Technology Crossover Management XI Ltd. Takes $80.16 Million Position in Maplebear Inc. (NASDAQ:CART)

Technology Crossover Management XI Ltd. purchased a new position in shares of Maplebear Inc. (NASDAQ:CARTFree Report) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,700,000 shares of the company’s stock, valued at approximately $80,163,000. Maplebear accounts for about 28.6% of Technology Crossover Management XI Ltd.’s investment portfolio, making the stock its 2nd largest holding. Technology Crossover Management XI Ltd. owned about 0.98% of Maplebear as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. KPCB DGF II Associates LLC acquired a new position in shares of Maplebear during the third quarter worth about $119,544,000. TD Asset Management Inc acquired a new position in Maplebear in the third quarter valued at approximately $6,640,000. WELLCOME TRUST LTD THE as trustee of the WELLCOME TRUST acquired a new position in Maplebear in the third quarter valued at approximately $105,469,000. General Catalyst Group Management LLC purchased a new stake in Maplebear in the third quarter valued at approximately $36,535,000. Finally, Industry Ventures L.L.C. purchased a new stake in Maplebear in the third quarter valued at approximately $7,796,000.

Maplebear Stock Up 4.3 %

Shares of CART traded up $1.20 during trading hours on Wednesday, reaching $28.90. 4,835,760 shares of the company traded hands, compared to its average volume of 4,088,121. Maplebear Inc. has a fifty-two week low of $22.13 and a fifty-two week high of $42.95. The company’s fifty day moving average price is $24.83.

Maplebear (NASDAQ:CARTGet Free Report) last posted its quarterly earnings data on Tuesday, February 13th. The company reported $0.44 EPS for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.52. The company had revenue of $803.00 million for the quarter, compared to analyst estimates of $804.62 million. The firm’s quarterly revenue was up 6.1% compared to the same quarter last year. As a group, equities analysts expect that Maplebear Inc. will post 0.5 EPS for the current fiscal year.

Insider Activity at Maplebear

In other Maplebear news, Director Jeffrey D. Jordan sold 760,479 shares of the firm’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $26.01, for a total value of $19,780,058.79. Following the sale, the director now directly owns 20,783 shares of the company’s stock, valued at approximately $540,565.83. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on CART shares. Morgan Stanley started coverage on Maplebear in a research note on Tuesday, January 30th. They issued an “equal weight” rating and a $28.00 price objective for the company. Barclays boosted their price objective on Maplebear from $40.00 to $41.00 and gave the company an “overweight” rating in a research note on Wednesday, February 14th. Wolfe Research upgraded Maplebear from a “peer perform” rating to an “outperform” rating and set a $35.00 price objective for the company in a research note on Wednesday, January 17th. JMP Securities boosted their price objective on Maplebear from $33.00 to $35.00 and gave the company a “market outperform” rating in a research note on Thursday, November 9th. Finally, Benchmark cut Maplebear from a “buy” rating to a “hold” rating in a research report on Tuesday, January 23rd. Ten equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, Maplebear currently has an average rating of “Moderate Buy” and an average price target of $34.06.

Read Our Latest Analysis on CART

About Maplebear

(Free Report)

Maplebear Inc, doing business as Instacart, provides online grocery shopping services to households in North America. It sells and delivers a range of products, such as food, alcohol, consumer health, pet care, ready-made meals, and others. The company offers its services through a mobile application and website.

See Also

Institutional Ownership by Quarter for Maplebear (NASDAQ:CART)

Receive News & Ratings for Maplebear Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Maplebear and related companies with MarketBeat.com's FREE daily email newsletter.