Pier Capital LLC Takes $4.85 Million Position in Maplebear Inc. (NASDAQ:CART)

Pier Capital LLC purchased a new position in Maplebear Inc. (NASDAQ:CART) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 150,988 shares of the company’s stock, valued at approximately $4,853,000. Pier Capital LLC owned approximately 0.06% of Maplebear as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Maplebear in the 4th quarter worth approximately $78,674,000. SG Americas Securities LLC bought a new position in shares of Maplebear during the first quarter valued at $31,109,000. Lord Abbett & CO. LLC acquired a new stake in shares of Maplebear in the 1st quarter valued at $28,674,000. Delta Global Management LP bought a new stake in shares of Maplebear in the 1st quarter worth about $25,722,000. Finally, Bank of New York Mellon Corp grew its holdings in shares of Maplebear by 936.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 489,761 shares of the company’s stock worth $15,741,000 after purchasing an additional 442,517 shares during the last quarter. Institutional investors and hedge funds own 63.09% of the company’s stock.

Insider Transactions at Maplebear

In related news, General Counsel Morgan Fong sold 9,228 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $33.86, for a total value of $312,460.08. Following the completion of the transaction, the general counsel now directly owns 381,841 shares in the company, valued at approximately $12,929,136.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Fidji Simo sold 33,000 shares of the business’s stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $35.27, for a total value of $1,163,910.00. Following the sale, the chief executive officer now directly owns 1,844,778 shares of the company’s stock, valued at approximately $65,065,320.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Morgan Fong sold 9,228 shares of the stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $33.86, for a total value of $312,460.08. Following the transaction, the general counsel now owns 381,841 shares of the company’s stock, valued at approximately $12,929,136.26. The disclosure for this sale can be found here. Insiders have sold a total of 66,110 shares of company stock valued at $2,292,923 over the last 90 days. 36.00% of the stock is owned by company insiders.

Analyst Ratings Changes

CART has been the topic of a number of recent analyst reports. Wedbush boosted their price target on shares of Maplebear from $35.00 to $38.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Needham & Company LLC reissued a “hold” rating on shares of Maplebear in a report on Wednesday, August 7th. BMO Capital Markets raised their price target on Maplebear from $36.00 to $39.00 and gave the company a “market perform” rating in a report on Wednesday, August 7th. Citigroup boosted their price objective on Maplebear from $44.00 to $47.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Finally, Macquarie raised their target price on Maplebear from $44.00 to $45.00 and gave the company an “outperform” rating in a research note on Thursday, August 8th. Eleven research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $42.81.

Maplebear Stock Performance

Shares of NASDAQ CART opened at $35.23 on Wednesday. Maplebear Inc. has a 52-week low of $22.13 and a 52-week high of $42.95. The firm has a 50 day moving average price of $34.05 and a 200 day moving average price of $34.38.

Maplebear (NASDAQ:CART) last released its quarterly earnings data on Tuesday, August 6th. The company reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.13 by $0.07. The business had revenue of $823.00 million during the quarter, compared to analysts’ expectations of $806.35 million. Maplebear had a negative net margin of 52.21% and a negative return on equity of 49.98%. The company’s quarterly revenue was up 14.9% on a year-over-year basis. On average, sell-side analysts forecast that Maplebear Inc. will post 1.12 earnings per share for the current fiscal year.

About Maplebear

Maplebear Inc, doing business as Instacart, provides online grocery shopping services to households in North America. It sells and delivers grocery products. The company offers its services through a mobile application and website. It also provides software-as-a-service solutions to retailers. The company was incorporated in 2012 and is based in San Francisco, California.