Aquatic Capital Management Buys Stake in Maplebear Inc.

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Aquatic Capital Management LLC, an institutional investor, has purchased a new position in shares of Maplebear Inc. (NASDAQ:CART), the online grocery delivery company. According to a filing with the Securities and Exchange Commission (SEC), Aquatic Capital Management acquired 231,040 shares of Maplebear, valued at approximately $8.5 million, during the third quarter.

Why it matters

The purchase of a significant stake in Maplebear by Aquatic Capital Management suggests the institutional investor sees potential in the company's growth and future prospects. Maplebear, also known as Instacart, is a leading online grocery and essentials marketplace that has seen increased demand during the COVID-19 pandemic as consumers shifted to online shopping and delivery services.

The details

Aquatic Capital Management's purchase of 231,040 shares represents a 0.09% ownership stake in Maplebear. The institutional investor's move comes as several Wall Street analysts have adjusted their price targets for Maplebear's stock, with some maintaining a 'buy' rating and others lowering their targets due to market conditions.

• Aquatic Capital Management purchased the Maplebear shares during the third quarter of the year.