Alpha DNA Investment Management LLC Acquires Shares of 14,856 Maplebear Inc. (NASDAQ:CART)

Alpha DNA Investment Management LLC acquired a new stake in Maplebear Inc. (NASDAQ:CART) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 14,856 shares of the company’s stock, valued at approximately $477,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CART. Federated Hermes Inc. lifted its stake in Maplebear by 102.2% in the second quarter. Federated Hermes Inc. now owns 1,734,264 shares of the company’s stock valued at $55,739,000 after buying an additional 876,439 shares during the last quarter. SG Americas Securities LLC purchased a new stake in Maplebear in the first quarter valued at approximately $31,109,000. Lord Abbett & CO. LLC purchased a new stake in Maplebear in the first quarter valued at approximately $28,674,000. Renaissance Technologies LLC purchased a new stake in Maplebear in the second quarter valued at approximately $22,816,000. Finally, Delta Global Management LP purchased a new stake in Maplebear in the first quarter valued at approximately $25,722,000. Hedge funds and other institutional investors own 63.09% of the company’s stock.

Insider Activity at Maplebear

In related news, CEO Fidji Simo sold 33,000 shares of the stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $35.27, for a total transaction of $1,163,910.00. Following the sale, the chief executive officer now owns 1,844,778 shares of the company’s stock, valued at $65,065,320.06. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, CAO Alan Ramsay sold 2,486 shares of the stock in a transaction on Friday, September 20th. The stock was sold at an average price of $41.39, for a total transaction of $102,895.54. Following the sale, the chief accounting officer now owns 99,225 shares of the company’s stock, valued at $4,106,922.75. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Fidji Simo sold 33,000 shares of the stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $35.27, for a total value of $1,163,910.00. Following the sale, the chief executive officer now directly owns 1,844,778 shares in the company, valued at approximately $65,065,320.06. The disclosure for this sale can be found here. Insiders have sold a total of 67,655 shares of company stock valued at $2,504,824 over the last quarter. Insiders own 36.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on CART shares. Wedbush boosted their price objective on Maplebear from $35.00 to $38.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Bank of America upped their price target on Maplebear from $41.00 to $45.00 and gave the stock a “neutral” rating in a research note on Tuesday. Raymond James assumed coverage on Maplebear in a research note on Tuesday. They set a “market perform” rating for the company. KeyCorp assumed coverage on Maplebear in a research note on Thursday, July 11th. They set a “sector weight” rating for the company. Finally, Piper Sandler upped their price target on Maplebear from $47.00 to $50.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 7th. Eleven research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $43.33.

Maplebear Price Performance

Maplebear stock opened at $40.50 on Thursday. Maplebear Inc. has a fifty-two week low of $22.13 and a fifty-two week high of $42.58. The stock’s fifty day moving average is $34.93 and its two-hundred day moving average is $34.80.

Maplebear (NASDAQ:CART) last posted its earnings results on Tuesday, August 6th. The company reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.07. The company had revenue of $823.00 million for the quarter, compared to analyst estimates of $806.35 million. Maplebear had a negative return on equity of 49.98% and a negative net margin of 52.21%. The business’s revenue for the quarter was up 14.9% compared to the same quarter last year. Research analysts anticipate that Maplebear Inc. will post 1.12 earnings per share for the current fiscal year.

About Maplebear

Maplebear Inc, doing business as Instacart, provides online grocery shopping services to households in North America. It sells and delivers grocery products. The company offers its services through a mobile application and website. It also provides software-as-a-service solutions to retailers. The company was incorporated in 2012 and is based in San Francisco, California.