Goodnow Investment Group LLC Takes Position in Maplebear Inc. $CART

Goodnow Investment Group LLC acquired a new stake in Maplebear Inc. (NASDAQ:CART) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,476,191 shares of the company’s stock, valued at approximately $69,898,000. Maplebear comprises about 7.3% of Goodnow Investment Group LLC’s portfolio, making the stock its 2nd largest position. Goodnow Investment Group LLC owned 0.64% of Maplebear at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new stake in Maplebear in the second quarter valued at $750,477,000. State Street Corp lifted its stake in shares of Maplebear by 1.0% in the 4th quarter. State Street Corp now owns 5,461,637 shares of the company’s stock valued at $245,664,000 after purchasing an additional 54,872 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Maplebear by 31.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,981,960 shares of the company’s stock worth $186,618,000 after purchasing an additional 1,189,287 shares during the period. Viking Global Investors LP purchased a new position in shares of Maplebear during the 2nd quarter worth $169,782,000. Finally, Geode Capital Management LLC increased its position in shares of Maplebear by 1.6% during the 4th quarter. Geode Capital Management LLC now owns 3,526,124 shares of the company’s stock worth $158,640,000 after purchasing an additional 54,010 shares during the last quarter. 63.09% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on CART shares. Wall Street Zen lowered shares of Maplebear from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Needham & Company LLC lifted their price target on shares of Maplebear from $55.00 to $63.00 and gave the company a “buy” rating in a research report on Friday, August 7th. Barclays boosted their price target on shares of Maplebear from $69.00 to $77.00 and gave the company an “overweight” rating in a research note on Friday, August 7th. Guggenheim upped their price objective on shares of Maplebear from $44.00 to $46.00 and gave the stock a “neutral” rating in a report on Friday, August 7th. Finally, Citizens Jmp reaffirmed a “market outperform” rating and set a $60.00 price objective on shares of Maplebear in a research report on Monday, June 15th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and eight have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $55.90.

Insider Activity

In other news, Director Ravi Gupta sold 150,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $50.61, for a total value of $7,591,500.00. Following the completion of the transaction, the director owned 591,523 shares of the company’s stock, valued at approximately $29,936,979.03. This trade represents a 20.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 24.00% of the company’s stock.

Maplebear Trading Up 3.9%

CART opened at $51.78 on Tuesday. The stock’s 50-day moving average price is $46.81 and its 200 day moving average price is $41.80. Maplebear Inc. has a 12-month low of $32.73 and a 12-month high of $51.91. The firm has a market cap of $11.99 billion, a price-to-earnings ratio of 28.30, a PEG ratio of 0.73 and a beta of 0.78.

Maplebear (NASDAQ:CART) last announced its earnings results on Thursday, August 6th. The company reported $0.45 EPS for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.09). The firm had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.03 billion. Maplebear had a net margin of 11.97% and a return on equity of 20.19%. The business’s revenue was up 14.1% compared to the same quarter last year. During the same quarter last year, the business earned $0.41 earnings per share. On average, research analysts forecast that Maplebear Inc. will post 2.33 earnings per share for the current year.

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.