Quinn Opportunity Partners LLC Reduces Stock Position in Maplebear Inc. $CART

Quinn Opportunity Partners LLC trimmed its position in Maplebear Inc. (NASDAQ:CART) by 2.1% during the second quarter, Holdings Channel.com reports. The firm owned 225,660 shares of the company’s stock after selling 4,739 shares during the period. Maplebear accounts for about 0.9% of Quinn Opportunity Partners LLC’s holdings, making the stock its 28th largest holding. Quinn Opportunity Partners LLC’s holdings in Maplebear were worth $10,209,000 at the end of the most recent reporting period.

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

Maplebear Stock Performance

Maplebear stock opened at $39.20 on Wednesday. The firm has a market capitalization of $10.33 billion, a PE ratio of 21.54, a price-to-earnings-growth ratio of 1.15 and a beta of 1.10. Maplebear Inc. has a one year low of $34.78 and a one year high of $53.50. The stock’s 50 day moving average price is $40.41 and its 200 day moving average price is $43.94.

Maplebear (NASDAQ:CART) last posted its quarterly earnings data on Monday, November 10th. The company reported $0.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.50 by $0.01. Maplebear had a net margin of 14.09% and a return on equity of 15.72%. The company had revenue of $939.00 million for the quarter, compared to analyst estimates of $933.76 million. During the same quarter last year, the firm posted $0.42 earnings per share. The business’s quarterly revenue was up 10.2% on a year-over-year basis. On average, analysts forecast that Maplebear Inc. will post 1.43 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Maplebear news, CEO Chris Rogers sold 9,259 shares of the company’s stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of $42.37, for a total value of $392,303.83. Following the completion of the transaction, the chief executive officer directly owned 739,880 shares of the company’s stock, valued at $31,348,715.60. This represents a 1.24% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Fidji Simo sold 7,140 shares of the firm’s stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $47.30, for a total value of $337,722.00. Following the sale, the director owned 573,807 shares of the company’s stock, valued at $27,141,071.10. This represents a 1.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 27,556 shares of company stock worth $1,179,482 in the last quarter. 26.00% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on CART. Morgan Stanley lifted their price objective on Maplebear from $45.00 to $48.00 and gave the company an “equal weight” rating in a research report on Friday, August 15th. Needham & Company LLC lowered their price target on Maplebear from $66.00 to $50.00 and set a “buy” rating for the company in a report on Tuesday. Sanford C. Bernstein increased their price objective on shares of Maplebear from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Monday, July 21st. Stifel Nicolaus decreased their target price on shares of Maplebear from $56.00 to $49.00 and set a “buy” rating on the stock in a research report on Friday, October 24th. Finally, Robert W. Baird dropped their price target on shares of Maplebear from $60.00 to $50.00 and set an “outperform” rating for the company in a research report on Wednesday, October 1st. Two research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $51.40.

Maplebear Company 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.