a16z Perennial Management L.P. Sells 215,488 Shares of Maplebear Inc. $CART

a16z Perennial Management L.P. lessened its stake in shares of Maplebear Inc. (NASDAQ:CART) by 94.6% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,351 shares of the company’s stock after selling 215,488 shares during the period. Maplebear makes up about 0.0% of a16z Perennial Management L.P.’s investment portfolio, making the stock its 25th largest holding. a16z Perennial Management L.P.’s holdings in Maplebear were worth $559,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Brooklyn Investment Group bought a new position in Maplebear during the 1st quarter valued at approximately $40,000. Spire Wealth Management bought a new position in Maplebear during the 1st quarter valued at approximately $41,000. CWM LLC increased its position in Maplebear by 35.1% during the 1st quarter. CWM LLC now owns 1,058 shares of the company’s stock valued at $42,000 after buying an additional 275 shares in the last quarter. Golden State Wealth Management LLC increased its position in Maplebear by 100.0% during the 1st quarter. Golden State Wealth Management LLC now owns 1,066 shares of the company’s stock valued at $43,000 after buying an additional 533 shares in the last quarter. Finally, Fifth Third Bancorp boosted its stake in Maplebear by 123.7% during the 2nd quarter. Fifth Third Bancorp now owns 1,190 shares of the company’s stock valued at $54,000 after purchasing an additional 658 shares during the last quarter. Institutional investors own 63.09% of the company’s stock.

Analyst Ratings Changes

CART has been the topic of several recent analyst reports. Wedbush reiterated an “underperform” rating and set a $42.00 target price (down from $55.00) on shares of Maplebear in a research note on Thursday, August 21st. BTIG Research reiterated a “neutral” rating and set a $55.00 target price on shares of Maplebear in a research note on Tuesday, September 30th. Wells Fargo & Company cut their target price on Maplebear from $57.00 to $47.00 and set an “equal weight” rating on the stock in a research note on Friday, October 3rd. Fox Advisors upgraded Maplebear from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 3rd. Finally, Bank of America increased their target price on Maplebear from $53.00 to $58.00 and gave the company a “neutral” rating in a research note on Friday, August 8th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Maplebear presently has an average rating of “Moderate Buy” and a consensus price target of $52.12.

Maplebear Price Performance

CART stock opened at $38.35 on Tuesday. The company has a market cap of $10.10 billion, a P/E ratio of 22.17, a price-to-earnings-growth ratio of 1.20 and a beta of 1.10. Maplebear Inc. has a 1 year low of $34.87 and a 1 year high of $53.50. The stock’s fifty day moving average price is $41.92 and its 200-day moving average price is $44.29.

Maplebear (NASDAQ:CART) last released its quarterly earnings results on Thursday, August 7th. The company reported $0.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.39 by $0.02. The firm 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%.The company’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same period last year, the business posted $0.20 EPS. As a group, analysts expect that Maplebear Inc. will post 1.43 earnings per share for the current year.

Insider Transactions at Maplebear

In other news, CEO Chris Rogers sold 9,259 shares of the firm’s stock in a transaction on Monday, September 22nd. The stock was sold at an average price of $42.37, for a total value of $392,303.83. Following the transaction, the chief executive officer directly owned 739,880 shares in the company, valued at $31,348,715.60. This trade represents a 1.24% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Fidji Simo sold 7,140 shares of the firm’s stock in a transaction on Monday, September 15th. The stock was sold at an average price of $47.30, for a total value of $337,722.00. Following the completion of the transaction, the director owned 573,807 shares in the company, valued at approximately $27,141,071.10. This trade represents a 1.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 27,556 shares of company stock worth $1,179,482 in the last ninety days. Insiders own 26.00% of the company’s stock.

Maplebear Company 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.