Pier Capital LLC Buys 616 Shares of Maplebear Inc. (NASDAQ:CART)

Pier Capital LLC grew its stake in Maplebear Inc. (NASDAQ:CART) by 0.4% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 151,604 shares of the company’s stock after purchasing an additional 616 shares during the period. Pier Capital LLC owned about 0.06% of Maplebear worth $6,176,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in CART. Huntington National Bank acquired a new stake in Maplebear in the third quarter valued at approximately $54,000. nVerses Capital LLC boosted its holdings in shares of Maplebear by 1,600.0% during the 2nd quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock valued at $55,000 after acquiring an additional 1,600 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Maplebear during the 3rd quarter valued at $74,000. Quarry LP grew its position in Maplebear by 269.5% during the 2nd quarter. Quarry LP now owns 3,928 shares of the company’s stock worth $126,000 after acquiring an additional 2,865 shares during the last quarter. Finally, Vinva Investment Management Ltd acquired a new position in Maplebear in the 3rd quarter worth about $212,000. 63.09% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on CART. Jefferies Financial Group initiated coverage on Maplebear in a research note on Wednesday, October 16th. They set a “hold” rating and a $43.00 price target on the stock. Stifel Nicolaus boosted their target price on shares of Maplebear from $52.00 to $55.00 and gave the stock a “buy” rating in a report on Monday, October 28th. Deutsche Bank Aktiengesellschaft started coverage on shares of Maplebear in a research report on Tuesday, December 3rd. They issued a “hold” rating and a $37.00 price target for the company. Raymond James started coverage on shares of Maplebear in a report on Tuesday, September 24th. They set a “market perform” rating on the stock. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Maplebear in a research report on Wednesday, November 13th. Thirteen research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $46.82.

Maplebear Price Performance

Shares of CART opened at $44.19 on Friday. Maplebear Inc. has a one year low of $22.13 and a one year high of $50.01. The company has a market cap of $11.35 billion, a PE ratio of 29.66, a P/E/G ratio of 1.18 and a beta of 0.94. The stock has a 50-day moving average of $43.61 and a 200-day moving average of $37.50.

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

Insider Activity at Maplebear

In other Maplebear news, CAO Alan Ramsay sold 2,486 shares of the firm’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $41.39, for a total value of $102,895.54. Following the completion of the transaction, the chief accounting officer now directly owns 99,225 shares of the company’s stock, valued at $4,106,922.75. This trade represents a 2.44 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Morgan Fong sold 8,345 shares of the company’s 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 transaction, the general counsel now directly owns 330,886 shares in the company, valued at approximately $13,235,440. The trade was a 2.46 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 110,954 shares of company stock valued at $4,890,405. Corporate insiders own 36.00% of the company’s stock.

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.