Insider Selling: Maplebear Inc. (NASDAQ:CART) General Counsel Sells $454,848.96 in Stock

Maplebear Inc. (NASDAQ:CART) General Counsel Morgan Fong sold 10,992 shares of the company’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $41.38, for a total transaction of $454,848.96. Following the transaction, the general counsel now owns 298,984 shares in the company, valued at $12,371,957.92. The sale was disclosed in a filing 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 stock was sold at an average price of $35.02, for a total transaction of $332,900.12.

Maplebear Stock Up 0.7 %

NASDAQ:CART opened at $42.14 on Monday. Maplebear Inc. has a fifty-two week low of $22.13 and a fifty-two week high of $42.58. The firm’s 50 day moving average is $34.75 and its two-hundred day moving average is $34.72.

Maplebear (NASDAQ:CART) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.20 earnings per share for the quarter, topping analysts’ consensus estimates of $0.13 by $0.07. The company had revenue of $823.00 million for the quarter, compared to the consensus estimate of $806.35 million. Maplebear had a negative net margin of 52.21% and a negative return on equity of 49.98%. The company’s quarterly revenue was up 14.9% on a year-over-year basis. On average, analysts forecast that Maplebear Inc. will post 1.12 EPS for the current year.

Hedge Funds Weigh In On Maplebear

Large investors have recently bought and sold shares of the stock. Parallel Advisors LLC raised 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 valued at $25,000 after acquiring an additional 620 shares during the period. Cantor Fitzgerald L. P. raised its stake in shares of Maplebear by 389.5% in the 4th quarter. Cantor Fitzgerald L. P. now owns 1,850 shares of the company’s stock valued at $43,000 after acquiring an additional 2,489 shares during the period. nVerses Capital LLC raised its stake in shares of Maplebear by 1,600.0% in the 2nd quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock valued at $55,000 after acquiring an additional 1,600 shares during the period. Kapitalo Investimentos Ltda purchased a new position in shares of Maplebear in the 4th quarter valued at $69,000. Finally, Amalgamated Bank purchased a new position in shares of Maplebear in the 4th quarter valued at $94,000. Hedge funds and other institutional investors own 63.09% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Benchmark restated a “hold” rating on shares of Maplebear in a research report on Wednesday, August 7th. Citigroup increased their price target 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. Wedbush increased their price target on shares of Maplebear from $35.00 to $38.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Macquarie increased their price target on shares of Maplebear from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Thursday, August 8th. Finally, Piper Sandler increased their price target on shares of Maplebear from $47.00 to $50.00 and gave the company an “overweight” rating in a research report on Wednesday, August 7th. Ten research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $42.81.

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.