Morgan Fong Sells 18,390 Shares of Maplebear (NASDAQ:CART) Stock

Maplebear Inc. (NASDAQ:CART) insider Morgan Fong sold 18,390 shares of the business’s stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $49.96, for a total value of $918,764.40. Following the completion of the transaction, the insider directly owned 529,911 shares in the company, valued at approximately $26,474,353.56. The trade was a 3.35% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Maplebear Price Performance

Maplebear stock opened at $50.48 on Friday. The business has a 50 day simple moving average of $47.23 and a 200-day simple moving average of $42.13. Maplebear Inc. has a 12 month low of $32.73 and a 12 month high of $52.05. The stock has a market capitalization of $11.69 billion, a PE ratio of 27.58, a price-to-earnings-growth ratio of 0.75 and a beta of 0.78.

Maplebear (NASDAQ:CART) last posted its quarterly earnings data on Thursday, August 6th. The company reported $0.45 earnings per share for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.09). The firm had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.03 billion. Maplebear had a net margin of 11.97% and a return on equity of 20.19%. The business’s quarterly revenue was up 14.1% on a year-over-year basis. During the same quarter last year, the business earned $0.41 earnings per share. As a group, equities research analysts anticipate that Maplebear Inc. will post 2.33 EPS for the current year.

Hedge Funds Weigh In On Maplebear

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. purchased a new position in shares of Maplebear in the 2nd quarter valued at about $750,477,000. California State Teachers Retirement System boosted its holdings in Maplebear by 4,490.8% during the second quarter. California State Teachers Retirement System now owns 9,115,159 shares of the company’s stock worth $431,603,000 after buying an additional 8,916,607 shares in the last quarter. Viking Global Investors LP purchased a new stake in Maplebear during the second quarter worth about $169,782,000. Marshall Wace LLP acquired a new position in Maplebear during the fourth quarter worth about $126,206,000. Finally, Norges Bank acquired a new position in Maplebear during the fourth quarter worth about $97,221,000. 63.09% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

CART has been the topic of a number of recent analyst reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Maplebear in a research note on Friday, August 7th. Wall Street Zen downgraded shares of Maplebear from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Barclays raised their price objective on shares of Maplebear from $69.00 to $77.00 and gave the company an “overweight” rating in a research report on Friday, August 7th. Guggenheim lifted their price objective on Maplebear from $44.00 to $46.00 and gave the company a “neutral” rating in a report on Friday, August 7th. Finally, Benchmark boosted their target price on Maplebear from $55.00 to $63.00 and gave the stock a “buy” rating in a research report on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat.com, Maplebear has a consensus rating of “Moderate Buy” and a consensus price target of $55.90.

About Maplebear

Maplebear, Inc, doing business as Instacart, operates a leading online grocery and essentials marketplace that connects consumers, retail partners and personal shoppers through its digital platform. The company enables customers to order groceries, household items and specialty products for same-day or scheduled delivery, as well as in-store pickup. By integrating its technology with retailers’ existing inventory and point-of-sale systems, Maplebear streamlines the shopping experience and provides real-time availability and pricing.

Founded in 2012 and headquartered in San Francisco, Maplebear has grown from a regional startup to a publicly traded company listed on NASDAQ under the ticker CART.