Pier Capital LLC Acquires 44,095 Shares of Maplebear Inc. (NASDAQ:CART)

Pier Capital LLC raised its holdings in Maplebear Inc. (NASDAQ:CART) by 29.1% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 195,699 shares of the company’s stock after buying an additional 44,095 shares during the quarter. Pier Capital LLC owned about 0.08% of Maplebear worth $8,106,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Jones Financial Companies Lllp lifted its stake in Maplebear by 46.6% in the fourth quarter. Jones Financial Companies Lllp now owns 698 shares of the company’s stock worth $29,000 after acquiring an additional 222 shares during the period. Wilmington Savings Fund Society FSB purchased a new stake in shares of Maplebear in the 3rd quarter worth about $33,000. Allworth Financial LP boosted its stake in shares of Maplebear by 101.4% during the 4th quarter. Allworth Financial LP now owns 834 shares of the company’s stock valued at $37,000 after purchasing an additional 420 shares in the last quarter. Cullen Frost Bankers Inc. purchased a new position in shares of Maplebear during the fourth quarter valued at about $62,000. Finally, PNC Financial Services Group Inc. raised its stake in Maplebear by 243.3% in the fourth quarter. PNC Financial Services Group Inc. now owns 3,399 shares of the company’s stock worth $141,000 after buying an additional 2,409 shares in the last quarter. 63.09% of the stock is owned by hedge funds and other institutional investors.

Maplebear Stock Up 5.2 %

NASDAQ CART opened at $40.91 on Tuesday. Maplebear Inc. has a 52 week low of $29.84 and a 52 week high of $53.44. The company has a market capitalization of $10.83 billion, a P/E ratio of 27.46, a price-to-earnings-growth ratio of 1.19 and a beta of 1.34. The stock’s 50-day moving average price is $45.03 and its 200-day moving average price is $43.38.

Maplebear (NASDAQ:CART) last issued its quarterly earnings results on Tuesday, February 25th. The company reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.16. Maplebear had a net margin of 13.37% and a return on equity of 13.78%. The business had revenue of $883.00 million for the quarter, compared to the consensus estimate of $889.98 million. Research analysts anticipate that Maplebear Inc. will post 1.43 EPS for the current year.

Analyst Ratings Changes

Several analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft assumed coverage on Maplebear in a research report on Tuesday, December 3rd. They set a “hold” rating and a $37.00 price objective on the stock. Barclays increased their price objective on Maplebear from $56.00 to $58.00 and gave the stock an “overweight” rating in a report on Wednesday, February 26th. Wedbush dropped their target price on shares of Maplebear from $48.00 to $46.00 and set a “neutral” rating on the stock in a report on Wednesday, February 26th. Macquarie increased their price target on shares of Maplebear from $52.00 to $55.00 and gave the stock an “outperform” rating in a research note on Thursday, February 27th. Finally, BTIG Research raised shares of Maplebear from a “neutral” rating to a “buy” rating and set a $58.00 price objective on the stock in a research note on Tuesday, January 14th. Thirteen research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $50.52.

Insider Buying and Selling

In other Maplebear news, CEO Fidji Simo sold 2,033 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $40.00, for a total transaction of $81,320.00. Following the sale, the chief executive officer now directly owns 1,654,559 shares of the company’s stock, valued at $66,182,360. The trade was a 0.12 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 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 transaction, the chief accounting officer now directly owns 85,421 shares in the company, valued at approximately $3,953,283.88. This represents a 2.64 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 25,097 shares of company stock worth $1,087,094. 36.00% of the stock is owned by corporate insiders.

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.