Morgan Fong Sells 10,992 Shares of Maplebear Inc. (NASDAQ:CART) Stock

Maplebear Inc. (NASDAQ:CART) General Counsel Morgan Fong sold 10,992 shares of the company’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 completion of the sale, the general counsel now directly owns 298,984 shares of the company’s stock, valued at approximately $12,371,957.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

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

• 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.
• 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 Price Performance

CART opened at $42.14 on Friday. Maplebear Inc. has a 52-week low of $22.13 and a 52-week high of $42.58. The business’s fifty day moving average is $34.75 and its 200-day moving average is $34.71.

Maplebear (NASDAQ:CART) last released its earnings results on Tuesday, August 6th. The company reported $0.20 EPS for the quarter, beating the consensus estimate of $0.13 by $0.07. The firm 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 firm’s quarterly revenue was up 14.9% on a year-over-year basis. On average, research analysts expect that Maplebear Inc. will post 1.12 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on CART shares. Wedbush increased their price target on Maplebear from $35.00 to $38.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Piper Sandler increased their target price on Maplebear from $47.00 to $50.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 7th. Morgan Stanley lifted their price target on shares of Maplebear from $43.00 to $45.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 23rd. Needham & Company LLC reissued a “hold” rating on shares of Maplebear in a research report on Wednesday, August 7th. Finally, Citigroup boosted their price objective on shares of Maplebear from $44.00 to $47.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Eleven investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $42.81.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Parallel Advisors LLC boosted its holdings in shares of 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 purchasing an additional 620 shares in the last quarter. Cantor Fitzgerald L. P. lifted its position in shares of Maplebear by 389.5% during the 4th quarter. Cantor Fitzgerald L. P. now owns 1,850 shares of the company’s stock worth $43,000 after buying an additional 2,489 shares during the last quarter. nVerses Capital LLC boosted its stake in 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 buying an additional 1,600 shares in the last quarter. Kapitalo Investimentos Ltda bought a new position in Maplebear in the fourth quarter valued at about $69,000. Finally, Amalgamated Bank acquired a new position in Maplebear during the fourth quarter worth about $94,000. 63.09% of the stock is currently owned by institutional investors and hedge funds.

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.