Maplebear Inc. (NASDAQ:CART) General Counsel Morgan Fong Sells 29,253 Shares

Maplebear Inc. (NASDAQ:CART) General Counsel Morgan Fong sold 29,253 shares of the stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $48.03, for a total value of $1,405,021.59. Following the transaction, the general counsel now directly owns 258,406 shares in the company, valued at $12,411,240.18. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

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

• On Monday, October 21st, Morgan Fong sold 11,325 shares of Maplebear stock. The shares were sold at an average price of $42.97, for a total value of $486,635.25.
• 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 value of $454,848.96.
• 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 transaction of $333,800.00.

Maplebear Price Performance

NASDAQ:CART opened at $47.72 on Friday. The company has a market cap of $12.45 billion, a price-to-earnings ratio of -2.40, a PEG ratio of 1.39 and a beta of 1.12. Maplebear Inc. has a 1 year low of $22.13 and a 1 year high of $50.01. The stock’s 50 day simple moving average is $40.91 and its two-hundred day simple moving average is $36.16.

Maplebear (NASDAQ:CART) last announced its quarterly 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 analysts’ expectations of $806.35 million. The business’s quarterly revenue was up 14.9% compared to the same quarter last year. As a group, analysts anticipate that Maplebear Inc. will post 1.17 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have commented on CART. Wedbush upped their target price on shares of Maplebear from $35.00 to $38.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Cantor Fitzgerald reiterated an “overweight” rating and set a $45.00 target price on shares of Maplebear in a research report on Monday, October 7th. Needham & Company LLC reissued a “hold” rating on shares of Maplebear in a report on Wednesday, August 7th. Macquarie raised their price objective on Maplebear from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Thursday, August 8th. Finally, Citigroup boosted their price objective on Maplebear from $44.00 to $47.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. Twelve analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, Maplebear has an average rating of “Moderate Buy” and an average target price of $43.90.

Institutional Trading of Maplebear

A number of large investors have recently made changes to their positions in the business. SG Americas Securities LLC purchased a new position in Maplebear in the first quarter worth about $31,109,000. Oppenheimer & Co. Inc. purchased a new position in shares of Maplebear in the 1st quarter worth approximately $213,000. Donoghue Forlines LLC bought a new position in shares of Maplebear during the 1st quarter valued at approximately $262,000. Russell Investments Group Ltd. purchased a new stake in Maplebear during the 1st quarter valued at $1,663,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Maplebear in the first quarter worth $6,462,000. 63.09% of the stock is currently owned by institutional investors.

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.