Southpoint Capital Advisors LP Buys 900,000 Shares of Maplebear Inc. (NASDAQ:CART)

Southpoint Capital Advisors LP lifted its stake in shares of Maplebear Inc. (NASDAQ:CART) by 56.3% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 2,500,000 shares of the company’s stock after purchasing an additional 900,000 shares during the quarter. Maplebear accounts for about 2.4% of Southpoint Capital Advisors LP’s holdings, making the stock its 19th largest position. Southpoint Capital Advisors LP owned about 0.96% of Maplebear worth $101,850,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in the business. Pacer Advisors Inc. bought a new position in Maplebear in the 3rd quarter worth about $158,701,000. Sculptor Capital LP bought a new position in shares of Maplebear during the 2nd quarter valued at about $77,361,000. Federated Hermes Inc. increased its position in shares of Maplebear by 102.2% during the 2nd quarter. Federated Hermes Inc. now owns 1,734,264 shares of the company’s stock valued at $55,739,000 after purchasing an additional 876,439 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Maplebear by 5,191.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,489,655 shares of the company’s stock valued at $60,689,000 after purchasing an additional 1,461,501 shares during the last quarter. Finally, Industry Ventures L.L.C. increased its position in shares of Maplebear by 3.3% during the 2nd quarter. Industry Ventures L.L.C. now owns 980,458 shares of the company’s stock valued at $31,512,000 after purchasing an additional 31,175 shares during the last quarter. 63.09% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Maplebear

In other news, General Counsel Morgan Fong sold 8,345 shares of the stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $40.00, for a total value of $333,800.00. Following the completion of the sale, the general counsel now directly owns 330,886 shares of the company’s stock, valued at $13,235,440. This represents a 2.46 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Fidji Simo sold 20,750 shares of the firm’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $44.39, for a total transaction of $921,092.50. Following the transaction, the chief executive officer now directly owns 1,803,278 shares of the company’s stock, valued at $80,047,510.42. The trade was a 1.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 110,954 shares of company stock valued at $4,890,405. Insiders own 36.00% of the company’s stock.

Maplebear Trading Up 0.5 %

Shares of CART stock opened at $43.67 on Friday. Maplebear Inc. has a 12 month low of $22.13 and a 12 month high of $50.01. The stock has a market cap of $11.22 billion, a P/E ratio of 29.31, a P/E/G ratio of 1.12 and a beta of 1.12. The company has a 50 day simple moving average of $43.20 and a two-hundred day simple moving average of $37.09.

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

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Stifel Nicolaus increased their price objective on Maplebear from $52.00 to $55.00 and gave the company a “buy” rating in a research report on Monday, October 28th. Bank of America increased their price objective on Maplebear from $50.00 to $51.00 and gave the company a “neutral” rating in a research report on Wednesday, November 13th. Macquarie increased their price objective on Maplebear from $50.00 to $52.00 and gave the company an “outperform” rating in a research report on Thursday, November 14th. Wedbush increased their price objective on Maplebear from $35.00 to $38.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Finally, Robert W. Baird increased their target price on Maplebear from $44.00 to $51.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. Twelve equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $47.29.

Maplebear 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.