Maplebear Inc. (NASDAQ:CART) General Counsel Morgan Fong Sells 8,345 Shares

Maplebear Inc. (NASDAQ:CART) General Counsel Morgan Fong sold 8,345 shares of the stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $40.00, for a total transaction of $333,800.00. Following the completion of the transaction, the general counsel now directly owns 330,886 shares in the company, valued at approximately $13,235,440. The sale was disclosed in a filing with the SEC, which is available through this hyperlink.

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

• On Friday, September 20th, Morgan Fong sold 10,992 shares of Maplebear stock. The stock was sold at an average price of $41.38, for a total transaction of $454,848.96.
• 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 value of $332,900.12.

Maplebear Price Performance

Shares of CART stock traded up $0.31 during trading hours on Friday, reaching $42.14. The company’s stock had a trading volume of 24,832,456 shares, compared to its average volume of 4,122,291. Maplebear Inc. has a one year low of $22.13 and a one year high of $42.58. The firm’s fifty day simple moving average is $34.60 and its 200 day simple moving average is $34.64.

Maplebear (NASDAQ:CART) last released its quarterly earnings results 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 net margin of 52.21% and a negative return on equity of 49.98%. The business had revenue of $823.00 million for the quarter, compared to analysts’ expectations of $806.35 million. The company’s revenue for the quarter was up 14.9% on a year-over-year basis. On average, equities research analysts anticipate that Maplebear Inc. will post 1.12 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on CART shares. Macquarie upped their price objective on Maplebear from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Thursday, August 8th. Wolfe Research assumed coverage on shares of Maplebear in a research report on Tuesday, July 16th. They set a “peer perform” rating on the stock. Piper Sandler lifted their price target on shares of Maplebear from $47.00 to $50.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 7th. Cantor Fitzgerald assumed coverage on shares of Maplebear in a research note on Thursday, September 5th. They issued an “overweight” rating and a $45.00 price objective for the company. Finally, Gordon Haskett upgraded shares of Maplebear from a “hold” rating to a “buy” rating and lifted their target price for the stock from $37.00 to $45.00 in a research report on Wednesday, June 5th. Eleven research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $42.81.

Hedge Funds Weigh In On Maplebear

Hedge funds and other institutional investors have recently modified their holdings of the stock. Victory Capital Management Inc. bought a new stake in shares of Maplebear during the fourth quarter valued at approximately $440,000. Amalgamated Bank bought a new position in Maplebear in the fourth quarter worth $94,000. Norges Bank bought a new stake in shares of Maplebear during the 4th quarter valued at $78,674,000. Parallel Advisors LLC boosted its holdings in shares of 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 buying an additional 620 shares in the last quarter. Finally, Treasurer of the State of North Carolina bought a new stake in shares of Maplebear during the 4th quarter valued at $218,000. Hedge funds and other institutional investors own 63.09% of the company’s stock.

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.