HighTower Advisors LLC Lowers Stake in Maplebear Inc. (NASDAQ:CART)

HighTower Advisors LLC cut its stake in Maplebear Inc. (NASDAQ:CART) by 27.8% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 148,221 shares of the company’s stock after selling 57,047 shares during the period. HighTower Advisors LLC owned about 0.06% of Maplebear worth $6,139,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Victory Capital Management Inc. boosted its holdings in shares of Maplebear by 6.1% in the 3rd quarter. Victory Capital Management Inc. now owns 39,019 shares of the company’s stock worth $1,590,000 after purchasing an additional 2,234 shares in the last quarter. Oppenheimer & Co. Inc. lifted its position in Maplebear by 5.1% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 12,090 shares of the company’s stock worth $493,000 after buying an additional 584 shares during the last quarter. Huntington National Bank purchased a new stake in Maplebear in the third quarter worth approximately $54,000. CIBC Asset Management Inc grew its position in Maplebear by 3.7% during the third quarter. CIBC Asset Management Inc now owns 8,114 shares of the company’s stock valued at $331,000 after acquiring an additional 286 shares during the last quarter. Finally, Carlyle Group Inc. purchased a new position in shares of Maplebear during the third quarter worth approximately $558,000. Institutional investors own 63.09% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on CART shares. BMO Capital Markets upped their price objective on shares of Maplebear from $48.00 to $49.00 and gave the company a “market perform” rating in a research note on Wednesday, February 26th. Benchmark restated a “hold” rating on shares of Maplebear in a research report on Wednesday, February 26th. Wells Fargo & Company started coverage on Maplebear in a report on Friday, January 10th. They issued an “equal weight” rating and a $47.00 price objective on the stock. Loop Capital dropped their target price on Maplebear from $56.00 to $52.00 and set a “buy” rating for the company in a report on Thursday, March 6th. Finally, Bank of America raised their price target on Maplebear from $51.00 to $53.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 25th. Thirteen research 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 stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $50.52.

Maplebear Trading Down 1.2 %

CART opened at $40.16 on Wednesday. Maplebear Inc. has a 12-month low of $29.84 and a 12-month high of $53.44. The company has a market cap of $10.63 billion, a price-to-earnings ratio of 26.95, a price-to-earnings-growth ratio of 1.19 and a beta of 1.34. The stock has a fifty day simple moving average of $45.43 and a two-hundred day simple moving average of $43.24.

Maplebear (NASDAQ:CART) last issued its quarterly earnings results on Tuesday, February 25th. The company reported $0.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.37 by $0.16. The company had revenue of $883.00 million during the quarter, compared to analysts’ expectations of $889.98 million. Maplebear had a net margin of 13.37% and a return on equity of 13.78%. On average, analysts predict that Maplebear Inc. will post 1.43 EPS for the current year.

Insider Activity

In other news, CAO Alan Ramsay sold 2,314 shares of Maplebear stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $46.28, for a total value of $107,091.92. Following the completion of the transaction, the chief accounting officer now owns 85,421 shares of the company’s stock, valued at $3,953,283.88. The trade was a 2.64 % 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, CEO Fidji Simo sold 20,750 shares of the company’s stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $43.31, for a total transaction of $898,682.50. Following the completion of the transaction, the chief executive officer now owns 1,662,692 shares in the company, valued at approximately $72,011,190.52. The trade was a 1.23 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 25,311 shares of company stock worth $1,100,463. Insiders own 36.00% of the company’s stock.

Maplebear Company 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.