FORA Capital LLC Invests $5.23 Million in Maplebear Inc. (NASDAQ:CART)

FORA Capital LLC purchased a new stake in Maplebear Inc. (NASDAQ:CART) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 128,391 shares of the company’s stock, valued at approximately $5,231,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. CIBC Asset Management Inc lifted its holdings in shares of Maplebear by 3.7% during the 3rd 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 in the last quarter. Oppenheimer & Co. Inc. raised its position in Maplebear by 5.1% in the third quarter. Oppenheimer & Co. Inc. now owns 12,090 shares of the company’s stock valued at $493,000 after purchasing an additional 584 shares during the period. Creative Planning lifted its stake in shares of Maplebear by 9.5% during the second quarter. Creative Planning now owns 9,566 shares of the company’s stock worth $307,000 after purchasing an additional 831 shares in the last quarter. Huntington National Bank purchased a new stake in shares of Maplebear in the third quarter worth about $54,000. Finally, nVerses Capital LLC grew its stake in shares of Maplebear by 1,600.0% in the second quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock valued at $55,000 after buying an additional 1,600 shares in the last quarter. 63.09% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently commented on CART. Morgan Stanley reduced their price target on Maplebear from $45.00 to $41.00 and set an “equal weight” rating on the stock in a research report on Tuesday, September 24th. Cantor Fitzgerald restated an “overweight” rating and issued a $45.00 target price on shares of Maplebear in a research note on Monday, October 7th. Piper Sandler lifted their price target on shares of Maplebear from $50.00 to $58.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. Raymond James began coverage on shares of Maplebear in a research report on Tuesday, September 24th. They issued a “market perform” rating for the company. Finally, Robert W. Baird lifted their target price on Maplebear from $44.00 to $51.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. Twelve research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $47.29.

Insider Buying and Selling at Maplebear

In related news, CAO Alan Ramsay sold 2,247 shares of Maplebear stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $41.06, for a total transaction of $92,261.82. Following the sale, the chief accounting officer now directly owns 89,982 shares in the company, valued at $3,694,660.92. The trade was a 2.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Morgan Fong sold 29,253 shares of the stock in a transaction dated 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 transaction, the general counsel now owns 258,406 shares of the company’s stock, valued at $12,411,240.18. This represents a 10.17 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 90,204 shares of company stock valued at $3,998,778 in the last ninety days. Company insiders own 36.00% of the company’s stock.

Maplebear Stock Down 0.1 %

Shares of NASDAQ:CART traded down $0.06 during trading on Wednesday, hitting $43.48. 92,042 shares of the company traded hands, compared to its average volume of 3,994,452. The stock has a market capitalization of $11.17 billion, a price-to-earnings ratio of 29.22, a PEG ratio of 1.13 and a beta of 1.12. Maplebear Inc. has a one year low of $22.13 and a one year high of $50.01. The business’s fifty day moving average is $43.06 and its 200-day moving average is $36.94.

Maplebear (NASDAQ:CART) last issued its earnings results on Tuesday, November 12th. The company reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.20. The firm had revenue of $852.00 million for the quarter, compared to analyst estimates of $844.03 million. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. The firm’s revenue for the quarter was up 11.5% on a year-over-year basis. During the same period last year, the company earned ($20.86) earnings per share. On average, analysts forecast that Maplebear Inc. will post 1.4 EPS 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.