Amalgamated Bank Acquires 3,086 Shares of Maplebear Inc. $CART

Amalgamated Bank raised its holdings in Maplebear Inc. (NASDAQ:CART) by 4.2% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 77,338 shares of the company’s stock after purchasing an additional 3,086 shares during the period. Amalgamated Bank’s holdings in Maplebear were worth $3,499,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. GAMMA Investing LLC raised its position in shares of Maplebear by 87.1% in the first quarter. GAMMA Investing LLC now owns 1,334 shares of the company’s stock valued at $53,000 after buying an additional 621 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its holdings in Maplebear by 7.6% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 6,166 shares of the company’s stock valued at $246,000 after acquiring an additional 433 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Maplebear by 18.6% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,056 shares of the company’s stock valued at $82,000 after acquiring an additional 322 shares during the period. New York State Teachers Retirement System lifted its position in shares of Maplebear by 542.8% during the 1st quarter. New York State Teachers Retirement System now owns 101,720 shares of the company’s stock valued at $4,058,000 after acquiring an additional 85,896 shares during the period. Finally, Teacher Retirement System of Texas grew its holdings in shares of Maplebear by 15.4% during the 1st quarter. Teacher Retirement System of Texas now owns 44,231 shares of the company’s stock worth $1,764,000 after purchasing an additional 5,913 shares in the last quarter. Institutional investors and hedge funds own 63.09% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on CART shares. Sanford C. Bernstein upped their price objective on shares of Maplebear from $55.00 to $60.00 and gave the stock an “outperform” rating in a research report on Monday, July 21st. Citigroup upped their price target on shares of Maplebear from $57.00 to $65.00 and gave the stock a “buy” rating in a report on Friday, August 8th. JMP Securities lifted their price objective on shares of Maplebear from $55.00 to $60.00 and gave the company a “market outperform” rating in a research note on Friday, August 8th. Benchmark upgraded shares of Maplebear from a “hold” rating to a “buy” rating and set a $67.00 price objective for the company in a research report on Friday, August 8th. Finally, Fox Advisors upgraded Maplebear from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 3rd. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $52.12.

Maplebear Stock Performance

NASDAQ CART opened at $37.44 on Tuesday. The firm’s fifty day moving average price is $41.20 and its two-hundred day moving average price is $44.16. The stock has a market cap of $9.86 billion, a PE ratio of 21.64, a PEG ratio of 1.13 and a beta of 1.10. Maplebear Inc. has a fifty-two week low of $34.87 and a fifty-two week high of $53.50.

Maplebear (NASDAQ:CART) last released its quarterly earnings data on Thursday, August 7th. The company reported $0.41 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.02. The company had revenue of $914.00 million for the quarter, compared to the consensus estimate of $896.55 million. Maplebear had a return on equity of 15.69% and a net margin of 13.76%.Maplebear’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter last year, the business posted $0.20 EPS. As a group, sell-side analysts predict that Maplebear Inc. will post 1.43 earnings per share for the current fiscal year.

Insider Activity

In related news, General Counsel Morgan Fong sold 3,546 shares of the firm’s stock in a transaction that occurred on Monday, October 20th. The shares were sold at an average price of $38.85, for a total value of $137,762.10. Following the completion of the transaction, the general counsel owned 427,523 shares in the company, valued at $16,609,268.55. This trade represents a 0.82% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Chris Rogers sold 9,259 shares of Maplebear stock in a transaction that occurred on Monday, September 22nd. The stock was sold at an average price of $42.37, for a total transaction of $392,303.83. Following the sale, the chief executive officer owned 739,880 shares in the company, valued at approximately $31,348,715.60. This represents a 1.24% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 27,556 shares of company stock valued at $1,179,482. 26.00% of the stock is currently owned by corporate insiders.

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.