Maplebear Inc. (NASDAQ:CART) General Counsel Morgan Fong Sells 10,992 Shares

Maplebear Inc. (NASDAQ:CART) General Counsel Morgan Fong sold 10,992 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $41.38, for a total value of $454,848.96. Following the completion of the sale, the general counsel now directly owns 298,984 shares of the company’s stock, valued at approximately $12,371,957.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Morgan Fong also recently made the following trade(s):

• On Wednesday, September 18th, Morgan Fong sold 8,345 shares of Maplebear stock. The stock was sold at an average price of $40.00, for a total value of $333,800.00.
• On Monday, July 22nd, Morgan Fong sold 9,506 shares of Maplebear stock. The shares were sold at an average price of $35.02, for a total transaction of $332,900.12.

Maplebear Stock Up 0.7 %

Shares of Maplebear stock traded up $0.31 on Friday, reaching $42.14. 24,832,456 shares of the company traded hands, compared to its average volume of 4,122,291. The company has a 50 day moving average of $34.60 and a 200 day moving average of $34.64. Maplebear Inc. has a 52 week low of $22.13 and a 52 week high of $42.58.

Maplebear (NASDAQ:CART) last announced its quarterly earnings data 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. Maplebear had a negative return on equity of 49.98% and a negative net margin of 52.21%. The business had revenue of $823.00 million during the quarter, compared to analyst estimates of $806.35 million. The firm’s revenue for the quarter was up 14.9% on a year-over-year basis. As a group, equities analysts predict that Maplebear Inc. will post 1.12 EPS for the current year.

Hedge Funds Weigh In On Maplebear

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CART. Renaissance Capital LLC lifted its stake in shares of Maplebear by 4.3% during the 1st quarter. Renaissance Capital LLC now owns 14,692 shares of the company’s stock valued at $548,000 after buying an additional 607 shares in the last quarter. Parallel Advisors LLC raised its holdings in Maplebear by 139.3% during the 4th quarter. Parallel Advisors LLC now owns 1,065 shares of the company’s stock valued at $25,000 after acquiring an additional 620 shares during the period. Creative Planning lifted its position in shares of Maplebear by 9.5% during the second quarter. Creative Planning now owns 9,566 shares of the company’s stock worth $307,000 after acquiring an additional 831 shares in the last quarter. nVerses Capital LLC lifted its position in shares of Maplebear by 1,600.0% during the second quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock worth $55,000 after acquiring an additional 1,600 shares in the last quarter. Finally, Cantor Fitzgerald L. P. boosted its holdings in shares of Maplebear by 389.5% in the fourth quarter. Cantor Fitzgerald L. P. now owns 1,850 shares of the company’s stock worth $43,000 after acquiring an additional 2,489 shares during the period. Institutional investors own 63.09% of the company’s stock.

Analysts Set New Price Targets

CART has been the subject of a number of analyst reports. Wolfe Research started coverage on shares of Maplebear in a report on Tuesday, July 16th. They set a “peer perform” rating for the company. BMO Capital Markets lifted their price target on Maplebear from $36.00 to $39.00 and gave the company a “market perform” rating in a research note on Wednesday, August 7th. Morgan Stanley boosted their price objective on Maplebear from $43.00 to $45.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 23rd. Gordon Haskett upgraded Maplebear from a “hold” rating to a “buy” rating and raised their target price for the company from $37.00 to $45.00 in a report on Wednesday, June 5th. Finally, KeyCorp began coverage on Maplebear in a report on Thursday, July 11th. They set a “sector weight” rating for the company. Eleven research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $42.81.

Maplebear Company Profile

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.