Fifth Third Bancorp Purchases 658 Shares of Maplebear Inc. $CART

Fifth Third Bancorp increased its position in shares of Maplebear Inc. (NASDAQ:CART) by 123.7% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,190 shares of the company’s stock after purchasing an additional 658 shares during the period. Fifth Third Bancorp’s holdings in Maplebear were worth $54,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in Maplebear by 3.4% in the first quarter. Vanguard Group Inc. now owns 16,514,830 shares of the company’s stock valued at $658,777,000 after acquiring an additional 546,472 shares during the period. Victory Capital Management Inc. grew its position in Maplebear by 62.8% in the first quarter. Victory Capital Management Inc. now owns 7,368,232 shares of the company’s stock valued at $293,919,000 after acquiring an additional 2,841,559 shares during the period. T. Rowe Price Investment Management Inc. grew its position in Maplebear by 10.2% in the first quarter. T. Rowe Price Investment Management Inc. now owns 5,226,979 shares of the company’s stock valued at $208,505,000 after acquiring an additional 482,327 shares during the period. Altimeter Capital Management LP grew its stake in Maplebear by 31.9% during the first quarter. Altimeter Capital Management LP now owns 3,348,128 shares of the company’s stock worth $133,557,000 after buying an additional 810,510 shares during the last quarter. Finally, Federated Hermes Inc. grew its stake in Maplebear by 15.0% during the first quarter. Federated Hermes Inc. now owns 2,832,384 shares of the company’s stock worth $112,984,000 after buying an additional 370,120 shares during the last quarter. Institutional investors own 63.09% of the company’s stock.

Maplebear Trading Up 4.9%

CART opened at $39.30 on Friday. The stock has a market capitalization of $10.35 billion, a P/E ratio of 22.72, a P/E/G ratio of 1.25 and a beta of 1.10. Maplebear Inc. has a 12 month low of $34.87 and a 12 month high of $53.50. The firm’s fifty day simple moving average is $44.91 and its 200 day simple moving average is $44.28.

Maplebear (NASDAQ:CART) last released its 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 firm had revenue of $914.00 million for the quarter, compared to analysts’ expectations of $896.55 million. Maplebear had a return on equity of 15.69% and a net margin of 13.76%.The business’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.20 EPS. On average, equities research analysts predict that Maplebear Inc. will post 1.43 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

CART has been the topic of several research analyst reports. Morgan Stanley upped their price objective on shares of Maplebear from $45.00 to $48.00 and gave the stock an “equal weight” rating in a research note on Friday, August 15th. Stifel Nicolaus decreased their price objective on shares of Maplebear from $64.00 to $56.00 and set a “buy” rating on the stock in a research note on Wednesday, September 24th. Citigroup increased their target price on Maplebear from $57.00 to $65.00 and gave the stock a “buy” rating in a report on Friday, August 8th. BTIG Research restated a “neutral” rating and set a $55.00 target price on shares of Maplebear in a report on Tuesday. Finally, Barclays increased their target price on Maplebear from $61.00 to $65.00 and gave the stock an “overweight” rating in a report on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Maplebear has an average rating of “Moderate Buy” and a consensus price target of $54.54.

Insiders Place Their Bets

In other Maplebear news, General Counsel Morgan Fong sold 4,680 shares of the stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $49.16, for a total transaction of $230,068.80. Following the transaction, the general counsel owned 452,000 shares in the company, valued at $22,220,320. This represents a 1.02% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Grosvenor L.P. Gcm sold 4,864,272 shares of the stock in a transaction that occurred on Friday, July 25th. The stock was sold at an average price of $47.75, for a total transaction of $232,268,988.00. The disclosure for this sale can be found here. Insiders have sold 4,986,367 shares of company stock worth $238,211,261 in the last 90 days. Corporate insiders own 26.00% of the company’s stock.

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.