Beaconlight Capital LLC Acquires 75,598 Shares of Maplebear Inc. (NASDAQ:CART)

Beaconlight Capital LLC boosted its holdings in Maplebear Inc. (NASDAQ:CART) by 54.7% during the 3rd quarter, Holdings Channel.com reports. The fund owned 213,797 shares of the company’s stock after purchasing an additional 75,598 shares during the quarter. Maplebear accounts for 3.5% of Beaconlight Capital LLC’s investment portfolio, making the stock its 14th biggest holding. Beaconlight Capital LLC’s holdings in Maplebear were worth $8,710,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in CART. Huntington National Bank purchased a new position in shares of Maplebear during the third quarter valued at approximately $54,000. nVerses Capital LLC raised its holdings in shares of Maplebear by 1,600.0% in the second quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock valued at $55,000 after purchasing an additional 1,600 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Maplebear during the third quarter valued at about $74,000. Quarry LP grew its position in Maplebear by 269.5% in the 2nd quarter. Quarry LP now owns 3,928 shares of the company’s stock worth $126,000 after purchasing an additional 2,865 shares in the last quarter. Finally, Watts Gwilliam & Co. LLC purchased a new stake in Maplebear in the 3rd quarter valued at about $231,000. Institutional investors and hedge funds own 63.09% of the company’s stock.

Maplebear Price Performance

CART stock traded down $0.04 during mid-day trading on Wednesday, reaching $43.50. 2,258 shares of the company traded hands, compared to its average volume of 3,994,007. Maplebear Inc. has a 52-week low of $22.13 and a 52-week high of $50.01. The company has a market capitalization of $11.17 billion, a P/E ratio of 29.22, a P/E/G ratio of 1.13 and a beta of 1.12. The company has a fifty day moving average price of $43.06 and a 200-day moving average price of $36.94.

Maplebear (NASDAQ:CART) last posted its quarterly earnings data on Tuesday, November 12th. The company reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.20. The company had revenue of $852.00 million for the quarter, compared to analysts’ expectations of $844.03 million. Maplebear had a net margin of 13.37% and a return on equity of 13.78%. Maplebear’s revenue for the quarter was up 11.5% compared to the same quarter last year. During the same period in the prior year, the business earned ($20.86) earnings per share. As a group, analysts forecast that Maplebear Inc. will post 1.4 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on CART shares. Macquarie upped their target price on Maplebear from $50.00 to $52.00 and gave the company an “outperform” rating in a report on Thursday, November 14th. Benchmark reaffirmed a “hold” rating on shares of Maplebear in a research report on Wednesday, August 7th. Bank of America lifted their target price on Maplebear from $50.00 to $51.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 13th. BMO Capital Markets increased their price target on shares of Maplebear from $39.00 to $48.00 and gave the company a “market perform” rating in a research report on Wednesday, November 13th. Finally, Robert W. Baird boosted their target price on shares of Maplebear from $44.00 to $51.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Twelve analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, Maplebear has an average rating of “Moderate Buy” and a consensus target price of $47.29.

Insider Activity

In other news, CAO Alan Ramsay sold 2,486 shares of the stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $41.39, for a total transaction of $102,895.54. Following the completion of the sale, the chief accounting officer now owns 99,225 shares of the company’s stock, valued at approximately $4,106,922.75. This represents a 2.44 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, General Counsel Morgan Fong sold 8,345 shares of the firm’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $40.00, for a total transaction of $333,800.00. Following the completion of the sale, the general counsel now directly owns 330,886 shares in the company, valued at approximately $13,235,440. This trade represents a 2.46 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 90,204 shares of company stock worth $3,998,778. 36.00% of the stock is currently owned by insiders.

Maplebear Company Profile

Maplebear Inc, doing business as Instacart, engages in the provision of online grocery shopping services to households in North America. It sells and delivers grocery products, as well as pickup services through a mobile application and website. It also operates virtual convenience stores; and provides software-as-a-service solutions to retailers.