Morgan Fong Sells 9,228 Shares of Maplebear Inc. (NASDAQ:CART) Stock

Maplebear Inc. (NASDAQ:CART) General Counsel Morgan Fong sold 9,228 shares of the firm’s stock in a transaction on Monday, May 20th. The stock was sold at an average price of $33.20, for a total transaction of $306,369.60. Following the completion of the sale, the general counsel now owns 391,069 shares of the company’s stock, valued at approximately $12,983,490.80. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

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

• On Monday, April 22nd, Morgan Fong sold 18,687 shares of Maplebear stock. The stock was sold at an average price of $34.86, for a total transaction of $651,428.82.
• On Thursday, March 21st, Morgan Fong sold 18,689 shares of Maplebear stock. The shares were 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 stock was sold at an average price of $34.32, for a total value of $3,370,224.00.

Maplebear Stock Up 0.9 %

NASDAQ CART opened at $32.87 on Thursday. The business’s 50-day simple moving average is $36.15 and its 200-day simple moving average is $29.74. Maplebear Inc. has a 1-year low of $22.13 and a 1-year high of $42.95.

Maplebear (NASDAQ:CART) last released its quarterly earnings results on Wednesday, May 8th. The company reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.39. The firm had revenue of $820.00 million for the quarter, compared to analysts’ expectations of $794.08 million. The firm’s revenue for the quarter was up 8.0% on a year-over-year basis. On average, equities research analysts predict that Maplebear Inc. will post 1.02 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on CART shares. Sanford C. Bernstein raised Maplebear from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $30.00 to $43.00 in a report on Thursday, March 14th. Stifel Nicolaus upped their price target on shares of Maplebear from $44.00 to $45.00 and gave the stock a “buy” rating in a research note on Thursday, May 9th. Piper Sandler reiterated an “overweight” rating and issued a $47.00 price target (up previously from $45.00) on shares of Maplebear in a report on Thursday, May 9th. Morgan Stanley boosted their price objective on shares of Maplebear from $28.00 to $40.00 and gave the stock an “equal weight” rating in a report on Monday, May 6th. Finally, BMO Capital Markets increased their target price on shares of Maplebear from $26.00 to $36.00 and gave the company a “market perform” rating in a report on Thursday, May 9th. Ten research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat, Maplebear has a consensus rating of “Moderate Buy” and a consensus price target of $41.05.

Institutional Trading of Maplebear

A number of hedge funds have recently made changes to their positions in the stock. Renaissance Capital LLC grew its position in shares of Maplebear by 4.3% in the 1st quarter. Renaissance Capital LLC now owns 14,692 shares of the company’s stock worth $548,000 after acquiring an additional 607 shares in the last quarter. Parallel Advisors LLC lifted its position in shares of Maplebear by 139.3% in the 4th quarter. Parallel Advisors LLC now owns 1,065 shares of the company’s stock worth $25,000 after buying an additional 620 shares during the last quarter. Signaturefd LLC bought a new stake in shares of Maplebear during the 3rd quarter valued at about $30,000. Cantor Fitzgerald L. P. raised its position in shares of Maplebear by 389.5% during the 4th quarter. Cantor Fitzgerald L. P. now owns 1,850 shares of the company’s stock worth $43,000 after purchasing an additional 2,489 shares during the period. Finally, Kapitalo Investimentos Ltda bought a new stake in shares of Maplebear in the 4th quarter worth approximately $69,000. Institutional investors and hedge funds own 63.09% of the company’s stock.

Maplebear Company Profile

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.