Empowered Funds LLC Invests $4.68 Million in Maplebear Inc. $CART

Empowered Funds LLC bought a new stake in shares of Maplebear Inc. (NASDAQ:CART) in the second quarter, Holdings Channel reports. The institutional investor bought 98,749 shares of the company’s stock, valued at approximately $4,676,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. United Capital Financial Advisors LLC bought a new stake in Maplebear in the second quarter worth $757,000. General Catalyst Group Management LLC bought a new position in Maplebear during the second quarter valued at $33,652,000. Caitlin John LLC purchased a new position in shares of Maplebear in the 2nd quarter worth $644,000. Public Employees Retirement System of Ohio purchased a new position in shares of Maplebear in the 2nd quarter worth $2,568,000. Finally, PenderFund Capital Management Ltd. bought a new stake in shares of Maplebear in the 2nd quarter worth about $2,655,000. 63.09% of the stock is owned by hedge funds and other institutional investors.

Maplebear Stock Down 0.0%

CART stock opened at $50.52 on Tuesday. Maplebear Inc. has a twelve month low of $32.73 and a twelve month high of $52.05. The stock has a market capitalization of $11.70 billion, a price-to-earnings ratio of 27.61, a price-to-earnings-growth ratio of 0.74 and a beta of 0.78. The firm’s fifty day simple moving average is $47.47 and its two-hundred day simple moving average is $42.35.

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

Insider Activity

In related news, 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 value of $7,591,500.00. Following the sale, the director directly 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Morgan Fong sold 18,390 shares of the stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $49.96, for a total transaction of $918,764.40. Following the completion of the sale, the insider directly owned 529,911 shares in the company, valued at $26,474,353.56. This trade represents a 3.35% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 24.00% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on CART. Wells Fargo & Company upped their target price on shares of Maplebear from $47.00 to $54.00 and gave the company an “equal weight” rating in a research report on Friday, August 7th. Benchmark lifted their price target on Maplebear from $55.00 to $63.00 and gave the stock a “buy” rating in a research report on Friday, August 7th. Weiss Ratings reissued a “hold (c)” rating on shares of Maplebear in a research note on Friday, August 7th. Citigroup upped their price objective on Maplebear from $50.00 to $58.00 and gave the company a “buy” rating in a research report on Monday, August 10th. Finally, Cantor Fitzgerald raised their price objective on Maplebear from $56.00 to $63.00 and gave the company an “overweight” rating in a research note on Friday, August 7th. One investment 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 stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $55.90.

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.