Federated Hermes Inc. Purchases 304,355 Shares of Maplebear Inc. (NASDAQ:CART)

Federated Hermes Inc. grew its position in Maplebear Inc. (NASDAQ:CART) by 190.2% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 464,355 shares of the company’s stock after acquiring an additional 304,355 shares during the quarter. Federated Hermes Inc. owned 0.17% of Maplebear worth $10,898,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in the company. Signaturefd LLC bought a new stake in Maplebear in the 3rd quarter worth approximately $30,000. International Assets Investment Management LLC bought a new stake in Maplebear in the 4th quarter worth approximately $110,000. Jump Financial LLC bought a new stake in Maplebear in the 3rd quarter worth approximately $245,000. Alberta Investment Management Corp bought a new stake in Maplebear in the 3rd quarter worth approximately $252,000. Finally, EFG Asset Management North America Corp. bought a new stake in Maplebear in the 3rd quarter worth approximately $270,000. Institutional investors own 63.09% of the company’s stock.

Maplebear Price Performance

CART opened at $33.42 on Wednesday. Maplebear Inc. has a 12-month low of $22.13 and a 12-month high of $42.95. The business’s fifty day simple moving average is $34.71 and its 200-day simple moving average is $28.36.

Maplebear (NASDAQ:CART) last posted its quarterly earnings results on Tuesday, February 13th. The company reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.52. The firm had revenue of $803.00 million for the quarter, compared to the consensus estimate of $804.62 million. Maplebear’s revenue for the quarter was up 6.1% on a year-over-year basis. Equities analysts predict that Maplebear Inc. will post 0.53 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

CART has been the topic of several analyst reports. Fox Advisors downgraded Maplebear from an “overweight” rating to an “equal weight” rating in a research report on Monday, April 1st. Macquarie initiated coverage on Maplebear in a report on Monday, March 25th. They set an “outperform” rating and a $42.00 price target on the stock. Benchmark lowered Maplebear from a “buy” rating to a “hold” rating in a report on Tuesday, January 23rd. BMO Capital Markets initiated coverage on Maplebear in a report on Tuesday, January 9th. They set a “market perform” rating and a $26.00 price target on the stock. Finally, Wolfe Research increased their price target on Maplebear from $35.00 to $39.00 and gave the company an “outperform” rating in a report on Tuesday, March 5th. Ten equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, Maplebear has an average rating of “Moderate Buy” and an average price target of $38.16.

Insider Activity at Maplebear

In related news, CFO Nick Giovanni sold 900 shares of the firm’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $35.00, for a total transaction of $31,500.00. Following the sale, the chief financial officer now owns 591,077 shares of the company’s stock, valued at $20,687,695. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, major shareholder Us (Ttgp) Ltd. Sc acquired 1,036,683 shares of the company’s stock in a transaction that occurred on Tuesday, February 20th. The shares were bought at an average price of $27.90 per share, with a total value of $28,923,455.70. Following the completion of the transaction, the insider now directly owns 1,036,683 shares in the company, valued at $28,923,455.70. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Nick Giovanni sold 900 shares of the firm’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $35.00, for a total value of $31,500.00. Following the sale, the chief financial officer now directly owns 591,077 shares in the company, valued at approximately $20,687,695. The disclosure for this sale can be found here. Over the last quarter, insiders have purchased 2,157,745 shares of company stock valued at $61,771,955 and have sold 1,008,592 shares valued at $28,770,988.

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.