Kornitzer Capital Management Inc. KS Invests $8.35 Million in Maplebear Inc. (NASDAQ:CART)

Kornitzer Capital Management Inc. KS acquired a new stake in Maplebear Inc. (NASDAQ:CART) during the 3rd quarter, according to its most recent disclosure with the SEC. The fund acquired 205,000 shares of the company’s stock, valued at approximately $8,352,000. Kornitzer Capital Management Inc. KS owned approximately 0.08% of Maplebear at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. nVerses Capital LLC grew its holdings in shares of Maplebear by 1,600.0% during the second quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock worth $55,000 after buying an additional 1,600 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Maplebear during the 3rd quarter worth approximately $74,000. Quarry LP raised its holdings in shares of Maplebear by 269.5% in the second quarter. Quarry LP now owns 3,928 shares of the company’s stock valued at $126,000 after purchasing an additional 2,865 shares during the last quarter. Oppenheimer & Co. Inc. bought a new stake in shares of Maplebear in the first quarter worth $213,000. Finally, Watts Gwilliam & Co. LLC acquired a new position in Maplebear during the third quarter worth $231,000. 63.09% of the stock is owned by institutional investors and hedge funds.

Maplebear Stock Up 1.9 %

CART stock opened at $48.66 on Friday. The company’s 50-day moving average price is $40.65 and its two-hundred day moving average price is $36.07. The firm has a market cap of $12.69 billion, a P/E ratio of -2.49, a P/E/G ratio of 1.39 and a beta of 1.12. Maplebear Inc. has a 12 month low of $22.13 and a 12 month high of $50.01.

Maplebear (NASDAQ:CART) last released its earnings results on Tuesday, August 6th. The company reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.07. Maplebear had a negative return on equity of 49.98% and a negative net margin of 52.21%. The firm had revenue of $823.00 million during the quarter, compared to analysts’ expectations of $806.35 million. Maplebear’s revenue was up 14.9% compared to the same quarter last year. Equities analysts predict that Maplebear Inc. will post 1.17 EPS for the current year.

Insider Activity at Maplebear

In other Maplebear news, CEO Fidji Simo sold 33,000 shares of the business’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $35.27, for a total transaction of $1,163,910.00. Following the completion of the transaction, the chief executive officer now owns 1,844,778 shares of the company’s stock, valued at approximately $65,065,320.06. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Maplebear news, CAO Alan Ramsay sold 2,486 shares of Maplebear stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $41.39, for a total transaction of $102,895.54. Following the transaction, the chief accounting officer now directly owns 99,225 shares of the company’s stock, valued at approximately $4,106,922.75. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Fidji Simo sold 33,000 shares of the stock in a transaction dated 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 completion of 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 trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 89,457 shares of company stock valued at $3,573,142 over the last ninety days. 36.00% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Morgan Stanley reduced their price objective on shares of Maplebear from $45.00 to $41.00 and set an “equal weight” rating for the company in a research note on Tuesday, September 24th. KeyCorp initiated coverage on Maplebear in a research report on Thursday, July 11th. They set a “sector weight” rating on the stock. Needham & Company LLC reissued a “hold” rating on shares of Maplebear in a report on Wednesday, August 7th. Wolfe Research started coverage on shares of Maplebear in a research note on Tuesday, July 16th. They issued a “peer perform” rating for the company. Finally, Bank of America increased their price target on shares of Maplebear from $41.00 to $45.00 and gave the company a “neutral” rating in a research note on Tuesday, September 24th. Twelve investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $43.90.

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.