Concentric Capital Strategies LP Sells 9,604 Shares of Maplebear Inc. (NASDAQ:CART)

Concentric Capital Strategies LP decreased its position in Maplebear Inc. (NASDAQ:CART) by 13.6% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 60,817 shares of the company’s stock after selling 9,604 shares during the period. Concentric Capital Strategies LP’s holdings in Maplebear were worth $2,478,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Simcoe Capital Management LLC raised its stake in shares of Maplebear by 216.5% in the 3rd quarter. Simcoe Capital Management LLC now owns 1,225,690 shares of the company’s stock valued at $49,935,000 after buying an additional 838,470 shares in the last quarter. Maverick Capital Ltd. increased its stake in Maplebear by 19.7% in the third quarter. Maverick Capital Ltd. now owns 2,684,425 shares of the company’s stock valued at $109,363,000 after acquiring an additional 441,156 shares during the period. Southpoint Capital Advisors LP raised its position in Maplebear by 56.3% in the third quarter. Southpoint Capital Advisors LP now owns 2,500,000 shares of the company’s stock worth $101,850,000 after purchasing an additional 900,000 shares in the last quarter. Verition Fund Management LLC raised its position in Maplebear by 54.0% in the third quarter. Verition Fund Management LLC now owns 630,809 shares of the company’s stock worth $25,699,000 after purchasing an additional 221,091 shares in the last quarter. Finally, Vinva Investment Management Ltd bought a new position in Maplebear during the third quarter worth about $212,000. Institutional investors own 63.09% of the company’s stock.

Insider Activity

In other news, CEO Fidji Simo sold 20,750 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $42.97, for a total transaction of $891,627.50. Following the completion of the transaction, the chief executive officer now directly owns 1,804,243 shares in the company, valued at approximately $77,528,321.71. The trade was a 1.14 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Morgan Fong sold 29,253 shares of the stock in a transaction that occurred 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 completion of the sale, the general counsel now owns 258,406 shares in the company, valued at $12,411,240.18. This represents a 10.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 110,954 shares of company stock valued at $4,890,405 in the last 90 days. 36.00% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on CART. Macquarie increased their target price on Maplebear from $50.00 to $52.00 and gave the stock an “outperform” rating in a report on Thursday, November 14th. Wedbush upped their price target on Maplebear from $35.00 to $38.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. BMO Capital Markets lifted their price objective on Maplebear from $39.00 to $48.00 and gave the company a “market perform” rating in a report on Wednesday, November 13th. Benchmark restated a “hold” rating on shares of Maplebear in a research note on Wednesday, August 7th. Finally, JMP Securities increased their target price on shares of Maplebear from $42.00 to $51.00 and gave the stock a “market outperform” rating in a research report on Wednesday, November 13th. Twelve equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat, Maplebear presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.29.

Maplebear Trading Down 0.4 %

Shares of NASDAQ:CART opened at $43.51 on Tuesday. Maplebear Inc. has a 1-year low of $22.13 and a 1-year high of $50.01. The stock has a market capitalization of $11.18 billion, a P/E ratio of 29.20, a P/E/G ratio of 1.13 and a beta of 1.12. The business has a 50-day moving average price of $43.20 and a two-hundred day moving average price of $37.14.

Maplebear (NASDAQ:CART) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.22 by $0.20. Maplebear had a net margin of 13.37% and a return on equity of 13.78%. The company had revenue of $852.00 million during the quarter, compared to analysts’ expectations of $844.03 million. During the same quarter in the previous year, the company earned ($20.86) EPS. Maplebear’s revenue was up 11.5% on a year-over-year basis. As a group, equities analysts predict that Maplebear Inc. will post 1.4 EPS for the current year.

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.