Maplebear Target of Unusually Large Options Trading (NASDAQ:CART)

Maplebear Inc. (NASDAQ:CART) was the recipient of some unusual options trading activity on Tuesday. Traders acquired 21,120 call options on the stock. This represents an increase of approximately 296% compared to the typical daily volume of 5,329 call options.

Insider Activity

In other news, General Counsel Morgan Fong sold 9,506 shares of the firm’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $35.02, for a total transaction of $332,900.12. Following the sale, the general counsel now owns 372,335 shares in the company, valued at approximately $13,039,171.70. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, CEO Fidji Simo sold 2,500 shares of the stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $33.81, for a total transaction of $84,525.00. Following the transaction, the chief executive officer now owns 1,992,667 shares of the company’s stock, valued at approximately $67,372,071.27. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, General Counsel Morgan Fong sold 9,506 shares of the stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $35.02, for a total transaction of $332,900.12. Following the transaction, the general counsel now directly owns 372,335 shares in the company, valued at approximately $13,039,171.70. The disclosure for this sale can be found here. In the last quarter, insiders have sold 53,388 shares of company stock worth $1,795,513. 36.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Maplebear

Several hedge funds have recently modified their holdings of the stock. Arizona State Retirement System purchased a new position in shares of Maplebear in the second quarter worth $838,000. Victory Capital Management Inc. raised its stake in Maplebear by 144.7% during the second quarter. Victory Capital Management Inc. now owns 36,785 shares of the company’s stock valued at $1,182,000 after purchasing an additional 21,755 shares in the last quarter. BBR Partners LLC raised its stake in Maplebear by 11.5% during the second quarter. BBR Partners LLC now owns 24,164 shares of the company’s stock valued at $777,000 after purchasing an additional 2,500 shares in the last quarter. First Dallas Securities Inc. purchased a new stake in Maplebear during the second quarter valued at $424,000. Finally, Hodges Capital Management Inc. raised its stake in Maplebear by 132.3% during the second quarter. Hodges Capital Management Inc. now owns 386,850 shares of the company’s stock valued at $12,433,000 after purchasing an additional 220,300 shares in the last quarter. Hedge funds and other institutional investors own 63.09% of the company’s stock.

Maplebear Stock Performance

NASDAQ CART traded up $0.55 during trading hours on Tuesday, hitting $31.66. 4,649,617 shares of the company’s stock traded hands, compared to its average volume of 4,102,211. The business’s fifty day moving average price is $33.25 and its two-hundred day moving average price is $33.00. Maplebear has a 52 week low of $22.13 and a 52 week high of $42.95.

Maplebear (NASDAQ:CART) last posted its quarterly earnings results on Wednesday, May 8th. The company reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.39. The firm had revenue of $820.00 million during the quarter, compared to the consensus estimate of $794.08 million. The company’s quarterly revenue was up 8.0% compared to the same quarter last year. On average, research analysts anticipate that Maplebear will post 1.02 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on CART shares. Oppenheimer raised their price target on shares of Maplebear from $36.00 to $48.00 and gave the stock an “outperform” rating in a report on Monday, April 29th. Macquarie reissued an “outperform” rating and issued a $44.00 price target on shares of Maplebear in a report on Friday, July 26th. Barclays raised their price target on shares of Maplebear from $41.00 to $43.00 and gave the stock an “overweight” rating in a report on Thursday, May 9th. Moffett Nathanson reissued a “neutral” rating and issued a $37.00 price target (up previously from $36.00) on shares of Maplebear in a report on Thursday, April 11th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Maplebear in a report on Tuesday, May 7th. Eleven investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $41.60.

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.