Man Group plc Makes New $4.57 Million Investment in Maplebear Inc. $CART

Man Group plc purchased a new position in Maplebear Inc. (NASDAQ:CART) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 96,467 shares of the company’s stock, valued at approximately $4,568,000.

A number of other institutional investors have also modified their holdings of the business. PenderFund Capital Management Ltd. bought a new position in shares of Maplebear during the fourth quarter valued at approximately $27,000. Pinnacle Bancorp Inc. bought a new stake in shares of Maplebear in the 1st quarter worth approximately $25,000. Allworth Financial LP lifted its holdings in shares of Maplebear by 35.7% in the 3rd quarter. Allworth Financial LP now owns 928 shares of the company’s stock worth $34,000 after purchasing an additional 244 shares during the last quarter. IFP Advisors Inc boosted its position in Maplebear by 761.3% during the 4th quarter. IFP Advisors Inc now owns 956 shares of the company’s stock valued at $43,000 after purchasing an additional 845 shares during the period. Finally, Sunbelt Securities Inc. boosted its position in Maplebear by 212.7% during the 3rd quarter. Sunbelt Securities Inc. now owns 1,157 shares of the company’s stock valued at $43,000 after purchasing an additional 787 shares during the period. Institutional investors own 63.09% of the company’s stock.

Maplebear Stock Performance

Shares of CART stock opened at $50.54 on Monday. Maplebear Inc. has a 1 year low of $32.73 and a 1 year high of $52.05. The stock has a fifty day moving average of $47.35 and a two-hundred day moving average of $42.24. The firm has a market capitalization of $11.70 billion, a PE ratio of 27.62, a price-to-earnings-growth ratio of 0.74 and a beta of 0.78.

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

Analyst Ratings Changes

CART has been the topic of several analyst reports. Oppenheimer increased their target price on Maplebear from $60.00 to $65.00 and gave the stock an “outperform” rating in a research report on Friday, August 7th. JPMorgan Chase & Co. upped their price target on shares of Maplebear from $55.00 to $62.00 and gave the stock an “overweight” rating in a research report on Friday, August 7th. Wall Street Zen lowered shares of Maplebear from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Cantor Fitzgerald upped their target price on shares of Maplebear from $56.00 to $63.00 and gave the stock an “overweight” rating in a research report on Friday, August 7th. Finally, Needham & Company LLC raised their price target on shares of Maplebear from $55.00 to $63.00 and gave the company a “buy” rating in a research note on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and eight have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $55.90.

Insider Activity

In related news, insider Morgan Fong sold 18,390 shares of the company’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 owned 529,911 shares of the company’s stock, valued at $26,474,353.56. This represents a 3.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ravi Gupta sold 150,000 shares of the stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $50.61, for a total transaction of $7,591,500.00. Following the completion of the transaction, the director owned 591,523 shares of the company’s stock, valued at $29,936,979.03. This represents a 20.23% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 349,390 shares of company stock valued at $16,023,574 in the last ninety days. Corporate insiders own 24.00% of the company’s stock.

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.