Maplebear Inc. $CART Shares Bought by Fifth Third Bancorp

Fifth Third Bancorp lifted its holdings in shares of Maplebear Inc. (NASDAQ:CART) by 3,956.0% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 43,115 shares of the company’s stock after purchasing an additional 42,052 shares during the period. Fifth Third Bancorp’s holdings in Maplebear were worth $1,615,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of the business. Hsbc Holdings PLC purchased a new stake in shares of Maplebear during the 1st quarter worth $726,000. Oregon Public Employees Retirement Fund grew its position in Maplebear by 3.4% during the first quarter. Oregon Public Employees Retirement Fund now owns 37,752 shares of the company’s stock worth $1,414,000 after buying an additional 1,252 shares during the period. Flatrock Wealth Partners LLC acquired a new stake in shares of Maplebear during the 1st quarter valued at approximately $601,000. Y Intercept Hong Kong Ltd purchased a new stake in shares of Maplebear during the 1st quarter worth approximately $1,210,000. Finally, Impact Partnership Wealth LLC acquired a new stake in shares of Maplebear in the 1st quarter worth approximately $549,000. 63.09% of the stock is owned by institutional investors and hedge funds.

Maplebear Stock Down 4.9%

CART opened at $42.53 on Friday. The firm has a market capitalization of $10.00 billion, a P/E ratio of 23.76, a P/E/G ratio of 0.61 and a beta of 0.75. The firm’s 50 day moving average is $43.93 and its 200-day moving average is $40.63. Maplebear Inc. has a 52-week low of $32.73 and a 52-week high of $53.50.

Maplebear (NASDAQ:CART) last released its quarterly earnings results 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). The firm had revenue of $1.02 billion for the quarter, compared to analysts’ expectations of $1.01 billion. Maplebear had a return on equity of 18.67% and a net margin of 12.50%.The business’s quarterly revenue was up 13.6% on a year-over-year basis. During the same period last year, the firm earned $0.37 EPS. Equities analysts expect that Maplebear Inc. will post 2.46 earnings per share for the current fiscal year.

Insider Activity

In other Maplebear news, Director Ravi Gupta sold 181,000 shares of the stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $41.51, for a total transaction of $7,513,310.00. Following the transaction, the director owned 741,523 shares of the company’s stock, valued at $30,780,619.73. This trade represents a 19.62% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 24.00% of the company’s stock.

Analyst Ratings Changes

CART has been the subject of several research reports. Wall Street Zen raised Maplebear from a “hold” rating to a “buy” rating in a report on Saturday, July 18th. Barclays increased their price objective on shares of Maplebear from $65.00 to $69.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Weiss Ratings upgraded shares of Maplebear from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Needham & Company LLC reaffirmed a “buy” rating and issued a $55.00 price target on shares of Maplebear in a report on Thursday, May 7th. Finally, Raymond James Financial raised shares of Maplebear from a “hold” rating to a “moderate buy” rating in a research note on Thursday, April 9th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $51.48.

Maplebear Company Profile

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.