Redwood Investment Management LLC Invests $1.16 Million in Maplebear Inc. $CART

Redwood Investment Management LLC acquired a new position in Maplebear Inc. (NASDAQ:CART) during the 2nd quarter, HoldingsChannel reports. The fund acquired 24,447 shares of the company’s stock, valued at approximately $1,158,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Pinnacle Bancorp Inc. acquired a new position in Maplebear during the 1st quarter worth about $25,000. PenderFund Capital Management Ltd. acquired a new stake in shares of Maplebear in the fourth quarter valued at about $27,000. Allworth Financial LP increased its stake in shares of Maplebear by 35.7% in the third quarter. Allworth Financial LP now owns 928 shares of the company’s stock valued at $34,000 after buying an additional 244 shares during the period. IFP Advisors Inc raised its position in shares of Maplebear by 761.3% during the fourth quarter. IFP Advisors Inc now owns 956 shares of the company’s stock worth $43,000 after acquiring an additional 845 shares during the last quarter. Finally, Sunbelt Securities Inc. raised its position in shares of Maplebear by 212.7% during the third quarter. Sunbelt Securities Inc. now owns 1,157 shares of the company’s stock worth $43,000 after acquiring an additional 787 shares during the last quarter. 63.09% of the stock is currently owned by institutional investors and hedge funds.

Maplebear Trading Down 1.4%

CART stock opened at $50.77 on Thursday. The stock has a 50-day moving average price of $47.11 and a 200-day moving average price of $42.02. Maplebear Inc. has a 1-year low of $32.73 and a 1-year high of $52.05. The firm has a market cap of $11.75 billion, a PE ratio of 27.74, a price-to-earnings-growth ratio of 0.76 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 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 business had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter in the previous year, the company earned $0.41 EPS. The firm’s revenue for the quarter was up 14.1% on a year-over-year basis. On average, analysts forecast that Maplebear Inc. will post 2.33 earnings per share for the current year.

Analysts Set New Price Targets

CART has been the topic of a number of recent analyst reports. Wall Street Zen lowered Maplebear from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Cantor Fitzgerald increased their target price on shares of Maplebear from $56.00 to $63.00 and gave the company an “overweight” rating in a research report on Friday, August 7th. Guggenheim raised their price target on shares of Maplebear from $44.00 to $46.00 and gave the stock a “neutral” rating in a report on Friday, August 7th. Oppenheimer boosted their price target on shares of Maplebear from $60.00 to $65.00 and gave the stock an “outperform” rating in a research report on Friday, August 7th. Finally, Citizens Jmp reaffirmed a “market outperform” rating and issued a $60.00 price objective on shares of Maplebear in a research note on Monday, June 15th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat, Maplebear has a consensus rating of “Moderate Buy” and a consensus price target of $55.90.

Insider Activity at Maplebear

In other news, insider Morgan Fong sold 18,390 shares of the firm’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 completion of 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 position. The sale was disclosed in a filing with the SEC, which is available 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 Maplebear stock in a transaction on Tuesday, June 2nd. The shares were 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 owned 741,523 shares of the company’s stock, valued at $30,780,619.73. This represents a 19.62% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 349,390 shares of company stock worth $16,023,574. 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.