PDT Partners LLC Sells 57,778 Shares of Maplebear Inc. (NASDAQ:CART)

PDT Partners LLC cut its stake in Maplebear Inc. (NASDAQ:CART) by 81.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 13,280 shares of the company’s stock after selling 57,778 shares during the period. PDT Partners LLC’s holdings in Maplebear were worth $541,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of CART. Pacer Advisors Inc. acquired a new stake in Maplebear during the third quarter worth about $158,701,000. Sculptor Capital LP acquired a new stake in shares of Maplebear during the 2nd quarter worth approximately $77,361,000. Charles Schwab Investment Management Inc. increased its position in shares of Maplebear by 5,191.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,489,655 shares of the company’s stock valued at $60,689,000 after purchasing an additional 1,461,501 shares during the period. Federated Hermes Inc. raised its stake in shares of Maplebear by 102.2% in the second quarter. Federated Hermes Inc. now owns 1,734,264 shares of the company’s stock valued at $55,739,000 after purchasing an additional 876,439 shares in the last quarter. Finally, Renaissance Technologies LLC bought a new position in Maplebear in the second quarter worth $22,816,000. 63.09% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, General Counsel Morgan Fong sold 8,345 shares of Maplebear stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $40.00, for a total transaction of $333,800.00. Following the completion of the sale, the general counsel now directly owns 330,886 shares of the company’s stock, valued at $13,235,440. The trade was a 2.46 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Alan Ramsay sold 2,559 shares of the company’s stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $42.97, for a total value of $109,960.23. Following the completion of the sale, the chief accounting officer now owns 96,666 shares of the company’s stock, valued at $4,153,738.02. This represents a 2.58 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 110,954 shares of company stock valued at $4,890,405. 36.00% of the stock is currently owned by insiders.

Maplebear Stock Performance

NASDAQ:CART opened at $43.51 on Tuesday. The company has a market cap of $11.18 billion, a price-to-earnings ratio of 29.20, a P/E/G ratio of 1.13 and a beta of 1.12. The stock’s fifty day moving average price is $43.20 and its two-hundred day moving average price is $37.14. Maplebear Inc. has a 52-week low of $22.13 and a 52-week high of $50.01.

Maplebear (NASDAQ:CART) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.20. The business had revenue of $852.00 million for the quarter, compared to analyst estimates of $844.03 million. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. The firm’s revenue for the quarter was up 11.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($20.86) earnings per share. On average, equities analysts predict that Maplebear Inc. will post 1.4 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have issued reports on CART. Stifel Nicolaus boosted their price target on shares of Maplebear from $52.00 to $55.00 and gave the company a “buy” rating in a report on Monday, October 28th. Wedbush increased their price target on shares of Maplebear from $35.00 to $38.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Benchmark restated a “hold” rating on shares of Maplebear in a research note on Wednesday, August 7th. JMP Securities upped their price objective on Maplebear from $42.00 to $51.00 and gave the company a “market outperform” rating in a research note on Wednesday, November 13th. Finally, Bank of America raised their target price on Maplebear from $50.00 to $51.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 13th. Twelve equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, Maplebear currently has an average rating of “Moderate Buy” and an average target price of $47.29.

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.