Maplebear Inc. (NASDAQ:CART) is Simcoe Capital Management LLC’s 6th Largest Position

Simcoe Capital Management LLC grew its stake in Maplebear Inc. (NASDAQ:CART) by 216.5% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,225,690 shares of the company’s stock after purchasing an additional 838,470 shares during the period. Maplebear makes up about 6.5% of Simcoe Capital Management LLC’s holdings, making the stock its 6th largest holding. Simcoe Capital Management LLC’s holdings in Maplebear were worth $49,935,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in CART. Pacer Advisors Inc. acquired a new stake in shares of Maplebear in the third quarter valued at $158,701,000. Maverick Capital Ltd. boosted its stake in shares of Maplebear by 19.7% during the 3rd quarter. Maverick Capital Ltd. now owns 2,684,425 shares of the company’s stock worth $109,363,000 after acquiring an additional 441,156 shares in the last quarter. Southpoint Capital Advisors LP lifted its stake in Maplebear by 56.3% in the 3rd quarter. Southpoint Capital Advisors LP now owns 2,500,000 shares of the company’s stock valued at $101,850,000 after buying an additional 900,000 shares in the last quarter. Sculptor Capital LP acquired a new position in Maplebear in the 2nd quarter valued at $77,361,000. Finally, Federated Hermes Inc. increased its holdings in shares of Maplebear by 102.2% during the 2nd quarter. Federated Hermes Inc. now owns 1,734,264 shares of the company’s stock worth $55,739,000 after buying an additional 876,439 shares during the last quarter. 63.09% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CART has been the topic of several research analyst reports. BMO Capital Markets increased their price target on shares of Maplebear from $39.00 to $48.00 and gave the stock a “market perform” rating in a research report on Wednesday, November 13th. Raymond James initiated coverage on shares of Maplebear in a research note on Tuesday, September 24th. They issued a “market perform” rating for the company. Robert W. Baird raised their price target on shares of Maplebear from $44.00 to $51.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. Needham & Company LLC reiterated a “hold” rating on shares of Maplebear in a report on Wednesday, November 13th. Finally, Barclays increased their price objective on Maplebear from $48.00 to $56.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. Twelve research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $47.29.

Maplebear Stock Performance

NASDAQ:CART opened at $43.67 on Monday. Maplebear Inc. has a fifty-two week low of $22.13 and a fifty-two week high of $50.01. The stock has a market capitalization of $11.22 billion, a P/E ratio of 29.31, a PEG ratio of 1.13 and a beta of 1.12. The company has a 50 day moving average price of $43.20 and a 200 day moving average price of $37.14.

Maplebear (NASDAQ:CART) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.22 by $0.20. Maplebear had a net margin of 13.37% and a return on equity of 13.78%. The firm had revenue of $852.00 million for the quarter, compared to analyst estimates of $844.03 million. During the same period last year, the business earned ($20.86) EPS. Maplebear’s revenue for the quarter was up 11.5% compared to the same quarter last year. Research analysts forecast that Maplebear Inc. will post 1.4 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CAO Alan Ramsay sold 2,559 shares of the firm’s stock in a transaction on Monday, October 21st. The shares were sold at an average price of $42.97, for a total transaction of $109,960.23. Following the completion of the sale, the chief accounting officer now directly owns 96,666 shares of the company’s stock, valued at approximately $4,153,738.02. This trade represents a 2.58 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Morgan Fong sold 8,345 shares of Maplebear stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $40.00, for a total transaction of $333,800.00. Following the completion of the transaction, the general counsel now directly owns 330,886 shares of the company’s stock, valued at $13,235,440. This trade represents a 2.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 110,954 shares of company stock worth $4,890,405. 36.00% of the stock is owned by company insiders.

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.