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

by · The Markets Daily

Maplebear Inc. (NASDAQ:CART – Get Free Report) insider Morgan Fong sold 18,390 shares of the company’s stock in a transaction on Thursday, October 22nd. The stock was sold at an average price of $51.00, for a total value of $937,890.00. Following the sale, the insider owned 529,911 shares of the company’s stock, valued at approximately $27,025,461. 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.

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

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

Maplebear Stock Performance

CART stock opened at $56.44 on Monday. Maplebear Inc. has a 52-week low of $32.73 and a 52-week high of $57.98. The company has a market capitalization of $13.07 billion, a P/E ratio of 30.84, a PEG ratio of 1.10 and a beta of 0.87. The company has a fifty day moving average price of $48.20 and a 200-day moving average price of $45.22.

Maplebear (NASDAQ:CART – Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.45 earnings per share (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 firm had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter in the previous year, the business posted $0.41 EPS. The firm’s revenue for the quarter was up 14.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Maplebear Inc. will post 2.33 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

CART has been the subject of several research reports. Wall Street Zen lowered Maplebear from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Cantor Fitzgerald boosted their price target on Maplebear from $56.00 to $63.00 and gave the company an “overweight” rating in a report on Friday, August 7th. Guggenheim upped their target price on Maplebear from $44.00 to $46.00 and gave the stock a “neutral” rating in a report on Friday, August 7th. JPMorgan Chase & Co. raised their price objective on Maplebear from $55.00 to $62.00 and gave the company an “overweight” rating in a research report on Friday, August 7th. Finally, Rosenblatt Securities initiated coverage on Maplebear in a report on Tuesday, September 1st. They issued a “neutral” rating and a $55.00 target price for the company. Fourteen analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, Maplebear currently has a consensus rating of “Moderate Buy” and a consensus target price of $58.24.

Get Our Latest Analysis on CART

Institutional Trading of Maplebear

Several institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. bought a new position in Maplebear in the 2nd quarter worth approximately $750,477,000. Dimensional Fund Advisors LP grew its stake in Maplebear by 31.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,981,960 shares of the company’s stock worth $186,618,000 after acquiring an additional 1,189,287 shares in the last quarter. William Blair Investment Management LLC purchased a new position in shares of Maplebear during the second quarter valued at $86,462,000. Renaissance Technologies LLC increased its holdings in Maplebear by 10.0% during the first quarter. Renaissance Technologies LLC now owns 1,567,054 shares of the company’s stock valued at $58,702,000 after buying an additional 142,600 shares during the period. Finally, Bank of America Corp DE lifted its position in Maplebear by 16.5% during the first quarter. Bank of America Corp DE now owns 1,562,097 shares of the company’s stock valued at $58,516,000 after acquiring an additional 221,036 shares during the last quarter. 63.09% of the stock is currently owned by institutional investors.

Maplebear Company Profile

(Get Free Report)

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.

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