Insider Selling: Maplebear Inc. (NASDAQ:CART) General Counsel Sells $651,428.82 in Stock

Maplebear Inc. (NASDAQ:CART) General Counsel Morgan Fong sold 18,687 shares of the firm’s stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $34.86, for a total value of $651,428.82. Following the completion of the sale, the general counsel now owns 418,973 shares in the company, valued at $14,605,398.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Morgan Fong also recently made the following trade(s):

• On Thursday, March 21st, Morgan Fong sold 18,689 shares of Maplebear stock. The stock was 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 Up 0.4 %

Shares of CART opened at $34.69 on Friday. Maplebear Inc. has a twelve month low of $22.13 and a twelve month high of $42.95. The stock’s 50 day moving average is $35.17 and its two-hundred day moving average is $28.52.

Maplebear (NASDAQ:CART) last announced its quarterly earnings results on Tuesday, February 13th. The company reported $0.44 EPS for the quarter, topping the consensus estimate of ($0.08) by $0.52. The firm had revenue of $803.00 million for the quarter, compared to analysts’ expectations of $804.62 million. Maplebear’s revenue for the quarter was up 6.1% on a year-over-year basis. As a group, analysts anticipate that Maplebear Inc. will post 0.53 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Maplebear

Several institutional investors have recently modified their holdings of the company. Renaissance Capital LLC boosted its stake in shares of Maplebear by 4.3% during the 1st 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 boosted its stake in shares of Maplebear by 139.3% during the 4th quarter. Parallel Advisors LLC now owns 1,065 shares of the company’s stock worth $25,000 after acquiring an additional 620 shares in the last quarter. Signaturefd LLC purchased a new stake in shares of Maplebear during the 3rd quarter worth approximately $30,000. Cantor Fitzgerald L. P. boosted its stake in shares of Maplebear by 389.5% during the 4th quarter. Cantor Fitzgerald L. P. now owns 1,850 shares of the company’s stock worth $43,000 after acquiring an additional 2,489 shares in the last quarter. Finally, Kapitalo Investimentos Ltda acquired a new position in shares of Maplebear during the 4th quarter worth approximately $69,000. Hedge funds and other institutional investors own 63.09% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently commented on CART. Fox Advisors cut Maplebear from an “overweight” rating to an “equal weight” rating in a research report on Monday, April 1st. Morgan Stanley began coverage on Maplebear in a research report on Tuesday, January 30th. They set an “equal weight” rating and a $28.00 target price on the stock. Wolfe Research lifted their target price on Maplebear from $35.00 to $39.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 5th. Barclays lifted their target price on Maplebear from $40.00 to $41.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 14th. Finally, Moffett Nathanson reissued a “neutral” rating and set a $37.00 price target (up previously from $36.00) on shares of Maplebear in a report on Thursday, April 11th. Ten equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price 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.