129,177 Shares in Maplebear Inc. $CART Acquired by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company acquired a new stake in Maplebear Inc. (NASDAQ:CART) during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 129,177 shares of the company’s stock, valued at approximately $6,117,000.

Other institutional investors have also added to or reduced their stakes in the company. Royal Bank of Canada raised its stake in shares of Maplebear by 51.2% in the first quarter. Royal Bank of Canada now owns 131,789 shares of the company’s stock worth $5,256,000 after purchasing an additional 44,642 shares during the last quarter. NewEdge Advisors LLC boosted its position in shares of Maplebear by 71.6% during the first quarter. NewEdge Advisors LLC now owns 1,673 shares of the company’s stock valued at $67,000 after buying an additional 698 shares during the last quarter. Jones Financial Companies Lllp boosted its position in shares of Maplebear by 358.5% during the first quarter. Jones Financial Companies Lllp now owns 3,200 shares of the company’s stock valued at $128,000 after buying an additional 2,502 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in shares of Maplebear by 17.4% during the first quarter. Goldman Sachs Group Inc. now owns 390,711 shares of the company’s stock valued at $15,585,000 after buying an additional 57,879 shares during the last quarter. Finally, Empowered Funds LLC bought a new stake in Maplebear in the 1st quarter worth about $268,000. 63.09% of the stock is currently owned by hedge funds and other institutional investors.

Maplebear Price Performance

Shares of CART opened at $50.52 on Tuesday. Maplebear Inc. has a one year low of $32.73 and a one year high of $52.05. The firm has a market capitalization of $11.70 billion, a P/E ratio of 27.61, a PEG ratio of 0.74 and a beta of 0.78. The business has a fifty day moving average of $47.47 and a 200 day moving average of $42.35.

Maplebear (NASDAQ:CART) last posted its earnings results on Thursday, August 6th. The company reported $0.45 earnings per share for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.09). Maplebear had a net margin of 11.97% and a return on equity of 20.19%. The firm had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.03 billion. The firm’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. Analysts expect that Maplebear Inc. will post 2.33 EPS for the current fiscal year.

Insider Activity

In related 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 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 filing with the SEC, which can be accessed through this link. Also, insider Morgan Fong sold 18,390 shares of the business’s stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $49.96, for a total transaction of $918,764.40. Following the sale, the insider owned 529,911 shares of the company’s stock, valued at $26,474,353.56. This trade represents a 3.35% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 24.00% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

CART has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. boosted their target price on Maplebear from $55.00 to $62.00 and gave the stock an “overweight” rating in a research report on Friday, August 7th. Benchmark raised their price target on shares of Maplebear from $55.00 to $63.00 and gave the company a “buy” rating in a report on Friday, August 7th. Cantor Fitzgerald boosted their price objective on shares of Maplebear from $56.00 to $63.00 and gave the company an “overweight” rating in a report on Friday, August 7th. Wall Street Zen cut shares of Maplebear from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Finally, Oppenheimer increased their price objective on shares of Maplebear from $60.00 to $65.00 and gave the company an “outperform” rating in a research report on Friday, August 7th. One investment 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. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $55.90.

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.