Allen Investment Management LLC Buys New Shares in Maplebear Inc. (NASDAQ:CART)

Allen Investment Management LLC bought a new position in Maplebear Inc. (NASDAQ:CART) during the second quarter, according to the company in its most recent filing with the SEC. The firm bought 85,563 shares of the company’s stock, valued at approximately $2,754,000.

Other hedge funds have also added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of Maplebear in the 4th quarter valued at about $78,674,000. Vanguard Group Inc. grew its holdings in shares of Maplebear by 239.1% in the first quarter. Vanguard Group Inc. now owns 213,496 shares of the company’s stock worth $7,961,000 after purchasing an additional 150,544 shares during the last quarter. Assenagon Asset Management S.A. purchased a new position in shares of Maplebear in the second quarter worth $8,293,000. Investment House LLC bought a new stake in Maplebear during the 2nd quarter valued at $750,000. Finally, GSA Capital Partners LLP purchased a new stake in Maplebear during the 1st quarter valued at $1,673,000. 63.09% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Maplebear news, CEO Fidji Simo sold 33,000 shares of the company’s stock in a transaction dated Wednesday, August 28th. The stock was 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 owns 1,844,778 shares in the company, valued at $65,065,320.06. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CEO Fidji Simo sold 33,000 shares of Maplebear stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $35.27, for a total transaction of $1,163,910.00. Following the sale, the chief executive officer now owns 1,844,778 shares in the company, valued at $65,065,320.06. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Alan Ramsay sold 2,550 shares of the company’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 $86,343.00. Following the sale, the chief accounting officer now directly owns 110,536 shares in the company, valued at $3,742,748.96. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 66,110 shares of company stock worth $2,292,923. Company insiders own 36.00% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on CART. Wedbush upped their price objective on shares of Maplebear from $35.00 to $38.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Morgan Stanley increased their price objective on Maplebear from $43.00 to $45.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 23rd. Gordon Haskett raised Maplebear from a “hold” rating to a “buy” rating and boosted their target price for the company from $37.00 to $45.00 in a research note on Wednesday, June 5th. Benchmark reaffirmed a “hold” rating on shares of Maplebear in a research note on Wednesday, August 7th. Finally, Piper Sandler boosted their price objective on shares of Maplebear from $47.00 to $50.00 and gave the company an “overweight” rating in a research report on Wednesday, August 7th. Eleven investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $42.81.

Maplebear Stock Performance

CART stock opened at $36.99 on Friday. Maplebear Inc. has a 1 year low of $22.13 and a 1 year high of $42.95. The stock’s fifty day moving average price is $34.17 and its 200-day moving average price is $34.44.

Maplebear (NASDAQ:CART) last announced its earnings results on Tuesday, August 6th. The company reported $0.20 earnings per share (EPS) 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 business had revenue of $823.00 million for the quarter, compared to analysts’ expectations of $806.35 million. Maplebear’s revenue was up 14.9% compared to the same quarter last year. On average, sell-side analysts expect that Maplebear Inc. will post 1.12 EPS for the current year.

Maplebear Profile

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.