Huntington National Bank Acquires 1,396 Shares of Maplebear Inc. $CART

Huntington National Bank raised its holdings in shares of Maplebear Inc. (NASDAQ:CART) by 2,288.5% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 1,457 shares of the company’s stock after acquiring an additional 1,396 shares during the period. Huntington National Bank’s holdings in Maplebear were worth $66,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Brooklyn Investment Group bought a new stake in shares of Maplebear during the 1st quarter valued at about $40,000. CWM LLC raised its stake in Maplebear by 35.1% in the first quarter. CWM LLC now owns 1,058 shares of the company’s stock valued at $42,000 after purchasing an additional 275 shares in the last quarter. Fifth Third Bancorp lifted its position in Maplebear by 123.7% during the second quarter. Fifth Third Bancorp now owns 1,190 shares of the company’s stock valued at $54,000 after purchasing an additional 658 shares during the last quarter. Signaturefd LLC grew its stake in Maplebear by 27.1% in the 1st quarter. Signaturefd LLC now owns 1,335 shares of the company’s stock worth $53,000 after buying an additional 285 shares in the last quarter. Finally, SRH Advisors LLC bought a new position in shares of Maplebear in the 2nd quarter worth $61,000. Hedge funds and other institutional investors own 63.09% of the company’s stock.

Insider Transactions at Maplebear

In related news, Director Fidji Simo sold 7,140 shares of the company’s stock in a transaction on Monday, September 15th. The shares were sold at an average price of $47.30, for a total transaction of $337,722.00. Following the completion of the sale, the director directly owned 573,807 shares in the company, valued at $27,141,071.10. This represents a 1.23% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Chris Rogers sold 9,259 shares of the stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $42.37, for a total transaction of $392,303.83. Following the sale, the chief executive officer directly owned 739,880 shares of the company’s stock, valued at $31,348,715.60. The trade was a 1.24% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 27,556 shares of company stock worth $1,179,482. Insiders own 26.00% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently issued reports on CART. Benchmark raised shares of Maplebear from a “hold” rating to a “buy” rating and set a $67.00 price objective for the company in a report on Friday, August 8th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Maplebear in a research note on Tuesday, October 14th. Morgan Stanley upped their price objective on Maplebear from $45.00 to $48.00 and gave the stock an “equal weight” rating in a report on Friday, August 15th. Jefferies Financial Group decreased their price objective on Maplebear from $55.00 to $43.00 and set a “hold” rating on the stock in a report on Friday, October 17th. Finally, Wedbush restated an “underperform” rating and issued a $42.00 target price (down previously from $55.00) on shares of Maplebear in a research report on Thursday, August 21st. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Maplebear presently has a consensus rating of “Moderate Buy” and a consensus target price of $52.12.

Maplebear Trading Up 5.1%

NASDAQ CART opened at $36.75 on Friday. Maplebear Inc. has a 1-year low of $34.78 and a 1-year high of $53.50. The stock has a 50-day moving average of $40.62 and a 200-day moving average of $43.97. The firm has a market cap of $9.68 billion, a PE ratio of 21.24, a price-to-earnings-growth ratio of 1.13 and a beta of 1.10.

Maplebear (NASDAQ:CART) last posted its quarterly earnings results on Thursday, August 7th. The company reported $0.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.02. Maplebear had a return on equity of 15.69% and a net margin of 13.76%.The business had revenue of $914.00 million for the quarter, compared to analyst estimates of $896.55 million. During the same period last year, the company earned $0.20 EPS. Maplebear’s revenue for the quarter was up 11.1% compared to the same quarter last year. As a group, equities research analysts forecast that Maplebear Inc. will post 1.43 earnings per share for the current fiscal year.

Maplebear Profile

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.