Insider Selling: Maplebear (NASDAQ:CART) General Counsel Sells $4,676,418.47 in Stock

Maplebear Inc. (NASDAQ:CART) General Counsel Morgan Fong sold 126,083 shares of the company’s stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $37.09, for a total transaction of $4,676,418.47. Following the completion of the transaction, the general counsel owned 386,643 shares in the company, valued at approximately $14,340,588.87. This represents a 24.59% decrease in their ownership of the stock. The sale 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 Monday, December 22nd, Morgan Fong sold 4,914 shares of Maplebear stock. The shares were sold at an average price of $45.21, for a total transaction of $222,161.94.

Maplebear Stock Up 1.4%

NASDAQ:CART opened at $38.23 on Monday. The stock’s fifty day moving average is $38.00 and its two-hundred day moving average is $40.45. Maplebear Inc. has a 52 week low of $32.73 and a 52 week high of $53.50. The stock has a market capitalization of $9.20 billion, a price-to-earnings ratio of 24.04, a price-to-earnings-growth ratio of 0.58 and a beta of 0.98.

Institutional Trading of Maplebear

Hedge funds have recently added to or reduced their stakes in the company. PenderFund Capital Management Ltd. acquired a new position in Maplebear during the 4th quarter worth approximately $27,000. Hantz Financial Services Inc. lifted its position in shares of Maplebear by 78.6% during the 3rd quarter. Hantz Financial Services Inc. now owns 884 shares of the company’s stock worth $32,000 after purchasing an additional 389 shares during the last quarter. Allworth Financial LP grew its stake in shares of Maplebear by 35.7% during the third quarter. Allworth Financial LP now owns 928 shares of the company’s stock worth $34,000 after purchasing an additional 244 shares in the last quarter. IFP Advisors Inc increased its holdings in Maplebear by 761.3% in the fourth quarter. IFP Advisors Inc now owns 956 shares of the company’s stock valued at $43,000 after buying an additional 845 shares during the last quarter. Finally, Sunbelt Securities Inc. increased its holdings in Maplebear by 212.7% in the third quarter. Sunbelt Securities Inc. now owns 1,157 shares of the company’s stock valued at $43,000 after buying an additional 787 shares during the last quarter. Institutional investors and hedge funds own 63.09% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Argus raised Maplebear to a “strong-buy” rating in a research note on Thursday, March 5th. Needham & Company LLC lifted their target price on Maplebear from $50.00 to $55.00 and gave the company a “buy” rating in a research report on Friday, February 13th. Jefferies Financial Group increased their price target on shares of Maplebear from $41.00 to $48.00 and gave the stock a “hold” rating in a research report on Thursday, December 11th. BNP Paribas Exane started coverage on shares of Maplebear in a research note on Wednesday, January 14th. They issued an “underperform” rating and a $41.00 price objective for the company. Finally, Wells Fargo & Company dropped their price objective on shares of Maplebear from $47.00 to $43.00 and set an “equal weight” rating for the company in a report on Friday, February 13th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $51.04.

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.