Nordea Investment Management AB Acquires 67,374 Shares of Maplebear Inc. $CART

Nordea Investment Management AB boosted its holdings in Maplebear Inc. (NASDAQ:CART) by 128.4% during the third quarter, Holdings Channel.com reports. The firm owned 119,828 shares of the company’s stock after acquiring an additional 67,374 shares during the quarter. Nordea Investment Management AB’s holdings in Maplebear were worth $4,254,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Elevation Point Wealth Partners LLC bought a new stake in shares of Maplebear in the 2nd quarter worth approximately $53,000. Fifth Third Bancorp raised its stake in Maplebear by 123.7% during the second quarter. Fifth Third Bancorp now owns 1,190 shares of the company’s stock valued at $54,000 after buying an additional 658 shares during the last quarter. CWM LLC raised its stake in Maplebear by 42.2% during the third quarter. CWM LLC now owns 1,634 shares of the company’s stock valued at $60,000 after buying an additional 485 shares during the last quarter. SRH Advisors LLC bought a new stake in Maplebear in the second quarter worth $61,000. Finally, Huntington National Bank grew its stake in shares of Maplebear by 2,288.5% in the second quarter. Huntington National Bank now owns 1,457 shares of the company’s stock worth $66,000 after acquiring an additional 1,396 shares during the last quarter. 63.09% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, General Counsel Morgan Fong sold 4,914 shares of the company’s stock in a transaction dated Monday, December 22nd. The shares were sold at an average price of $45.21, for a total transaction of $222,161.94. Following the completion of the sale, the general counsel owned 404,940 shares of the company’s stock, valued at $18,307,337.40. This represents a 1.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 26.00% of the company’s stock.

Wall Street Analyst Weigh In

CART has been the subject of several recent analyst reports. Guggenheim started coverage on Maplebear in a research report on Wednesday, October 15th. They issued a “neutral” rating and a $40.00 price target for the company. BMO Capital Markets raised shares of Maplebear from a “market perform” rating to an “outperform” rating and set a $58.00 target price for the company in a report on Tuesday, November 11th. Needham & Company LLC dropped their target price on shares of Maplebear from $66.00 to $50.00 and set a “buy” rating on the stock in a research note on Tuesday, November 11th. Citigroup reduced their price target on shares of Maplebear from $65.00 to $50.00 and set a “buy” rating for the company in a research report on Tuesday, November 11th. Finally, BTIG Research restated a “neutral” rating and issued a $55.00 price objective on shares of Maplebear in a report on Tuesday, September 30th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eleven have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $51.73.

Maplebear Stock Down 1.0%

CART opened at $39.41 on Friday. The stock has a market capitalization of $10.35 billion, a price-to-earnings ratio of 21.65, a PEG ratio of 1.01 and a beta of 0.97. The firm has a 50 day moving average price of $42.92 and a 200-day moving average price of $43.41. Maplebear Inc. has a twelve month low of $34.78 and a twelve month high of $53.50.

Maplebear (NASDAQ:CART) last announced its earnings results on Monday, November 10th. The company reported $0.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.50 by $0.01. The business had revenue of $939.00 million during the quarter, compared to analyst estimates of $933.76 million. Maplebear had a net margin of 14.09% and a return on equity of 15.72%. The company’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.42 EPS. As a group, analysts expect that Maplebear Inc. will post 1.43 earnings per share for the current year.

Maplebear Profile

Maplebear, Inc, doing business as Instacart, operates a leading online grocery and essentials marketplace that connects consumers, retail partners and personal shoppers through its digital platform. The company enables customers to order groceries, household items and specialty products for same-day or scheduled delivery, as well as in-store pickup. By integrating its technology with retailers’ existing inventory and point-of-sale systems, Maplebear streamlines the shopping experience and provides real-time availability and pricing.

Founded in 2012 and headquartered in San Francisco, Maplebear has grown from a regional startup to a publicly traded company listed on NASDAQ under the ticker CART.