Exchange Traded Concepts LLC Trims Stake in Maplebear Inc. (NASDAQ:CART)

Exchange Traded Concepts LLC reduced its position in Maplebear Inc. (NASDAQ:CART) by 13.3% in the 4th quarter, Holdings Channel reports. The firm owned 56,308 shares of the company’s stock after selling 8,635 shares during the period. Exchange Traded Concepts LLC’s holdings in Maplebear were worth $2,332,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Pacer Advisors Inc. purchased a new stake in shares of Maplebear in the 3rd quarter valued at about $158,701,000. Geode Capital Management LLC lifted its holdings in shares of Maplebear by 151.7% in the 3rd quarter. Geode Capital Management LLC now owns 2,732,738 shares of the company’s stock valued at $111,361,000 after purchasing an additional 1,647,081 shares during the last quarter. Maverick Capital Ltd. lifted its holdings in shares of Maplebear by 19.7% in the 3rd quarter. Maverick Capital Ltd. now owns 2,684,425 shares of the company’s stock valued at $109,363,000 after purchasing an additional 441,156 shares during the last quarter. State Street Corp lifted its holdings in shares of Maplebear by 48.3% in the 3rd quarter. State Street Corp now owns 2,552,617 shares of the company’s stock valued at $103,994,000 after purchasing an additional 831,795 shares during the last quarter. Finally, Southpoint Capital Advisors LP lifted its holdings in shares of Maplebear by 56.3% in the 3rd quarter. Southpoint Capital Advisors LP now owns 2,500,000 shares of the company’s stock valued at $101,850,000 after purchasing an additional 900,000 shares during the last quarter. 63.09% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Maplebear

In other news, General Counsel Morgan Fong sold 29,253 shares of the company’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $48.03, for a total transaction of $1,405,021.59. Following the completion of the sale, the general counsel now directly owns 258,406 shares in the company, valued at $12,411,240.18. This represents a 10.17 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CAO Alan Ramsay sold 2,314 shares of the company’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $46.28, for a total value of $107,091.92. Following the sale, the chief accounting officer now owns 85,421 shares of the company’s stock, valued at approximately $3,953,283.88. The trade was a 2.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 100,558 shares of company stock worth $4,490,901 in the last ninety days. Insiders own 36.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on CART shares. Wells Fargo & Company started coverage on Maplebear in a research report on Friday, January 10th. They issued an “equal weight” rating and a $47.00 price target on the stock. Macquarie boosted their price target on Maplebear from $50.00 to $52.00 and gave the company an “outperform” rating in a research report on Thursday, November 14th. Stifel Nicolaus boosted their price target on Maplebear from $52.00 to $55.00 and gave the company a “buy” rating in a research report on Monday, October 28th. Deutsche Bank Aktiengesellschaft started coverage on Maplebear in a research report on Tuesday, December 3rd. They issued a “hold” rating and a $37.00 price target on the stock. Finally, JPMorgan Chase & Co. boosted their price target on Maplebear from $47.00 to $52.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Thirteen analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $48.96.

Maplebear Stock Performance

CART stock opened at $45.99 on Monday. Maplebear Inc. has a 1 year low of $23.59 and a 1 year high of $50.01. The stock’s 50 day moving average price is $43.58 and its 200 day moving average price is $40.21. The firm has a market cap of $11.81 billion, a P/E ratio of 30.87, a PEG ratio of 1.01 and a beta of 1.04.

Maplebear (NASDAQ:CART) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $0.42 earnings per share for the quarter, topping 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 company had revenue of $852.00 million for the quarter, compared to analyst estimates of $844.03 million. During the same quarter in the prior year, the company posted ($20.86) EPS. The business’s revenue for the quarter was up 11.5% compared to the same quarter last year. On average, research analysts predict that Maplebear Inc. will post 1.42 earnings per share for the current year.

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.