Morgan Fong Sells 8,345 Shares of Maplebear Inc. (NASDAQ:CART) Stock

Maplebear Inc. (NASDAQ:CART) General Counsel Morgan Fong sold 8,345 shares of the business’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $40.00, for a total transaction of $333,800.00. Following the completion of the sale, the general counsel now directly owns 330,886 shares in the company, valued at $13,235,440. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

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

• On Friday, September 20th, Morgan Fong sold 10,992 shares of Maplebear stock. The shares were sold at an average price of $41.38, for a total transaction of $454,848.96.
• On Monday, July 22nd, Morgan Fong sold 9,506 shares of Maplebear stock. The stock was sold at an average price of $35.02, for a total value of $332,900.12.

Maplebear Trading Up 0.7 %

Shares of NASDAQ:CART opened at $42.14 on Monday. The firm has a fifty day moving average price of $34.75 and a 200 day moving average price of $34.72. Maplebear Inc. has a 1-year low of $22.13 and a 1-year high of $42.58.

Maplebear (NASDAQ:CART) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.07. Maplebear had a negative return on equity of 49.98% and a negative net margin of 52.21%. The firm had revenue of $823.00 million for the quarter, compared to analysts’ expectations of $806.35 million. The company’s revenue for the quarter was up 14.9% compared to the same quarter last year. On average, research analysts forecast that Maplebear Inc. will post 1.12 EPS for the current fiscal year.

Hedge Funds Weigh In On Maplebear

A number of hedge funds and other institutional investors have recently bought and sold shares of CART. Parallel Advisors LLC lifted its stake in shares of Maplebear by 139.3% in 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 during the period. Cantor Fitzgerald L. P. lifted its holdings in shares of Maplebear by 389.5% in the 4th quarter. Cantor Fitzgerald L. P. now owns 1,850 shares of the company’s stock valued at $43,000 after buying an additional 2,489 shares during the period. nVerses Capital LLC lifted its holdings in shares of Maplebear by 1,600.0% in the 2nd quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock valued at $55,000 after buying an additional 1,600 shares during the period. Kapitalo Investimentos Ltda purchased a new stake in shares of Maplebear in the fourth quarter valued at approximately $69,000. Finally, Amalgamated Bank purchased a new position in Maplebear in the fourth quarter worth $94,000. 63.09% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CART has been the topic of several research analyst reports. Gordon Haskett upgraded Maplebear from a “hold” rating to a “buy” rating and boosted their price objective for the company from $37.00 to $45.00 in a report on Wednesday, June 5th. Benchmark reiterated a “hold” rating on shares of Maplebear in a research note on Wednesday, August 7th. Wolfe Research assumed coverage on shares of Maplebear in a research note on Tuesday, July 16th. They issued a “peer perform” rating for the company. Needham & Company LLC restated a “hold” rating on shares of Maplebear in a report on Wednesday, August 7th. Finally, Morgan Stanley increased their target price on shares of Maplebear from $43.00 to $45.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 23rd. Ten investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, Maplebear presently has an average rating of “Moderate Buy” and an average target price of $42.81.

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.