Maplebear (NASDAQ:CART) Stock: Insider Chris Rogers Sells 24,060 Shares

Maplebear Inc. (NASDAQ:CART) CEO Chris Rogers sold 24,060 shares of the stock in a transaction dated Friday, October 23rd. The stock was sold at an average price of $55.04, for a total transaction of $1,324,262.40. Following the transaction, the chief executive officer directly owned 892,576 shares of the company’s stock, valued at approximately $49,127,383.04. This trade represents a 2.62% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Maplebear Price Performance

NASDAQ CART opened at $56.44 on Monday. The company has a market cap of $13.07 billion, a P/E ratio of 30.84, a P/E/G ratio of 1.10 and a beta of 0.87. The stock has a 50-day moving average of $48.20 and a two-hundred day moving average of $45.22. Maplebear Inc. has a 1-year low of $32.73 and a 1-year high of $57.98.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of CART. NFSG Corp bought a new stake in shares of Maplebear during the 3rd quarter valued at about $26,000. Root Financial Partners LLC bought a new position in Maplebear in the third quarter worth about $27,000. Pinnacle Bancorp Inc. bought a new position in Maplebear in the first quarter worth about $25,000. CX Institutional lifted its holdings in Maplebear by 91.5% in the third quarter. CX Institutional now owns 944 shares of the company’s stock worth $41,000 after acquiring an additional 451 shares during the last quarter. Finally, Versant Capital Management Inc boosted its stake in Maplebear by 94.7% in the second quarter. Versant Capital Management Inc now owns 1,215 shares of the company’s stock valued at $58,000 after acquiring an additional 591 shares during the period. 63.09% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. BNP Paribas Exane upgraded shares of Maplebear from an “underperform” rating to a “neutral” rating and set a $56.00 price objective for the company in a research note on Friday, August 7th. Needham & Company LLC raised their price objective on Maplebear from $55.00 to $63.00 and gave the stock a “buy” rating in a report on Friday, August 7th. Wedbush began coverage on Maplebear in a research report on Thursday, July 16th. They set an “outperform” rating and a $59.00 target price on the stock. Wall Street Zen downgraded Maplebear from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Finally, Citigroup upped their target price on Maplebear from $50.00 to $58.00 and gave the company a “buy” rating in a research report on Monday, August 10th. Fourteen equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $58.24.

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.