Maplebear Inc. (NASDAQ:CART) General Counsel Sells $486,635.25 in Stock

Maplebear Inc. (NASDAQ:CART) General Counsel Morgan Fong sold 11,325 shares of the company’s stock in a transaction on Monday, October 21st. The shares were sold at an average price of $42.97, for a total value of $486,635.25. Following the sale, the general counsel now owns 287,659 shares of the company’s stock, valued at approximately $12,360,707.23. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at 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 Wednesday, September 18th, Morgan Fong sold 8,345 shares of Maplebear stock. The shares were sold at an average price of $40.00, for a total transaction of $333,800.00.

Maplebear Stock Performance

Maplebear stock opened at $44.54 on Friday. The firm has a 50 day moving average price of $38.74 and a two-hundred day moving average price of $35.60. Maplebear Inc. has a 52-week low of $22.13 and a 52-week high of $45.13. The firm has a market cap of $11.79 billion and a price-to-earnings ratio of -2.25.

Maplebear (NASDAQ:CART) last released its earnings results on Tuesday, August 6th. The company reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.07. The business had revenue of $823.00 million for the quarter, compared to analyst estimates of $806.35 million. Maplebear had a negative net margin of 52.21% and a negative return on equity of 49.98%. The company’s revenue was up 14.9% on a year-over-year basis. As a group, equities research analysts predict that Maplebear Inc. will post 1.14 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on CART shares. Piper Sandler lifted their price objective on shares of Maplebear from $47.00 to $50.00 and gave the company an “overweight” rating in a research note on Wednesday, August 7th. Wedbush boosted their target price on Maplebear from $35.00 to $38.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Macquarie raised their price target on shares of Maplebear from $44.00 to $45.00 and gave the company an “outperform” rating in a research note on Thursday, August 8th. Raymond James began coverage on shares of Maplebear in a research report on Tuesday, September 24th. They set a “market perform” rating for the company. Finally, Benchmark restated a “hold” rating on shares of Maplebear in a research report on Wednesday, August 7th. Twelve equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $43.10.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in CART. nVerses Capital LLC increased its holdings in Maplebear by 1,600.0% in the second quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock worth $55,000 after purchasing an additional 1,600 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Maplebear during the 3rd quarter worth approximately $74,000. Quarry LP increased its stake in shares of Maplebear by 269.5% in the 2nd quarter. Quarry LP now owns 3,928 shares of the company’s stock valued at $126,000 after acquiring an additional 2,865 shares in the last quarter. Oppenheimer & Co. Inc. acquired a new position in shares of Maplebear during the 1st quarter valued at $213,000. Finally, Watts Gwilliam & Co. LLC bought a new position in Maplebear during the third quarter worth $231,000. 63.09% of the stock is owned by institutional investors and hedge funds.

About Maplebear

Maplebear Inc, doing business as Instacart, engages in the provision of online grocery shopping services to households in North America. It sells and delivers grocery products, as well as pickup services through a mobile application and website. It also operates virtual convenience stores; and provides software-as-a-service solutions to retailers.