Morgan Fong Sells 8,345 Shares of Maplebear Inc. (NASDAQ:CART) Stock

Maplebear Inc. (NASDAQ:CART) General Counsel Morgan Fong sold 8,345 shares of Maplebear 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 sale, the general counsel now directly owns 330,886 shares of the company’s stock, valued at $13,235,440. The transaction was disclosed in a legal filing with the SEC, which is accessible 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 Performance

Shares of Maplebear stock opened at $42.14 on Friday. The business has a 50 day moving average of $34.75 and a 200 day moving average of $34.71. Maplebear Inc. has a 52 week low of $22.13 and a 52 week high of $42.58.

Maplebear (NASDAQ:CART) last posted its earnings results on Tuesday, August 6th. The company reported $0.20 EPS 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 firm had revenue of $823.00 million during the quarter, compared to analysts’ expectations of $806.35 million. The firm’s quarterly revenue was up 14.9% on a year-over-year basis. As a group, equities research analysts forecast that Maplebear Inc. will post 1.12 EPS for the current fiscal year.

Analysts Set New Price Targets

CART has been the subject of a number of recent research reports. BMO Capital Markets boosted their target price on Maplebear from $36.00 to $39.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 7th. Cantor Fitzgerald initiated coverage on shares of Maplebear in a report on Thursday, September 5th. They issued an “overweight” rating and a $45.00 price objective for the company. Macquarie increased their target price on shares of Maplebear from $44.00 to $45.00 and gave the company an “outperform” rating in a report on Thursday, August 8th. Wedbush boosted their price target on shares of Maplebear from $35.00 to $38.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Finally, Benchmark restated a “hold” rating on shares of Maplebear in a research report on Wednesday, August 7th. Eleven analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $42.81.

Institutional Trading of Maplebear

Several large investors have recently bought and sold shares of the company. Victory Capital Management Inc. bought a new position in shares of Maplebear in the 4th quarter worth approximately $440,000. Amalgamated Bank bought a new position in Maplebear in the fourth quarter worth $94,000. Norges Bank purchased a new position in Maplebear during the fourth 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 purchased a new stake in shares of Maplebear in the 4th quarter worth about $218,000. 63.09% of the stock is owned by institutional investors.

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.