Insider Selling: Maplebear Inc. (NASDAQ:CART) General Counsel Sells 18,687 Shares of Stock

Maplebear Inc. (NASDAQ:CART) General Counsel Morgan Fong sold 18,687 shares of the stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $34.86, for a total transaction of $651,428.82. Following the completion of the sale, the general counsel now owns 418,973 shares of the company’s stock, valued at approximately $14,605,398.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

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

• On Thursday, March 21st, Morgan Fong sold 18,689 shares of Maplebear stock. The shares were sold at an average price of $37.62, for a total transaction of $703,080.18.
• On Friday, March 8th, Morgan Fong sold 98,200 shares of Maplebear stock. The shares were sold at an average price of $34.32, for a total transaction of $3,370,224.00.

Maplebear Stock Performance

Shares of Maplebear stock traded up $0.86 during midday trading on Wednesday, reaching $34.28. The company had a trading volume of 4,135,296 shares, compared to its average volume of 4,093,516. The stock has a fifty day simple moving average of $34.71 and a 200 day simple moving average of $28.36. Maplebear Inc. has a 1-year low of $22.13 and a 1-year high of $42.95.

Maplebear (NASDAQ:CART) last issued its quarterly earnings results on Tuesday, February 13th. The company reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.52. The company had revenue of $803.00 million during the quarter, compared to analyst estimates of $804.62 million. Maplebear’s quarterly revenue was up 6.1% compared to the same quarter last year. Sell-side analysts predict that Maplebear Inc. will post 0.53 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have commented on CART. Moffett Nathanson restated a “neutral” rating and set a $37.00 price target (up previously from $36.00) on shares of Maplebear in a research note on Thursday, April 11th. BMO Capital Markets began coverage on shares of Maplebear in a research note on Tuesday, January 9th. They set a “market perform” rating and a $26.00 price target for the company. Sanford C. Bernstein upgraded shares of Maplebear from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $30.00 to $43.00 in a research note on Thursday, March 14th. Benchmark cut shares of Maplebear from a “buy” rating to a “hold” rating in a research note on Tuesday, January 23rd. Finally, Macquarie initiated coverage on shares of Maplebear in a research note on Monday, March 25th. They set an “outperform” rating and a $42.00 price target for the company. Ten equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $38.16.

Hedge Funds Weigh In On Maplebear

A number of hedge funds and other institutional investors have recently made changes to their positions in CART. Solstein Capital LLC bought a new stake in Maplebear in the 1st quarter valued at $233,000. Sapient Capital LLC bought a new stake in Maplebear in the 1st quarter valued at $3,440,000. Sivia Capital Partners LLC bought a new stake in Maplebear in the 1st quarter valued at $369,000. Udine Wealth Management Inc. bought a new stake in Maplebear in the 1st quarter valued at $2,109,000. Finally, Ironwood Financial llc bought a new stake in Maplebear in the 1st quarter valued at $337,000. 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.