Maplebear Inc. (NASDAQ:CART) General Counsel Morgan Fong Sells 18,687 Shares

Maplebear Inc. (NASDAQ:CART) General Counsel Morgan Fong sold 18,687 shares of Maplebear stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $34.86, for a total value of $651,428.82. Following the transaction, 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 legal filing with the SEC, which is accessible through this hyperlink.

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 value 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 value of $3,370,224.00.

Maplebear Stock Performance

NASDAQ:CART opened at $34.28 on Thursday. The stock’s fifty day moving average price is $34.85 and its two-hundred day moving average price is $28.41. Maplebear Inc. has a 1 year low of $22.13 and a 1 year high of $42.95.

Maplebear (NASDAQ:CART) last posted its earnings results on Tuesday, February 13th. The company reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.52. The company had revenue of $803.00 million for the quarter, compared to analysts’ expectations of $804.62 million. The business’s quarterly revenue was up 6.1% compared to the same quarter last year. On average, analysts expect that Maplebear Inc. will post 0.53 EPS for the current year.

Institutional Investors Weigh In On Maplebear

A number of institutional investors and hedge funds have recently made changes to their positions in CART. SC US Ttgp LTD. purchased a new stake in shares of Maplebear in the third quarter worth $1,180,490,000. KPCB DGF II Associates LLC purchased a new stake in shares of Maplebear in the third quarter worth $119,544,000. Canaan Partners IX LLC purchased a new stake in shares of Maplebear in the fourth quarter worth $87,508,000. WELLCOME TRUST LTD THE as trustee of the WELLCOME TRUST purchased a new stake in shares of Maplebear in the third quarter worth $105,469,000. Finally, Norges Bank purchased a new stake in shares of Maplebear in the fourth quarter worth $78,674,000. Hedge funds and other institutional investors own 63.09% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on CART shares. Morgan Stanley started coverage on Maplebear in a research note on Tuesday, January 30th. They issued an “equal weight” rating and a $28.00 target price on the stock. Benchmark downgraded Maplebear from a “buy” rating to a “hold” rating in a research note on Tuesday, January 23rd. Piper Sandler boosted their target price on Maplebear from $36.00 to $45.00 and gave the stock an “overweight” rating in a research note on Friday, March 15th. Needham & Company LLC restated a “hold” rating on shares of Maplebear in a research note on Tuesday. Finally, Sanford C. Bernstein upgraded Maplebear from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $30.00 to $43.00 in a research note on Thursday, March 14th. Ten investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $38.16.

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.