Insider Selling: Maplebear Inc. (NASDAQ:CART) General Counsel Sells $333,800.00 in Stock

Maplebear Inc. (NASDAQ:CART) 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 sale, the general counsel now directly owns 330,886 shares in the company, valued at $13,235,440. The transaction 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 shares were sold at an average price of $41.38, for a total value of $454,848.96.
• On Monday, July 22nd, Morgan Fong sold 9,506 shares of Maplebear stock. The stock was sold at an average price of $35.02, for a total value of $332,900.12.

Maplebear Stock Up 0.7 %

Shares of NASDAQ CART opened at $42.14 on Monday. Maplebear Inc. has a 12-month low of $22.13 and a 12-month high of $42.58. The company has a 50-day moving average of $34.75 and a 200 day moving average of $34.72.

Maplebear (NASDAQ:CART) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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% compared to the same quarter last year. As a group, research analysts forecast that Maplebear Inc. will post 1.12 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Maplebear

A number of hedge funds have recently modified their holdings of the company. Parallel Advisors LLC raised its stake in Maplebear by 139.3% during the fourth quarter. Parallel Advisors LLC now owns 1,065 shares of the company’s stock worth $25,000 after purchasing an additional 620 shares during the period. nVerses Capital LLC raised its position in shares of Maplebear by 1,600.0% during the 2nd quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock valued at $55,000 after buying an additional 1,600 shares during the period. Cantor Fitzgerald L. P. lifted its holdings in Maplebear by 389.5% in the fourth quarter. Cantor Fitzgerald L. P. now owns 1,850 shares of the company’s stock valued at $43,000 after acquiring an additional 2,489 shares during the last quarter. Kapitalo Investimentos Ltda purchased a new position in Maplebear in the fourth quarter worth approximately $69,000. Finally, Quarry LP increased its stake in Maplebear by 269.5% during the second quarter. Quarry LP now owns 3,928 shares of the company’s stock worth $126,000 after acquiring an additional 2,865 shares during the last quarter. Hedge funds and other institutional investors own 63.09% of the company’s stock.

Wall Street Analysts Forecast Growth

CART has been the topic of several recent research reports. Citigroup upped their price objective on Maplebear from $44.00 to $47.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. Gordon Haskett raised shares of Maplebear from a “hold” rating to a “buy” rating and increased their price target for the stock from $37.00 to $45.00 in a report on Wednesday, June 5th. Macquarie lifted their price objective on shares of Maplebear from $44.00 to $45.00 and gave the company an “outperform” rating in a report on Thursday, August 8th. Wolfe Research started coverage on shares of Maplebear in a research note on Tuesday, July 16th. They set a “peer perform” rating on the stock. Finally, Piper Sandler lifted their price target on Maplebear from $47.00 to $50.00 and gave the company an “overweight” rating in a research note on Wednesday, August 7th. Ten research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target 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.