PenderFund Capital Management Ltd. Makes New Investment in Maplebear Inc. $CART

PenderFund Capital Management Ltd. purchased a new stake in Maplebear Inc. (NASDAQ:CART) in the 2nd quarter, Holdings Channel.com reports. The institutional investor purchased 56,068 shares of the company’s stock, valued at approximately $2,655,000. Maplebear makes up 0.3% of PenderFund Capital Management Ltd.’s portfolio, making the stock its 29th biggest holding.

Several other institutional investors have also modified their holdings of the business. US Bancorp DE grew its stake in Maplebear by 17.0% during the 4th quarter. US Bancorp DE now owns 437,658 shares of the company’s stock worth $19,686,000 after purchasing an additional 63,666 shares in the last quarter. Bank of America Corp DE raised its position in Maplebear by 16.5% in the 1st quarter. Bank of America Corp DE now owns 1,562,097 shares of the company’s stock valued at $58,516,000 after purchasing an additional 221,036 shares in the last quarter. Horizon Investments LLC boosted its stake in shares of Maplebear by 263,556.8% in the 4th quarter. Horizon Investments LLC now owns 116,009 shares of the company’s stock valued at $5,218,000 after buying an additional 115,965 shares during the period. M&T Bank Corp purchased a new position in shares of Maplebear in the 4th quarter valued at about $1,378,000. Finally, Geode Capital Management LLC grew its position in shares of Maplebear by 1.6% during the fourth quarter. Geode Capital Management LLC now owns 3,526,124 shares of the company’s stock worth $158,640,000 after buying an additional 54,010 shares in the last quarter. Institutional investors and hedge funds own 63.09% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on CART. Citigroup increased their price objective on shares of Maplebear from $50.00 to $58.00 and gave the company a “buy” rating in a research report on Monday, August 10th. Wall Street Zen cut shares of Maplebear from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Cantor Fitzgerald boosted their target price on shares of Maplebear from $56.00 to $63.00 and gave the stock an “overweight” rating in a research note on Friday, August 7th. Wells Fargo & Company increased their target price on Maplebear from $47.00 to $54.00 and gave the company an “equal weight” rating in a report on Friday, August 7th. Finally, Oppenheimer lifted their price target on Maplebear from $60.00 to $65.00 and gave the stock an “outperform” rating in a report on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $55.90.

Maplebear Trading Down 0.6%

Shares of Maplebear stock opened at $50.48 on Friday. The company has a fifty day simple moving average of $47.23 and a 200-day simple moving average of $42.13. Maplebear Inc. has a 12-month low of $32.73 and a 12-month high of $52.05. The stock has a market cap of $11.69 billion, a price-to-earnings ratio of 27.58, a PEG ratio of 0.75 and a beta of 0.78.

Maplebear (NASDAQ:CART) last announced 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 company had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same quarter in the prior year, the business earned $0.41 earnings per share. Maplebear’s revenue was up 14.1% compared to the same quarter last year. On average, analysts forecast that Maplebear Inc. will post 2.33 earnings per share for the current fiscal year.

Insider Buying and Selling at Maplebear

In other news, Director Ravi Gupta sold 181,000 shares of Maplebear stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $41.51, for a total transaction of $7,513,310.00. Following the sale, the director owned 741,523 shares in the company, valued at approximately $30,780,619.73. The trade was a 19.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Morgan Fong sold 18,390 shares of the business’s stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $49.96, for a total value of $918,764.40. Following the completion of the sale, the insider directly owned 529,911 shares of the company’s stock, valued at $26,474,353.56. The trade was a 3.35% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 349,390 shares of company stock valued at $16,023,574 in the last 90 days. 24.00% of the stock is currently owned by insiders.

Maplebear Company 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.