Morgan Fong Sells 18,687 Shares of Maplebear Inc. (NASDAQ:CART) Stock

Maplebear Inc. (NASDAQ:CART) General Counsel Morgan Fong sold 18,687 shares of Maplebear stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $34.86, for a total value of $651,428.82. Following the sale, the general counsel now owns 418,973 shares in the company, valued at approximately $14,605,398.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible 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 shares were sold at an average price of $34.32, for a total value of $3,370,224.00.

Maplebear Stock Up 0.8 %

CART stock opened at $34.54 on Friday. Maplebear Inc. has a 1 year low of $22.13 and a 1 year high of $42.95. The stock’s 50 day moving average price is $35.01 and its 200 day moving average price is $28.45.

Maplebear (NASDAQ:CART) last released its quarterly earnings data on Tuesday, February 13th. The company reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.52. The firm had revenue of $803.00 million for the quarter, compared to analyst estimates of $804.62 million. The business’s revenue for the quarter was up 6.1% on a year-over-year basis. On average, research analysts expect that Maplebear Inc. will post 0.53 earnings per share for the current fiscal year.

Institutional Trading of Maplebear

Several large investors have recently added to or reduced their stakes in the stock. SC US Ttgp LTD. acquired a new stake in Maplebear in the 3rd quarter valued at $1,180,490,000. KPCB DGF II Associates LLC acquired a new stake in Maplebear in the 3rd quarter valued at $119,544,000. Canaan Partners IX LLC acquired a new stake in Maplebear in the 4th quarter valued at $87,508,000. WELLCOME TRUST LTD THE as trustee of the WELLCOME TRUST acquired a new stake in Maplebear in the 3rd quarter valued at $105,469,000. Finally, Norges Bank acquired a new stake in Maplebear in the 4th quarter valued at $78,674,000. 63.09% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CART has been the topic of several recent research reports. Benchmark cut Maplebear from a “buy” rating to a “hold” rating in a research report on Tuesday, January 23rd. Barclays boosted their price target on Maplebear from $40.00 to $41.00 and gave the company an “overweight” rating in a research report on Wednesday, February 14th. Macquarie initiated coverage on Maplebear in a report on Monday, March 25th. They issued an “outperform” rating and a $42.00 price objective on the stock. Sanford C. Bernstein raised Maplebear from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $30.00 to $43.00 in a report on Thursday, March 14th. Finally, BMO Capital Markets initiated coverage on Maplebear in a report on Tuesday, January 9th. They issued a “market perform” rating and a $26.00 price objective on the stock. Ten analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, Maplebear has an average rating of “Moderate Buy” and a consensus price target of $38.16.

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.