BNP Paribas Financial Markets Sells 289,093 Shares of Maplebear Inc. $CART

BNP Paribas Financial Markets decreased its position in shares of Maplebear Inc. (NASDAQ:CART) by 56.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 222,851 shares of the company’s stock after selling 289,093 shares during the quarter. BNP Paribas Financial Markets’ holdings in Maplebear were worth $10,024,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in CART. Viking Global Investors LP bought a new position in shares of Maplebear during the 2nd quarter worth $169,782,000. Holocene Advisors LP bought a new position in shares of Maplebear during the 3rd quarter worth $90,167,000. Norges Bank bought a new position in shares of Maplebear during the 4th quarter worth $97,221,000. Bank of America Corp DE grew its position in shares of Maplebear by 75.9% during the 3rd quarter. Bank of America Corp DE now owns 3,036,736 shares of the company’s stock worth $111,630,000 after buying an additional 1,310,392 shares in the last quarter. Finally, Picton Mahoney Asset Management grew its position in shares of Maplebear by 102.3% during the 3rd quarter. Picton Mahoney Asset Management now owns 18,332 shares of the company’s stock worth $673,000 after buying an additional 812,389 shares in the last quarter. Institutional investors own 63.09% of the company’s stock.

Insider Activity at Maplebear

In related news, General Counsel Morgan Fong sold 126,083 shares of Maplebear stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $37.09, for a total transaction of $4,676,418.47. Following the completion of the transaction, the general counsel directly owned 386,643 shares in the company, valued at approximately $14,340,588.87. This trade represents a 24.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Lisa Blackwood-Kapral sold 9,390 shares of Maplebear stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $40.25, for a total value of $377,947.50. Following the transaction, the chief accounting officer owned 58,971 shares of the company’s stock, valued at approximately $2,373,582.75. This represents a 13.74% 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. Over the last ninety days, insiders sold 325,863 shares of company stock worth $12,931,445. 24.00% of the stock is owned by corporate insiders.

Maplebear Stock Up 2.8%

Shares of NASDAQ:CART opened at $42.43 on Tuesday. Maplebear Inc. has a 52-week low of $32.73 and a 52-week high of $53.50. The stock has a market cap of $9.97 billion, a price-to-earnings ratio of 23.70, a PEG ratio of 0.57 and a beta of 0.88. The business has a 50-day moving average price of $40.63 and a 200-day moving average price of $40.23.

Maplebear (NASDAQ:CART) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $0.57 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.58 by ($0.01). Maplebear had a return on equity of 18.67% and a net margin of 12.50%.The firm had revenue of $1.02 billion during the quarter, compared to analysts’ expectations of $1.01 billion. During the same quarter in the previous year, the business earned $0.37 earnings per share. The company’s revenue for the quarter was up 13.6% compared to the same quarter last year. As a group, equities analysts anticipate that Maplebear Inc. will post 2.45 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on CART shares. Wells Fargo & Company raised their price objective on Maplebear from $45.00 to $47.00 and gave the company an “equal weight” rating in a research report on Thursday, May 7th. Needham & Company LLC reaffirmed a “buy” rating and set a $55.00 price objective on shares of Maplebear in a research report on Thursday, May 7th. Jefferies Financial Group raised Maplebear from a “hold” rating to a “buy” rating and raised their price objective for the company from $38.00 to $45.00 in a research report on Monday, March 30th. Barclays raised their price objective on Maplebear from $65.00 to $69.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. Finally, Benchmark decreased their price target on Maplebear from $60.00 to $53.00 and set a “buy” rating for the company in a research note on Tuesday, February 10th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Maplebear currently has a consensus rating of “Moderate Buy” and an average target price of $51.09.

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.