. Shellback Capital LP’s holdings in Maplebear were worth $10,355,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of CART. Vanguard Group Inc. raised its position in shares of Maplebear by 16.8% in the 4th quarter. Vanguard Group Inc. now owns 15,968,358 shares of the company’s stock worth $661,409,000 after buying an additional 2,300,288 shares during the period. T. Rowe Price Investment Management Inc. raised its holdings in shares of Maplebear by 15.5% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 4,744,652 shares of the company’s stock worth $196,524,000 after purchasing an additional 635,930 shares during the period. Victory Capital Management Inc. raised its holdings in shares of Maplebear by 11,501.2% in the 4th quarter. Victory Capital Management Inc. now owns 4,526,673 shares of the company’s stock worth $187,495,000 after purchasing an additional 4,487,654 shares during the period. Jacobs Levy Equity Management Inc. raised its holdings in Maplebear by 85.0% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 3,081,847 shares of the company’s stock valued at $127,650,000 after buying an additional 1,416,426 shares during the period. Finally, Boston Partners purchased a new position in Maplebear in the fourth quarter valued at approximately $111,506,000. 63.09% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CART has been the topic of several recent research reports. Citigroup lifted their target price on shares of Maplebear from $55.00 to $57.00 and gave the company a “buy” rating in a report on Tuesday. Loop Capital cut their price objective on Maplebear from $56.00 to $52.00 and set a “buy” rating on the stock in a research report on Thursday, March 6th. Stifel Nicolaus cut their price objective on Maplebear from $57.00 to $54.00 and set a “buy” rating on the stock in a research report on Wednesday, April 23rd. Oppenheimer reduced their price target on Maplebear from $65.00 to $60.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 26th. Finally, BMO Capital Markets boosted their price target on Maplebear from $48.00 to $49.00 and gave the stock a “market perform” rating in a research report on Wednesday, February 26th. Twelve equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Maplebear currently has an average rating of “Moderate Buy” and an average price target of $51.04.

Insider Buying and Selling at Maplebear

In related news, General Counsel Morgan Fong sold 5,249 shares of the firm’s stock in a transaction on Monday, April 21st. The stock was sold at an average price of $42.57, for a total value of $223,449.93. Following the completion of the transaction, the general counsel now directly owns 484,292 shares of the company’s stock, valued at $20,616,310.44. This trade represents a 1.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Fidji Simo sold 2,033 shares of the firm’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $40.00, for a total value of $81,320.00. Following the completion of the transaction, the chief executive officer now directly owns 1,654,559 shares of the company’s stock, valued at approximately $66,182,360. This trade represents a 0.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 36,165 shares of company stock valued at $1,541,785 in the last ninety days. Company insiders own 26.00% of the company’s stock.

Maplebear Stock Down 2.4%

Shares of NASDAQ:CART opened at $44.12 on Friday. The business has a 50 day moving average price of $41.01 and a 200 day moving average price of $43.53. Maplebear Inc. has a twelve month low of $29.84 and a twelve month high of $53.44. The company has a market cap of $11.58 billion, a price-to-earnings ratio of 29.61, a PEG ratio of 1.19 and a beta of 1.19.

Maplebear (NASDAQ:CART) last posted its quarterly earnings data on Thursday, May 1st. The company reported $0.37 earnings per share for the quarter, missing the consensus estimate of $0.38 by ($0.01). Maplebear had a net margin of 13.37% and a return on equity of 13.78%. The business had revenue of $897.00 million during the quarter, compared to the consensus estimate of $896.86 million. During the same period in the prior year, the company posted $0.43 earnings per share. The firm’s revenue was up 9.4% compared to the same quarter last year. Analysts anticipate that Maplebear Inc. will post 1.43 EPS for the current year.

About Maplebear

Maplebear Inc, doing business as Instacart, engages in the provision of online grocery shopping services to households in North America. It sells and delivers grocery products, as well as pickup services through a mobile application and website. It also operates virtual convenience stores; and provides software-as-a-service solutions to retailers.