Cherry Creek Investment Advisors Inc. Buys New Shares in Maplebear Inc. (NASDAQ:CART)

Cherry Creek Investment Advisors Inc. purchased a new position in Maplebear Inc. (NASDAQ:CART) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 5,662 shares of the company’s stock, valued at approximately $235,000.

Several other institutional investors have also added to or reduced their stakes in CART. Wilmington Savings Fund Society FSB bought a new stake in shares of Maplebear in the 3rd quarter valued at about $33,000. Huntington National Bank bought a new stake in Maplebear in the third quarter valued at approximately $54,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Maplebear during the third quarter valued at approximately $74,000. Quarry LP grew its holdings in shares of Maplebear by 269.5% in the second quarter. Quarry LP now owns 3,928 shares of the company’s stock worth $126,000 after purchasing an additional 2,865 shares during the last quarter. Finally, KBC Group NV increased its stake in shares of Maplebear by 56.5% in the fourth quarter. KBC Group NV now owns 3,808 shares of the company’s stock worth $158,000 after buying an additional 1,374 shares during the period. 63.09% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, General Counsel Morgan Fong sold 29,253 shares of Maplebear stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $48.03, for a total transaction of $1,405,021.59. Following the transaction, the general counsel now owns 258,406 shares in the company, valued at $12,411,240.18. This trade represents a 10.17 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Fidji Simo sold 20,750 shares of the company’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $42.97, for a total value of $891,627.50. Following the completion of the sale, the chief executive officer now owns 1,804,243 shares of the company’s stock, valued at $77,528,321.71. This trade represents a 1.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 79,808 shares of company stock valued at $3,569,808. 36.00% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Jefferies Financial Group assumed coverage on shares of Maplebear in a report on Wednesday, October 16th. They issued a “hold” rating and a $43.00 price target on the stock. Piper Sandler boosted their price target on Maplebear from $50.00 to $58.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. BMO Capital Markets increased their price objective on Maplebear from $39.00 to $48.00 and gave the stock a “market perform” rating in a report on Wednesday, November 13th. Cantor Fitzgerald reissued an “overweight” rating and set a $45.00 target price on shares of Maplebear in a research note on Monday, October 7th. Finally, BTIG Research raised Maplebear from a “neutral” rating to a “buy” rating and set a $58.00 price target for the company in a research note on Tuesday, January 14th. Thirteen analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Maplebear presently has a consensus rating of “Moderate Buy” and an average target price of $48.96.

Maplebear Stock Performance

Shares of NASDAQ:CART opened at $45.65 on Tuesday. The firm has a market cap of $11.73 billion, a price-to-earnings ratio of 30.64, a price-to-earnings-growth ratio of 1.01 and a beta of 1.04. The business has a 50-day simple moving average of $43.58 and a two-hundred day simple moving average of $40.26. Maplebear Inc. has a fifty-two week low of $23.59 and a fifty-two week high of $50.01.

Maplebear (NASDAQ:CART) last posted its earnings results on Tuesday, November 12th. The company reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.22 by $0.20. The business had revenue of $852.00 million during the quarter, compared to the consensus estimate of $844.03 million. Maplebear had a net margin of 13.37% and a return on equity of 13.78%. The firm’s revenue was up 11.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($20.86) EPS. As a group, research analysts predict that Maplebear Inc. will post 1.42 earnings per share for the current year.

Maplebear Profile

Maplebear Inc, doing business as Instacart, engages in the provision of online grocery shopping services to households in North America. It sells and delivers grocery products, as well as pickup services through a mobile application and website. It also operates virtual convenience stores; and provides software-as-a-service solutions to retailers.