Maplebear Inc. $CART Stake Trimmed by Kornitzer Capital Management Inc. KS

Kornitzer Capital Management Inc. KS lowered its stake in Maplebear Inc. (NASDAQ:CART) by 33.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 163,000 shares of the company’s stock after selling 82,000 shares during the quarter. Kornitzer Capital Management Inc. KS owned approximately 0.06% of Maplebear worth $7,374,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Principal Financial Group Inc. increased its stake in Maplebear by 4,154.7% in the 1st quarter. Principal Financial Group Inc. now owns 372,581 shares of the company’s stock worth $14,862,000 after purchasing an additional 363,824 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in Maplebear by 18.6% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,056 shares of the company’s stock worth $82,000 after acquiring an additional 322 shares during the period. Sentry Investment Management LLC acquired a new stake in Maplebear during the 2nd quarter worth about $391,000. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of Maplebear by 7.6% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 6,166 shares of the company’s stock valued at $246,000 after buying an additional 433 shares during the last quarter. Finally, Golden State Wealth Management LLC lifted its holdings in shares of 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 during the last quarter. Hedge funds and other institutional investors own 63.09% of the company’s stock.

Maplebear Trading Down 0.7%

CART opened at $39.15 on Friday. The stock’s 50 day simple moving average is $42.07 and its 200-day simple moving average is $44.25. The stock has a market cap of $10.31 billion, a PE ratio of 22.63, a P/E/G 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.

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

Wall Street Analysts Forecast Growth

CART has been the topic of a number of recent analyst reports. Guggenheim initiated coverage on Maplebear in a research note on Wednesday, October 15th. They issued a “neutral” rating and a $40.00 price objective on the stock. Bank of America lifted their price target on Maplebear from $53.00 to $58.00 and gave the stock a “neutral” rating in a research report on Friday, August 8th. Citigroup lifted their price target on Maplebear from $57.00 to $65.00 and gave the stock a “buy” rating in a research report on Friday, August 8th. Barclays boosted their price objective on Maplebear from $61.00 to $65.00 and gave the company an “overweight” rating in a research report on Friday, August 8th. Finally, Needham & Company LLC boosted their price objective on Maplebear from $56.00 to $66.00 and gave the company a “buy” rating in a research report on Friday, August 8th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $52.12.

Insider Activity at Maplebear

In related news, CEO Chris Rogers sold 9,259 shares of the business’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 sale, the chief executive officer owned 739,880 shares of the company’s stock, valued at $31,348,715.60. The trade was a 1.24% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Fidji Simo sold 1,014 shares of the business’s stock in a transaction on Thursday, October 16th. The shares were sold at an average price of $40.00, for a total value of $40,560.00. Following the completion of the sale, the director directly owned 569,742 shares in the company, valued at approximately $22,789,680. This represents a 0.18% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 27,556 shares of company stock valued at $1,179,482 in the last 90 days. 26.00% of the stock is 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.