Amalgamated Bank Sells 300 Shares of Maplebear Inc. (NASDAQ:CART)

Amalgamated Bank cut its holdings in shares of Maplebear Inc. (NASDAQ:CART) by 3.2% in the 3rd quarter, Holdings Channel reports. The firm owned 9,127 shares of the company’s stock after selling 300 shares during the period. Amalgamated Bank’s holdings in Maplebear were worth $372,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of CART. Sculptor Capital LP acquired a new stake in Maplebear in the second quarter valued at about $77,361,000. Federated Hermes Inc. boosted its stake in shares of Maplebear by 102.2% in the 2nd quarter. Federated Hermes Inc. now owns 1,734,264 shares of the company’s stock valued at $55,739,000 after purchasing an additional 876,439 shares in the last quarter. Industry Ventures L.L.C. grew its holdings in shares of Maplebear by 3.3% during the 2nd quarter. Industry Ventures L.L.C. now owns 980,458 shares of the company’s stock valued at $31,512,000 after purchasing an additional 31,175 shares during the last quarter. Marshall Wace LLP grew its holdings in shares of Maplebear by 34.1% during the 2nd quarter. Marshall Wace LLP now owns 726,582 shares of the company’s stock valued at $23,352,000 after purchasing an additional 184,569 shares during the last quarter. Finally, Renaissance Technologies LLC acquired a new position in Maplebear during the 2nd quarter worth approximately $22,816,000. Institutional investors own 63.09% of the company’s stock.

Insider Activity

In other news, CEO Fidji Simo sold 33,000 shares of the firm’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $35.27, for a total value of $1,163,910.00. Following the completion of the sale, the chief executive officer now directly owns 1,844,778 shares in the company, valued at $65,065,320.06. This trade represents a 1.76 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CAO Alan Ramsay sold 2,486 shares of the business’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $41.39, for a total value of $102,895.54. Following the completion of the sale, the chief accounting officer now directly owns 99,225 shares of the company’s stock, valued at $4,106,922.75. The trade was a 2.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 118,710 shares of company stock worth $4,978,164 in the last quarter. 36.00% of the stock is owned by corporate insiders.

Maplebear Trading Down 2.2 %

CART stock opened at $42.00 on Monday. Maplebear Inc. has a 1-year low of $22.13 and a 1-year high of $50.01. The stock has a 50-day moving average price of $42.17 and a 200-day moving average price of $36.63. The firm has a market cap of $10.79 billion, a PE ratio of 28.19, a price-to-earnings-growth ratio of 1.13 and a beta of 1.12.

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

Analyst Upgrades and Downgrades

A number of analysts have weighed in on CART shares. Wedbush boosted their target price on shares of Maplebear from $35.00 to $38.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. JPMorgan Chase & Co. boosted their price objective on Maplebear from $47.00 to $52.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Benchmark reiterated a “hold” rating on shares of Maplebear in a research report on Wednesday, August 7th. BMO Capital Markets boosted their price target on Maplebear from $39.00 to $48.00 and gave the stock a “market perform” rating in a report on Wednesday, November 13th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $45.00 price objective on shares of Maplebear in a report on Monday, October 7th. Twelve research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, Maplebear presently has an average rating of “Moderate Buy” and a consensus target price of $47.29.

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.