Maplebear (NASDAQ:CART) General Counsel Morgan Fong Sells 126,083 Shares of Stock

Maplebear Inc. (NASDAQ:CART) General Counsel Morgan Fong sold 126,083 shares of Maplebear stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $37.09, for a total value 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. The trade was a 24.59% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at 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 stock was sold at an average price of $45.21, for a total value of $222,161.94.

Maplebear Stock Up 1.4%

NASDAQ:CART opened at $38.23 on Friday. Maplebear Inc. has a twelve month low of $32.73 and a twelve month high of $53.50. The stock’s 50-day simple moving average is $38.00 and its 200 day simple moving average is $40.49. The firm has a market capitalization of $9.20 billion, a PE ratio of 24.04, a price-to-earnings-growth ratio of 0.58 and a beta of 0.98.

Hedge Funds Weigh In On Maplebear

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. PenderFund Capital Management Ltd. acquired a new position in shares of Maplebear during the fourth quarter worth $27,000. Hantz Financial Services Inc. grew its stake in shares of Maplebear by 78.6% in the third 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 increased its holdings in Maplebear by 35.7% in the third quarter. Allworth Financial LP now owns 928 shares of the company’s stock valued at $34,000 after purchasing an additional 244 shares during the period. 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 purchasing an additional 845 shares during the period. Finally, Sunbelt Securities Inc. raised its position in Maplebear by 212.7% during the 3rd quarter. Sunbelt Securities Inc. now owns 1,157 shares of the company’s stock worth $43,000 after purchasing an additional 787 shares during the last quarter. 63.09% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CART has been the subject of a number of research analyst reports. BNP Paribas Exane started coverage on shares of Maplebear in a research report on Wednesday, January 14th. They set an “underperform” rating and a $41.00 price objective for the company. Stifel Nicolaus decreased their target price on shares of Maplebear from $49.00 to $46.00 and set a “buy” rating on the stock in a research note on Tuesday, January 27th. Needham & Company LLC upped their price target on shares of Maplebear from $50.00 to $55.00 and gave the stock a “buy” rating in a report on Friday, February 13th. Wells Fargo & Company dropped their price target on Maplebear from $47.00 to $43.00 and set an “equal weight” rating for the company in a research note on Friday, February 13th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Maplebear in a report on Monday, December 29th. One 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. According to MarketBeat, Maplebear currently has a consensus rating of “Hold” and an average price target of $51.04.

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.