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 company’s 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 in the company, valued at approximately $14,605,398.78. The sale was disclosed in a filing with the SEC, which is accessible through this link.

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 stock was sold at an average price of $34.32, for a total transaction of $3,370,224.00.

Maplebear Stock Performance

CART opened at $34.69 on Friday. The business has a 50 day moving average price of $35.17 and a two-hundred day moving average price of $28.52. Maplebear Inc. has a 1-year low of $22.13 and a 1-year high of $42.95.

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

Institutional Investors Weigh In On Maplebear

Institutional investors and hedge funds have recently bought and sold shares of the business. Parallel Advisors LLC grew its stake in shares of Maplebear by 139.3% in the 4th quarter. Parallel Advisors LLC now owns 1,065 shares of the company’s stock worth $25,000 after purchasing an additional 620 shares during the last quarter. Signaturefd LLC bought a new stake in Maplebear during the third quarter worth approximately $30,000. Cantor Fitzgerald L. P. grew its position in Maplebear by 389.5% in the fourth 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. Kapitalo Investimentos Ltda acquired a new position in Maplebear in the fourth quarter worth approximately $69,000. Finally, Amalgamated Bank bought a new position in shares of Maplebear in the fourth quarter valued at $94,000. 63.09% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on CART. Macquarie initiated coverage on Maplebear in a research report on Monday, March 25th. They set an “outperform” rating and a $42.00 price target on the stock. BMO Capital Markets assumed coverage on Maplebear in a research note on Tuesday, January 9th. They set a “market perform” rating and a $26.00 price objective for the company. Sanford C. Bernstein upgraded Maplebear from a “market perform” rating to an “outperform” rating and raised their target price for the company from $30.00 to $43.00 in a research note on Thursday, March 14th. Barclays boosted their price target on shares of Maplebear from $40.00 to $41.00 and gave the company an “overweight” rating in a report on Wednesday, February 14th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Maplebear from $35.00 to $45.00 and gave the stock an “overweight” rating in a report on Monday, March 25th. Ten investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, Maplebear has a consensus rating of “Moderate Buy” and an average target price of $38.16.

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.