Ardmore Road Asset Management LP Has $21.65 Million Position in Maplebear Inc. $CART

Ardmore Road Asset Management LP lessened its position in Maplebear Inc. (NASDAQ:CART) by 30.9% in the 1st quarter, Holdings Channel reports. The firm owned 578,024 shares of the company’s stock after selling 258,905 shares during the period. Ardmore Road Asset Management LP’s holdings in Maplebear were worth $21,653,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Viking Global Investors LP bought a new position in shares of Maplebear during the second quarter worth $169,782,000. Marshall Wace LLP acquired a new position in Maplebear in the fourth quarter valued at about $126,206,000. Norges Bank bought a new stake in shares of Maplebear in the fourth quarter worth about $97,221,000. Dimensional Fund Advisors LP increased its holdings in shares of Maplebear by 114.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,792,673 shares of the company’s stock worth $170,594,000 after acquiring an additional 2,026,567 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. raised its position in shares of Maplebear by 401.4% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 2,281,452 shares of the company’s stock worth $102,620,000 after purchasing an additional 1,826,402 shares during the period. 63.09% of the stock is currently owned by institutional investors and hedge funds.

Maplebear Stock Performance

NASDAQ CART opened at $42.21 on Monday. Maplebear Inc. has a 52 week low of $32.73 and a 52 week high of $53.50. The stock’s 50 day moving average price is $43.98 and its two-hundred day moving average price is $40.61. The stock has a market capitalization of $9.92 billion, a price-to-earnings ratio of 23.58, a PEG ratio of 0.58 and a beta of 0.75.

Maplebear (NASDAQ:CART) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $0.57 earnings per share 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 business had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $1.01 billion. During the same period in the prior year, the business earned $0.37 earnings per share. Maplebear’s revenue was up 13.6% compared to the same quarter last year. On average, equities research analysts forecast that Maplebear Inc. will post 2.46 EPS for the current year.

Insider Buying and Selling

In related news, Director Ravi Gupta sold 181,000 shares of the stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $41.51, for a total transaction of $7,513,310.00. Following the completion of the transaction, the director owned 741,523 shares in the company, valued at approximately $30,780,619.73. This represents a 19.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 24.00% of the company’s stock.

Analyst Ratings Changes

CART has been the topic of several research analyst reports. Barclays raised their target price on shares of Maplebear from $65.00 to $69.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. Wells Fargo & Company upped their price target on shares of Maplebear from $45.00 to $47.00 and gave the company an “equal weight” rating in a report on Thursday, May 7th. Weiss Ratings raised shares of Maplebear from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Needham & Company LLC restated a “buy” rating and set a $55.00 price objective on shares of Maplebear in a report on Thursday, May 7th. Finally, Jefferies Financial Group raised shares of Maplebear from a “hold” rating to a “buy” rating and boosted their price objective for the company from $38.00 to $45.00 in a research report on Monday, March 30th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target 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.