2,161,422 Shares in Maplebear Inc. $CART Purchased by Norges Bank

Norges Bank acquired a new position in Maplebear Inc. (NASDAQ:CART) during the fourth quarter, Holdings Channel.com reports. The institutional investor acquired 2,161,422 shares of the company’s stock, valued at approximately $97,221,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Hantz Financial Services Inc. raised its position in Maplebear by 78.6% in the 3rd quarter. Hantz Financial Services Inc. now owns 884 shares of the company’s stock worth $32,000 after purchasing an additional 389 shares during the period. Allworth Financial LP raised its position in Maplebear by 35.7% in the 3rd quarter. Allworth Financial LP now owns 928 shares of the company’s stock worth $34,000 after purchasing an additional 244 shares during the period. IFP Advisors Inc raised its position in Maplebear by 761.3% in the 4th quarter. IFP Advisors Inc now owns 956 shares of the company’s stock worth $43,000 after purchasing an additional 845 shares during the period. Sunbelt Securities Inc. raised its position in Maplebear by 212.7% in the 3rd quarter. Sunbelt Securities Inc. now owns 1,157 shares of the company’s stock worth $43,000 after purchasing an additional 787 shares during the period. Finally, Abich Financial Wealth Management LLC purchased a new stake in Maplebear in the 3rd quarter worth about $43,000. 63.09% of the stock is owned by hedge funds and other institutional investors.

Maplebear Stock Performance

Shares of NASDAQ:CART opened at $41.26 on Friday. The firm has a market cap of $9.70 billion, a PE ratio of 23.05, a price-to-earnings-growth ratio of 0.57 and a beta of 0.88. The firm’s 50 day simple moving average is $40.51 and its 200-day simple moving average is $40.23. Maplebear Inc. has a one year low of $32.73 and a one year high of $53.50.

Maplebear (NASDAQ:CART) last issued its earnings results on Wednesday, May 6th. The company reported $0.57 EPS for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.01). The company had revenue of $1.02 billion for the quarter, compared to analysts’ expectations of $1.01 billion. Maplebear had a return on equity of 18.67% and a net margin of 12.50%.The business’s revenue was up 13.6% compared to the same quarter last year. During the same period last year, the business posted $0.37 earnings per share. Equities research analysts predict that Maplebear Inc. will post 2.45 EPS for the current fiscal year.

Insider Transactions at Maplebear

In other news, CAO Lisa Blackwood-Kapral sold 9,390 shares of the firm’s stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $40.25, for a total transaction of $377,947.50. Following the transaction, the chief accounting officer directly owned 58,971 shares of the company’s stock, valued at approximately $2,373,582.75. This trade represents a 13.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 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 that occurred on 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 transaction, the director directly owned 741,523 shares in the company, valued at approximately $30,780,619.73. This trade represents a 19.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 325,863 shares of company stock valued at $12,931,445. 24.00% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on CART. Wells Fargo & Company increased their price objective on shares of Maplebear from $45.00 to $47.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 7th. Argus raised shares of Maplebear to a “strong-buy” rating in a research report on Thursday, March 5th. Benchmark reduced their price objective on shares of Maplebear from $60.00 to $53.00 and set a “buy” rating on the stock in a research report on Tuesday, February 10th. Raymond James Financial raised shares of Maplebear from a “hold” rating to a “moderate buy” rating in a research report on Thursday, April 9th. Finally, Barclays increased their price objective on shares of Maplebear from $65.00 to $69.00 and gave the stock an “overweight” rating in a research report on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Maplebear presently has a consensus rating of “Moderate Buy” and an average target price of $51.09.

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.