Invenomic Capital Management LP Sells 83,787 Shares of Maplebear Inc. $CART

Invenomic Capital Management LP cut its holdings in Maplebear Inc. (NASDAQ:CART) by 14.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 479,404 shares of the company’s stock after selling 83,787 shares during the period. Invenomic Capital Management LP’s holdings in Maplebear were worth $17,623,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Viking Global Investors LP bought a new position in Maplebear in the 2nd quarter valued at $169,782,000. Holocene Advisors LP purchased a new position in shares of Maplebear in the 3rd quarter worth about $90,167,000. Norges Bank purchased a new position in shares of Maplebear in the 2nd quarter worth about $97,351,000. Boston Partners grew its position in Maplebear by 93.3% during the second quarter. Boston Partners now owns 3,961,838 shares of the company’s stock valued at $179,261,000 after buying an additional 1,911,771 shares during the period. Finally, Thrivent Financial for Lutherans grew its position in Maplebear by 3,054.0% during the third quarter. Thrivent Financial for Lutherans now owns 1,407,993 shares of the company’s stock valued at $51,758,000 after buying an additional 1,363,352 shares during the period. 63.09% of the stock is currently owned by institutional investors.

Maplebear Trading Up 1.4%

Shares of Maplebear stock opened at $38.23 on Monday. The company’s 50-day moving average price is $38.00 and its 200-day moving average price is $40.45. Maplebear Inc. has a 12-month low of $32.73 and a 12-month high of $53.50. The company has a market cap of $9.20 billion, a price-to-earnings ratio of 24.04, a PEG ratio of 0.58 and a beta of 0.98.

Analyst Ratings Changes

CART has been the topic of several research reports. Jefferies Financial Group lifted their price objective on shares of Maplebear from $41.00 to $48.00 and gave the stock a “hold” rating in a research report on Thursday, December 11th. Wells Fargo & Company decreased their price target on shares of Maplebear from $47.00 to $43.00 and set an “equal weight” rating for the company in a research note on Friday, February 13th. Stifel Nicolaus dropped their price objective on Maplebear from $49.00 to $46.00 and set a “buy” rating on the stock in a research note on Tuesday, January 27th. Fox Advisors downgraded Maplebear from a “strong-buy” rating to a “hold” rating in a research report on Thursday, December 18th. Finally, Benchmark dropped their price target on Maplebear from $60.00 to $53.00 and set a “buy” rating on the stock in a research report on Tuesday, February 10th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $51.04.

Insider Activity

In related news, General Counsel Morgan Fong sold 126,083 shares of Maplebear stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $37.09, for a total transaction of $4,676,418.47. Following the completion of the sale, the general counsel owned 386,643 shares of the company’s stock, valued at approximately $14,340,588.87. This trade represents a 24.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 26.00% of the company’s stock.

About Maplebear

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.