Miller Value Partners LLC Invests $2.16 Million in Maplebear Inc. $CART

Miller Value Partners LLC purchased a new position in Maplebear Inc. (NASDAQ:CART) in the second quarter, HoldingsChannel reports. The fund purchased 45,645 shares of the company’s stock, valued at approximately $2,161,000.

Other institutional investors have also modified their holdings of the company. BlackRock Inc. bought a new stake in shares of Maplebear in the 2nd quarter valued at approximately $750,477,000. Viking Global Investors LP bought a new position in Maplebear during the second quarter worth $169,782,000. Marshall Wace LLP bought a new position in Maplebear during the fourth quarter worth $126,206,000. Norges Bank acquired a new position in Maplebear in the fourth quarter worth $97,221,000. Finally, Dimensional Fund Advisors LP boosted its holdings in Maplebear by 114.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,792,673 shares of the company’s stock worth $170,594,000 after purchasing an additional 2,026,567 shares during the period. Institutional investors and hedge funds own 63.09% of the company’s stock.

Maplebear Stock Down 0.5%

NASDAQ:CART opened at $51.51 on Wednesday. The business’s 50-day moving average price is $46.95 and its 200 day moving average price is $41.91. The firm has a market cap of $11.92 billion, a P/E ratio of 28.15, a PEG ratio of 0.76 and a beta of 0.78. Maplebear Inc. has a 52-week low of $32.73 and a 52-week high of $52.05.

Maplebear (NASDAQ:CART) last issued its quarterly earnings results on Thursday, August 6th. The company reported $0.45 EPS for the quarter, missing the consensus estimate of $0.54 by ($0.09). Maplebear had a return on equity of 20.19% and a net margin of 11.97%.The business had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter last year, the firm posted $0.41 earnings per share. Maplebear’s revenue was up 14.1% compared to the same quarter last year. Sell-side analysts expect that Maplebear Inc. will post 2.33 EPS for the current year.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Needham & Company LLC increased their target price on shares of Maplebear from $55.00 to $63.00 and gave the stock a “buy” rating in a report on Friday, August 7th. Benchmark lifted their price target on shares of Maplebear from $55.00 to $63.00 and gave the company a “buy” rating in a report on Friday, August 7th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Maplebear in a research report on Friday, August 7th. JPMorgan Chase & Co. increased their price objective on shares of Maplebear from $55.00 to $62.00 and gave the company an “overweight” rating in a report on Friday, August 7th. Finally, Oppenheimer raised their price objective on shares of Maplebear from $60.00 to $65.00 and gave the company an “outperform” rating in a research note on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat.com, Maplebear presently has a consensus rating of “Moderate Buy” and a consensus price target of $55.90.

Insider Activity

In related news, Director Ravi Gupta sold 181,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $41.51, for a total value of $7,513,310.00. Following the sale, the director directly owned 741,523 shares in the company, valued at $30,780,619.73. The trade was a 19.62% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 24.00% of the stock is owned by corporate insiders.

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.