Cannon Global Investment Management LLC Makes New $414,000 Investment in Maplebear Inc. (NASDAQ:CART)

Cannon Global Investment Management LLC acquired a new position in Maplebear Inc. (NASDAQ:CART) in the fourth quarter, HoldingsChannel.com reports. The firm acquired 10,000 shares of the company’s stock, valued at approximately $414,000.

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

Insider Activity at Maplebear

In other Maplebear news, CAO Alan Ramsay sold 2,314 shares of the company’s stock in a transaction dated 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 $3,953,283.88. This represents a 2.64 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Fidji Simo sold 20,750 shares of the firm’s stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $43.31, for a total value of $898,682.50. Following the transaction, the chief executive officer now owns 1,662,692 shares in the company, valued at $72,011,190.52. The trade was a 1.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 25,097 shares of company stock worth $1,087,094 in the last quarter. 36.00% of the stock is owned by company insiders.

Maplebear Trading Down 0.1 %

CART opened at $38.90 on Monday. The firm has a market cap of $10.29 billion, a P/E ratio of 26.11, a P/E/G ratio of 1.19 and a beta of 1.34. The stock has a 50-day moving average of $45.10 and a 200 day moving average of $43.34. Maplebear Inc. has a 12 month low of $29.84 and a 12 month high of $53.44.

Maplebear (NASDAQ:CART) last posted its quarterly earnings data on Tuesday, February 25th. The company reported $0.53 EPS for the quarter, topping 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 company had revenue of $883.00 million during the quarter, compared to analyst estimates of $889.98 million. On average, research analysts forecast that Maplebear Inc. will post 1.43 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on CART shares. Benchmark reissued a “hold” rating on shares of Maplebear in a report on Wednesday, February 26th. BTIG Research raised shares of Maplebear from a “neutral” rating to a “buy” rating and set a $58.00 price target for the company in a research report on Tuesday, January 14th. Bank of America upped their target price on shares of Maplebear from $51.00 to $53.00 and gave the company a “neutral” rating in a report on Tuesday, February 25th. Deutsche Bank Aktiengesellschaft started coverage on shares of Maplebear in a report on Tuesday, December 3rd. They set a “hold” rating and a $37.00 target price for the company. Finally, Morgan Stanley upped their price objective on Maplebear from $44.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 26th. Thirteen equities 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 has an average rating of “Moderate Buy” and an average target price of $50.52.

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.