Kerrisdale Advisers LLC Cuts Stake in Maplebear Inc. $CART

Kerrisdale Advisers LLC lessened its holdings in shares of Maplebear Inc. (NASDAQ:CART) by 30.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 65,106 shares of the company’s stock after selling 28,910 shares during the quarter. Maplebear comprises 0.8% of Kerrisdale Advisers LLC’s portfolio, making the stock its 26th biggest holding. Kerrisdale Advisers LLC’s holdings in Maplebear were worth $3,083,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the business. Beacon Pointe Advisors LLC bought a new stake in shares of Maplebear during the second quarter valued at approximately $9,006,000. Bank of America Corp DE boosted its position in shares of Maplebear by 16.5% during the first quarter. Bank of America Corp DE now owns 1,562,097 shares of the company’s stock worth $58,516,000 after acquiring an additional 221,036 shares during the last quarter. Horizon Investments LLC boosted its position in shares of Maplebear by 263,556.8% during the fourth quarter. Horizon Investments LLC now owns 116,009 shares of the company’s stock worth $5,218,000 after acquiring an additional 115,965 shares during the last quarter. Geode Capital Management LLC grew its stake in Maplebear by 1.6% during the fourth quarter. Geode Capital Management LLC now owns 3,526,124 shares of the company’s stock valued at $158,640,000 after acquiring an additional 54,010 shares in the last quarter. Finally, Paragon Capital Management Inc. purchased a new position in Maplebear during the first quarter valued at $1,256,000. 63.09% of the stock is owned by hedge funds and other institutional investors.

Maplebear Price Performance

NASDAQ CART opened at $50.54 on Monday. Maplebear Inc. has a 52 week low of $32.73 and a 52 week high of $52.05. The firm has a market capitalization of $11.70 billion, a price-to-earnings ratio of 27.62, a PEG ratio of 0.74 and a beta of 0.78. The company has a fifty day moving average of $47.35 and a two-hundred day moving average of $42.24.

Maplebear (NASDAQ:CART) last announced its earnings results on Thursday, August 6th. The company reported $0.45 earnings per share for the quarter, missing the consensus estimate of $0.54 by ($0.09). The firm had revenue of $1.04 billion during 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 company’s revenue was up 14.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.41 EPS. Equities research analysts anticipate that Maplebear Inc. will post 2.33 EPS for the current year.

Insider Activity

In related news, insider Morgan Fong sold 18,390 shares of the stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $49.96, for a total value of $918,764.40. Following the sale, the insider directly owned 529,911 shares of the company’s stock, valued at $26,474,353.56. This represents a 3.35% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ravi Gupta sold 181,000 shares of the firm’s stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $41.51, for a total transaction of $7,513,310.00. Following the completion of the sale, the director directly owned 741,523 shares of the company’s stock, valued at approximately $30,780,619.73. The trade was a 19.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 349,390 shares of company stock worth $16,023,574 over the last quarter. 24.00% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several brokerages have commented on CART. JPMorgan Chase & Co. boosted their price target on shares of Maplebear from $55.00 to $62.00 and gave the stock an “overweight” rating in a research note on Friday, August 7th. Cantor Fitzgerald raised their price objective on Maplebear from $56.00 to $63.00 and gave the company an “overweight” rating in a research report on Friday, August 7th. Benchmark raised their price objective on Maplebear from $55.00 to $63.00 and gave the company a “buy” rating in a research report on Friday, August 7th. Citizens Jmp reaffirmed a “market outperform” rating and issued a $60.00 target price on shares of Maplebear in a report on Monday, June 15th. Finally, Needham & Company LLC boosted their target price on Maplebear from $55.00 to $63.00 and gave the stock a “buy” rating in a research report on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $55.90.

Maplebear Profile

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.