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

Maplebear Inc. (NASDAQ:CART) insider Morgan Fong sold 18,390 shares of the company’s stock in a transaction on Monday, August 24th. The stock was sold at an average price of $49.96, for a total value of $918,764.40. Following the sale, the insider owned 529,911 shares of the company’s stock, valued at approximately $26,474,353.56. This represents a 3.35% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Maplebear Stock Down 1.4%

Maplebear stock opened at $50.77 on Thursday. Maplebear Inc. has a 12-month low of $32.73 and a 12-month high of $52.05. The business’s 50-day moving average price is $47.11 and its two-hundred day moving average price is $42.02. The stock has a market cap of $11.75 billion, a PE ratio of 27.74, a P/E/G ratio of 0.76 and a beta of 0.78.

Maplebear (NASDAQ:CART) last issued its earnings results on Thursday, August 6th. The company reported $0.45 EPS for the quarter, missing the consensus estimate of $0.54 by ($0.09). Maplebear had a return on equity of 20.19% and a net margin of 11.97%.The business had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same period in the previous year, the firm posted $0.41 EPS. The firm’s revenue was up 14.1% compared to the same quarter last year. As a group, analysts expect that Maplebear Inc. will post 2.33 earnings per share for the current year.

Analyst Ratings Changes

CART has been the subject of several research reports. Citizens Jmp reissued a “market outperform” rating and issued a $60.00 price objective on shares of Maplebear in a research note on Monday, June 15th. Needham & Company LLC boosted their target price on shares of Maplebear from $55.00 to $63.00 and gave the stock a “buy” rating in a research note on Friday, August 7th. Weiss Ratings reiterated a “hold (c)” rating on shares of Maplebear in a report on Friday, August 7th. BNP Paribas Exane upgraded Maplebear from an “underperform” rating to a “neutral” rating and set a $56.00 price target for the company in a research note on Friday, August 7th. Finally, Wedbush began coverage on Maplebear in a report on Thursday, July 16th. They set an “outperform” rating and a $59.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $55.90.

Institutional Investors Weigh In On Maplebear

Hedge funds have recently added to or reduced their stakes in the business. Allworth Financial LP increased its stake in Maplebear by 35.7% in the 3rd quarter. Allworth Financial LP now owns 928 shares of the company’s stock valued at $34,000 after buying an additional 244 shares during the last quarter. Smartleaf Asset Management LLC lifted its position in shares of Maplebear by 9.6% during the 2nd quarter. Smartleaf Asset Management LLC now owns 2,978 shares of the company’s stock worth $134,000 after buying an additional 261 shares in the last quarter. Rafferty Asset Management LLC boosted its stake in shares of Maplebear by 2.5% in the 2nd quarter. Rafferty Asset Management LLC now owns 11,000 shares of the company’s stock worth $498,000 after buying an additional 273 shares during the last quarter. Crossmark Global Holdings Inc. boosted its stake in shares of Maplebear by 5.0% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 6,423 shares of the company’s stock worth $236,000 after buying an additional 304 shares during the last quarter. Finally, Aviva PLC boosted its stake in shares of Maplebear by 3.9% in the 4th quarter. Aviva PLC now owns 11,279 shares of the company’s stock worth $507,000 after buying an additional 424 shares during the last quarter. 63.09% of the stock is currently owned by institutional investors and hedge funds.

Maplebear Company Profile

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.