Maplebear Inc. (NASDAQ:CART) General Counsel Morgan Fong Sells 10,992 Shares

Maplebear Inc. (NASDAQ:CART) General Counsel Morgan Fong sold 10,992 shares of the firm’s stock in a transaction on Friday, September 20th. The stock was 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 owns 298,984 shares of the company’s stock, valued at $12,371,957.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

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

• 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.
• On Monday, July 22nd, Morgan Fong sold 9,506 shares of Maplebear stock. The shares were sold at an average price of $35.02, for a total value of $332,900.12.

Maplebear Trading Up 0.7 %

NASDAQ:CART opened at $42.14 on Friday. The business’s fifty day moving average is $34.75 and its 200 day moving average is $34.70. Maplebear Inc. has a 52-week low of $22.13 and a 52-week high of $42.58.

Maplebear (NASDAQ:CART) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.20 earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $823.00 million for 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. Research analysts forecast that Maplebear Inc. will post 1.12 earnings per share for the current year.

Wall Street Analyst Weigh In

Several 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 report on Wednesday, August 7th. Morgan Stanley boosted 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. KeyCorp began coverage on shares of Maplebear in a research note on Thursday, July 11th. They issued a “sector weight” rating on the stock. Finally, Benchmark reiterated a “hold” rating on shares of Maplebear in a report on Wednesday, August 7th. Eleven research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $42.81.

Institutional Trading of Maplebear

A number of hedge funds and other institutional investors have recently bought and sold shares of CART. Healthcare of Ontario Pension Plan Trust Fund bought a new position in Maplebear in the 2nd quarter valued at $1,575,000. Quarry LP grew its position 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 buying an additional 2,865 shares in the last quarter. Creative Planning increased its stake in Maplebear by 9.5% in the 2nd quarter. Creative Planning now owns 9,566 shares of the company’s stock worth $307,000 after acquiring an additional 831 shares during the last quarter. Algert Global LLC bought a new position in Maplebear in the 2nd quarter worth about $301,000. Finally, Sculptor Capital LP purchased a new stake in shares of Maplebear in the 2nd quarter valued at about $77,361,000. Institutional investors own 63.09% of the company’s stock.

About Maplebear

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.