Maplebear (NASDAQ:CART) Trading Down 3.3% Following Insider Selling

Shares of Maplebear Inc. (NASDAQ:CART) were down 3.3% during trading on Monday following insider selling activity. The stock traded as low as $40.65 and last traded at $40.76. Approximately 282,032 shares changed hands during trading, a decline of 93% from the average daily volume of 4,101,306 shares. The stock had previously closed at $42.14.

Specifically, 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 transaction of $454,848.96. Following the sale, the general counsel now owns 298,984 shares of the company’s stock, valued at $12,371,957.92. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, General Counsel Morgan Fong sold 8,345 shares of the company’s stock in a transaction on Wednesday, September 18th. The shares were 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 owns 330,886 shares of the company’s stock, valued at approximately $13,235,440. The disclosure for this sale can be found here.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Macquarie boosted their price target on shares of Maplebear from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Thursday, August 8th. Gordon Haskett raised Maplebear from a “hold” rating to a “buy” rating and boosted their target price for the company from $37.00 to $45.00 in a report on Wednesday, June 5th. Benchmark restated a “hold” rating on shares of Maplebear in a research note on Wednesday, August 7th. KeyCorp assumed coverage on Maplebear in a research note on Thursday, July 11th. They issued a “sector weight” rating for the company. Finally, Needham & Company LLC restated a “hold” rating on shares of Maplebear in a research report on Wednesday, August 7th. Ten analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $42.81.

Maplebear Stock Performance

The stock’s 50 day moving average price is $34.75 and its two-hundred day moving average price is $34.72.

Maplebear (NASDAQ:CART) last issued its earnings results on Tuesday, August 6th. The company reported $0.20 earnings per share for the quarter, topping 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 company had revenue of $823.00 million for the quarter, compared to analyst estimates of $806.35 million. Maplebear’s revenue was up 14.9% compared to the same quarter last year. Research analysts predict that Maplebear Inc. will post 1.12 earnings per share for the current year.

Institutional Investors Weigh In On Maplebear

A number of institutional investors and hedge funds have recently modified their holdings of CART. Parallel Advisors LLC grew its stake in Maplebear by 139.3% in 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 last quarter. Cantor Fitzgerald L. P. raised its position in Maplebear by 389.5% during 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 last quarter. nVerses Capital LLC lifted its holdings in shares of Maplebear by 1,600.0% in the second quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock valued at $55,000 after purchasing an additional 1,600 shares in the last quarter. Kapitalo Investimentos Ltda acquired a new stake in shares of Maplebear in the fourth quarter valued at approximately $69,000. Finally, Quarry LP increased its stake in shares of Maplebear by 269.5% during the 2nd quarter. Quarry LP now owns 3,928 shares of the company’s stock worth $126,000 after purchasing an additional 2,865 shares in the last quarter. Institutional investors and hedge funds 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.