The Manufacturers Life Insurance Company Makes New $6.12 Million Investment in Maplebear Inc. $CART

The Manufacturers Life Insurance Company purchased a new position in Maplebear Inc. (NASDAQ:CART) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 129,177 shares of the company’s stock, valued at approximately $6,117,000. The Manufacturers Life Insurance Company owned about 0.06% of Maplebear at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CART. Royal Bank of Canada raised its position in Maplebear by 51.2% during the first quarter. Royal Bank of Canada now owns 131,789 shares of the company’s stock valued at $5,256,000 after purchasing an additional 44,642 shares in the last quarter. NewEdge Advisors LLC increased its position in shares of Maplebear by 71.6% during the 1st quarter. NewEdge Advisors LLC now owns 1,673 shares of the company’s stock valued at $67,000 after purchasing an additional 698 shares during the last quarter. Jones Financial Companies Lllp raised its holdings in shares of Maplebear by 358.5% during the 1st quarter. Jones Financial Companies Lllp now owns 3,200 shares of the company’s stock valued at $128,000 after buying an additional 2,502 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Maplebear by 17.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 390,711 shares of the company’s stock valued at $15,585,000 after buying an additional 57,879 shares in the last quarter. Finally, Empowered Funds LLC bought a new stake in Maplebear in the 1st quarter worth approximately $268,000. 63.09% of the stock is currently owned by hedge funds and other institutional investors.

Maplebear Price Performance

NASDAQ:CART opened at $50.52 on Tuesday. The company has a market capitalization of $11.70 billion, a PE ratio of 27.61, a P/E/G ratio of 0.74 and a beta of 0.78. Maplebear Inc. has a 1-year low of $32.73 and a 1-year high of $52.05. The firm’s 50-day moving average price is $47.47 and its 200-day moving average price is $42.35.

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

Analyst Ratings Changes

A number of brokerages have commented on CART. Guggenheim increased their price target on shares of Maplebear from $44.00 to $46.00 and gave the company a “neutral” rating in a research report on Friday, August 7th. Wells Fargo & Company boosted their price objective on shares of Maplebear from $47.00 to $54.00 and gave the stock an “equal weight” rating in a report on Friday, August 7th. Benchmark increased their target price on shares of Maplebear from $55.00 to $63.00 and gave the company a “buy” rating in a report on Friday, August 7th. Oppenheimer lifted their target price on shares of Maplebear from $60.00 to $65.00 and gave the stock an “outperform” rating in a research report on Friday, August 7th. Finally, Cantor Fitzgerald upped their price target on shares of Maplebear from $56.00 to $63.00 and gave the company an “overweight” rating in a research report on Friday, August 7th. One investment 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’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $55.90.

Insider Buying and Selling at Maplebear

In other news, Director Ravi Gupta sold 150,000 shares of Maplebear stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $50.61, for a total value 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. The trade was a 20.23% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Morgan Fong sold 18,390 shares of Maplebear stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $49.96, for a total value of $918,764.40. Following the completion of the transaction, the insider directly owned 529,911 shares of the company’s stock, valued at approximately $26,474,353.56. This represents a 3.35% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 24.00% of the stock is owned by company 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.