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 the business’s stock in a transaction on 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 directly owns 418,973 shares of the company’s stock, valued at $14,605,398.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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 transaction of $703,080.18.
• On Friday, March 8th, Morgan Fong sold 98,200 shares of Maplebear stock. The shares were sold at an average price of $34.32, for a total transaction of $3,370,224.00.

Maplebear Price Performance

Shares of Maplebear stock traded up $0.86 during trading hours on Wednesday, hitting $34.28. The company’s stock had a trading volume of 4,135,296 shares, compared to its average volume of 4,093,516. Maplebear Inc. has a 1-year low of $22.13 and a 1-year high of $42.95. The business has a fifty day moving average of $34.71 and a 200 day moving average of $28.36.

Maplebear (NASDAQ:CART) last released its quarterly earnings data 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 business had revenue of $803.00 million during the quarter, compared to analyst estimates of $804.62 million. Maplebear’s quarterly revenue was up 6.1% compared to the same quarter last year. As a group, analysts predict that Maplebear Inc. will post 0.53 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Robert W. Baird boosted their price target on shares of Maplebear from $31.00 to $44.00 and gave the stock an “outperform” rating in a research note on Monday, April 1st. Loop Capital started coverage on shares of Maplebear in a research report on Friday, April 19th. They set a “buy” rating and a $46.00 target price on the stock. Wolfe Research upped their price target on shares of Maplebear from $35.00 to $39.00 and gave the company an “outperform” rating in a report on Tuesday, March 5th. BMO Capital Markets initiated coverage on shares of Maplebear in a research note on Tuesday, January 9th. They set a “market perform” rating and a $26.00 price objective on the stock. Finally, JPMorgan Chase & Co. upped their price objective on shares of Maplebear from $35.00 to $45.00 and gave the company an “overweight” rating in a research note on Monday, March 25th. Ten equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $38.16.

Institutional Investors Weigh In On Maplebear

Several large investors have recently made changes to their positions in the business. Renaissance Capital LLC increased its position in shares of Maplebear by 4.3% in the first quarter. Renaissance Capital LLC now owns 14,692 shares of the company’s stock worth $548,000 after acquiring an additional 607 shares in the last quarter. Parallel Advisors LLC grew its holdings in Maplebear by 139.3% during the 4th quarter. Parallel Advisors LLC now owns 1,065 shares of the company’s stock valued at $25,000 after purchasing an additional 620 shares in the last quarter. Signaturefd LLC acquired a new stake in Maplebear during the 3rd quarter valued at $30,000. Cantor Fitzgerald L. P. grew its holdings in Maplebear by 389.5% during the 4th quarter. Cantor Fitzgerald L. P. now owns 1,850 shares of the company’s stock valued at $43,000 after purchasing an additional 2,489 shares in the last quarter. Finally, Kapitalo Investimentos Ltda acquired a new stake in Maplebear during the 4th quarter valued at $69,000. Institutional investors and hedge funds own 63.09% of the company’s stock.

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.