Man Group plc Buys New Stake in Maplebear Inc. $CART

Man Group plc purchased a new position in shares of Maplebear Inc. (NASDAQ:CART) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 96,467 shares of the company’s stock, valued at approximately $4,568,000.

A number of other institutional investors also recently made changes to their positions in CART. Bank of America Corp DE lifted its holdings in Maplebear by 16.5% in the 1st quarter. Bank of America Corp DE now owns 1,562,097 shares of the company’s stock valued at $58,516,000 after purchasing an additional 221,036 shares in the last quarter. Horizon Investments LLC grew its holdings 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 buying an additional 115,965 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Maplebear by 1.6% during the fourth quarter. Geode Capital Management LLC now owns 3,526,124 shares of the company’s stock worth $158,640,000 after buying an additional 54,010 shares in the last quarter. Paragon Capital Management Inc. acquired a new position in shares of Maplebear in the first quarter valued at approximately $1,256,000. Finally, NFJ Investment Group LLC acquired a new position in shares of Maplebear in the fourth quarter valued at approximately $36,240,000. 63.09% of the stock is owned by institutional investors and hedge funds.

Maplebear Stock Performance

Maplebear stock 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 stock has a market cap of $11.70 billion, a P/E ratio of 27.62, a price-to-earnings-growth ratio of 0.74 and a beta of 0.78. The stock has a 50 day moving average of $47.35 and a 200-day moving average of $42.24.

Maplebear (NASDAQ:CART) last posted its quarterly earnings results on Thursday, August 6th. The company reported $0.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.54 by ($0.09). Maplebear had a net margin of 11.97% and a return on equity of 20.19%. The company had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.03 billion. During the same period in the prior year, the company earned $0.41 earnings per share. The company’s revenue was up 14.1% on a year-over-year basis. As a group, equities analysts predict that Maplebear Inc. will post 2.33 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Citizens Jmp reaffirmed a “market outperform” rating and issued a $60.00 target price on shares of Maplebear in a research note on Monday, June 15th. JPMorgan Chase & Co. raised their price objective on Maplebear from $55.00 to $62.00 and gave the stock an “overweight” rating in a report on Friday, August 7th. Needham & Company LLC lifted 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. Cantor Fitzgerald upped their target price on Maplebear from $56.00 to $63.00 and gave the company an “overweight” rating in a research note on Friday, August 7th. Finally, Oppenheimer increased their price objective on shares of Maplebear from $60.00 to $65.00 and gave the stock an “outperform” rating in a report on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and eight have given a Hold rating to the company’s stock. According to MarketBeat.com, Maplebear currently has a consensus rating of “Moderate Buy” and an average target price of $55.90.

Insider Activity

In other news, insider Morgan Fong sold 18,390 shares of the company’s 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 owned 529,911 shares in the company, valued at approximately $26,474,353.56. This represents a 3.35% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ravi Gupta sold 150,000 shares of the stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $50.61, for a total transaction of $7,591,500.00. Following the transaction, the director directly owned 591,523 shares in the company, valued at $29,936,979.03. The trade was a 20.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 349,390 shares of company stock valued at $16,023,574 in the last three months. Insiders own 24.00% 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.