Simcoe Capital Management LLC Cuts Stock Position in Maplebear Inc. (NASDAQ:CART)

Simcoe Capital Management LLC cut its holdings in Maplebear Inc. (NASDAQ:CART) by 18.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 998,475 shares of the company’s stock after selling 227,215 shares during the quarter. Maplebear comprises approximately 6.1% of Simcoe Capital Management LLC’s holdings, making the stock its 8th largest position. Simcoe Capital Management LLC’s holdings in Maplebear were worth $41,357,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the business. Jones Financial Companies Lllp raised its holdings in shares of Maplebear by 46.6% during the 4th quarter. Jones Financial Companies Lllp now owns 698 shares of the company’s stock valued at $29,000 after purchasing an additional 222 shares in the last quarter. Allworth Financial LP increased its position in Maplebear by 101.4% during the fourth quarter. Allworth Financial LP now owns 834 shares of the company’s stock worth $37,000 after buying an additional 420 shares during the last quarter. NewEdge Advisors LLC raised its holdings in Maplebear by 277.9% during the fourth quarter. NewEdge Advisors LLC now owns 975 shares of the company’s stock valued at $40,000 after buying an additional 717 shares in the last quarter. Anderson Financial Strategies LLC acquired a new stake in shares of Maplebear in the fourth quarter worth about $46,000. Finally, Cullen Frost Bankers Inc. bought a new stake in shares of Maplebear during the 4th quarter worth about $62,000. 63.09% of the stock is owned by institutional investors.

Maplebear Stock Down 2.4%

CART stock opened at $44.12 on Friday. Maplebear Inc. has a twelve month low of $29.84 and a twelve month high of $53.44. The company has a market cap of $11.58 billion, a PE ratio of 29.61, a price-to-earnings-growth ratio of 1.19 and a beta of 1.19. The business’s 50-day simple moving average is $41.01 and its 200 day simple moving average is $43.53.

Maplebear (NASDAQ:CART) last announced its quarterly earnings data on Thursday, May 1st. The company reported $0.37 earnings per share for the quarter, missing the consensus estimate of $0.38 by ($0.01). The firm had revenue of $897.00 million for the quarter, compared to analyst estimates of $896.86 million. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. Maplebear’s revenue for the quarter was up 9.4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.43 EPS. On average, equities research analysts anticipate that Maplebear Inc. will post 1.43 EPS for the current year.

Wall Street Analysts Forecast Growth

CART has been the topic of a number of analyst reports. Bank of America increased their price objective on Maplebear from $51.00 to $53.00 and gave the company a “neutral” rating in a report on Tuesday, February 25th. Barclays increased their price target on Maplebear from $58.00 to $61.00 and gave the company an “overweight” rating in a report on Friday, May 2nd. Seaport Res Ptn upgraded shares of Maplebear to a “strong-buy” rating in a research note on Wednesday, February 12th. Mizuho decreased their price objective on shares of Maplebear from $55.00 to $52.00 and set an “outperform” rating for the company in a report on Wednesday, February 26th. Finally, Macquarie reiterated an “outperform” rating and issued a $55.00 target price on shares of Maplebear in a research note on Tuesday, May 6th. Twelve research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Maplebear currently has a consensus rating of “Moderate Buy” and an average price target of $51.04.

Insider Buying and Selling

In related news, CEO Fidji Simo sold 2,033 shares of the stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $40.00, for a total value of $81,320.00. Following the completion of the transaction, the chief executive officer now owns 1,654,559 shares of the company’s stock, valued at $66,182,360. This represents a 0.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, General Counsel Morgan Fong sold 5,249 shares of the firm’s stock in a transaction dated Monday, April 21st. The stock was sold at an average price of $42.57, for a total transaction of $223,449.93. Following the transaction, the general counsel now owns 484,292 shares of the company’s stock, valued at approximately $20,616,310.44. This represents a 1.07% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 36,165 shares of company stock valued at $1,541,785 over the last ninety days. 26.00% of the stock is owned by company insiders.

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.