Maplebear (NASDAQ:CART) Stock: Insider Morgan Fong Sells 18,390 Shares

Maplebear Inc. (NASDAQ:CART) insider Morgan Fong sold 18,390 shares of Maplebear stock in a transaction dated Thursday, October 22nd. The shares were sold at an average price of $51.00, for a total value of $937,890.00. Following the transaction, the insider owned 529,911 shares of the company’s stock, valued at $27,025,461. The trade was a 3.35% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Tuesday, September 22nd, Morgan Fong sold 18,390 shares of Maplebear stock. The shares were sold at an average price of $44.98, for a total transaction of $827,182.20.
• On Monday, August 24th, Morgan Fong sold 18,390 shares of Maplebear stock. The stock was sold at an average price of $49.96, for a total transaction of $918,764.40.

Maplebear Price Performance

NASDAQ CART opened at $56.44 on Monday. Maplebear Inc. has a 1-year low of $32.73 and a 1-year high of $57.98. The company has a market cap of $13.07 billion, a PE ratio of 30.84, a price-to-earnings-growth ratio of 1.10 and a beta of 0.87. The stock’s 50 day simple moving average is $48.20 and its 200-day simple moving average is $45.22.

Maplebear (NASDAQ:CART) last announced its quarterly earnings data on Thursday, August 6th. The company reported $0.45 EPS for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.09). The company had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.03 billion. Maplebear had a return on equity of 20.19% and a net margin of 11.97%. The business’s quarterly revenue was up 14.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.41 EPS. On average, equities research analysts anticipate that Maplebear Inc. will post 2.33 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Barclays lifted their price objective on shares of Maplebear from $69.00 to $77.00 and gave the stock an “overweight” rating in a research report on Friday, August 7th. Weiss Ratings raised Maplebear from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, October 15th. Rosenblatt Securities started coverage on Maplebear in a report on Tuesday, September 1st. They set a “neutral” rating and a $55.00 price objective on the stock. Wells Fargo & Company upped their target price on Maplebear from $54.00 to $56.00 and gave the company an “equal weight” rating in a report on Monday, October 5th. Finally, Needham & Company LLC upped their price target on shares of Maplebear from $55.00 to $63.00 and gave the company a “buy” rating in a report on Friday, August 7th. Fourteen investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $58.24.

Institutional Investors Weigh In On Maplebear

Several hedge funds have recently modified their holdings of the stock. Beacon Pointe Advisors LLC acquired a new stake in shares of Maplebear during the 2nd quarter worth $9,006,000. Bank of America Corp DE lifted its stake in shares of Maplebear by 16.5% during the first quarter. Bank of America Corp DE now owns 1,562,097 shares of the company’s stock worth $58,516,000 after purchasing an additional 221,036 shares in the last quarter. The Manufacturers Life Insurance Company acquired a new position in shares of Maplebear during the second quarter worth about $6,117,000. Y Intercept Hong Kong Ltd purchased a new stake in shares of Maplebear in the first quarter worth about $1,210,000. Finally, Bank of New York Mellon Corp acquired a new stake in Maplebear in the second quarter valued at approximately $45,239,000. 63.09% of the stock is owned by institutional investors and hedge funds.

Maplebear Company Profile

Maplebear Inc, doing business as Instacart, operates a technology-enabled grocery marketplace that connects consumers with retailers and personal shoppers. Through its website and mobile applications, customers can order groceries and other household products for delivery or pickup from participating supermarkets, specialty food stores, convenience retailers and other merchants.

The company also provides retailers with e-commerce, fulfillment and advertising solutions. Its platform supports online storefronts, order management, delivery logistics, customer engagement and data-driven marketing, allowing retail partners to offer digital shopping services and reach consumers through Instacart’s marketplace.

Founded in 2012, Maplebear serves customers across the United States and Canada.