Maplebear Inc. (NASDAQ:CART) is Renaissance Capital LLC’s 8th Largest Position

Renaissance Capital LLC decreased its position in shares of Maplebear Inc. (NASDAQ:CART) by 17.5% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 153,189 shares of the company’s stock after selling 32,404 shares during the quarter. Maplebear comprises 4.2% of Renaissance Capital LLC’s holdings, making the stock its 8th biggest position. Renaissance Capital LLC’s holdings in Maplebear were worth $6,345,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of CART. Pacer Advisors Inc. purchased a new position in shares of Maplebear during the 3rd quarter worth $158,701,000. Geode Capital Management LLC lifted its position in Maplebear by 151.7% during the third quarter. Geode Capital Management LLC now owns 2,732,738 shares of the company’s stock worth $111,361,000 after buying an additional 1,647,081 shares during the period. Maverick Capital Ltd. boosted its stake in Maplebear by 19.7% in the 3rd quarter. Maverick Capital Ltd. now owns 2,684,425 shares of the company’s stock worth $109,363,000 after buying an additional 441,156 shares during the last quarter. State Street Corp grew its holdings in Maplebear by 48.3% in the 3rd quarter. State Street Corp now owns 2,552,617 shares of the company’s stock valued at $103,994,000 after buying an additional 831,795 shares during the period. Finally, Southpoint Capital Advisors LP increased its stake in shares of Maplebear by 56.3% during the 3rd quarter. Southpoint Capital Advisors LP now owns 2,500,000 shares of the company’s stock valued at $101,850,000 after acquiring an additional 900,000 shares during the last quarter. Institutional investors and hedge funds own 63.09% of the company’s stock.

Maplebear Stock Performance

NASDAQ:CART opened at $48.13 on Tuesday. The stock has a market cap of $12.36 billion, a price-to-earnings ratio of 32.30, a price-to-earnings-growth ratio of 1.09 and a beta of 1.07. Maplebear Inc. has a one year low of $23.59 and a one year high of $50.01. The business’s 50-day simple moving average is $44.10 and its 200 day simple moving average is $40.69.

Maplebear (NASDAQ:CART) last announced its earnings results on Tuesday, November 12th. The company reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.20. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. The company had revenue of $852.00 million for the quarter, compared to analyst estimates of $844.03 million. During the same period in the prior year, the company posted ($20.86) EPS. Maplebear’s quarterly revenue was up 11.5% on a year-over-year basis. On average, equities research analysts predict that Maplebear Inc. will post 1.43 EPS for the current year.

Insider Buying and Selling at Maplebear

In other Maplebear news, General Counsel Morgan Fong sold 29,253 shares of the stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $48.03, for a total transaction of $1,405,021.59. Following the transaction, the general counsel now owns 258,406 shares of the company’s stock, valued at $12,411,240.18. This trade represents a 10.17 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Alan Ramsay sold 2,314 shares of the business’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $46.28, for a total value of $107,091.92. Following the completion of the sale, the chief accounting officer now owns 85,421 shares of the company’s stock, valued at $3,953,283.88. This trade represents a 2.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 79,808 shares of company stock worth $3,569,808 in the last ninety days. 36.00% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research firms recently issued reports on CART. JMP Securities raised their target price on shares of Maplebear from $42.00 to $51.00 and gave the stock a “market outperform” rating in a research report on Wednesday, November 13th. Mizuho started coverage on shares of Maplebear in a research note on Tuesday, January 14th. They set an “outperform” rating and a $55.00 price objective for the company. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $45.00 target price on shares of Maplebear in a research report on Monday, October 7th. Needham & Company LLC raised Maplebear from a “hold” rating to a “buy” rating and set a $56.00 price target for the company in a research report on Monday, January 13th. Finally, Macquarie upped their price target on Maplebear from $50.00 to $52.00 and gave the stock an “outperform” rating in a research note on Thursday, November 14th. Thirteen analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Maplebear presently has an average rating of “Moderate Buy” and a consensus target price of $48.96.

About Maplebear

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.