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

Key Points

• Insider sale: Morgan Fong sold 18,390 Maplebear shares for approximately $827,182 under a pre-arranged Rule 10b5-1 plan, reducing the insider’s stake by 3.35% to 529,911 shares.
• Stock and earnings: Maplebear shares recently traded at $43.26, while the company’s latest quarterly EPS of $0.45 missed estimates of $0.54. Revenue reached $1.04 billion, up 14.1% year over year and slightly above expectations.
• Analyst outlook: Analysts maintain a “Moderate Buy” consensus, with 15 Buy ratings and 9 Holds and an average price target of $56.14, above the recent share price.

Maplebear Inc. (NASDAQ:CART - Get Free Report) insider Morgan Fong sold 18,390 shares of the business's stock in a transaction on Tuesday, September 22nd. The stock was sold at an average price of $44.98, for a total value of $827,182.20. Following the completion of the transaction, the insider directly owned 529,911 shares in the company, valued at approximately $23,835,396.78. This represents a 3.35% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Monday, August 24th, Morgan Fong sold 18,390 shares of Maplebear stock. The stock was sold at an average price of $49.96, for a total value of $918,764.40.

Maplebear Price Performance

Shares of NASDAQ:CART traded up $0.30 during midday trading on Thursday, reaching $43.26. The company's stock had a trading volume of 3,859,954 shares, compared to its average volume of 4,486,445. The business's fifty day simple moving average is $47.70 and its 200-day simple moving average is $43.73. Maplebear Inc. has a fifty-two week low of $32.73 and a fifty-two week high of $52.68. The company has a market capitalization of $10.01 billion, a P/E ratio of 23.64, a P/E/G ratio of 0.86 and a beta of 0.80.

Maplebear (NASDAQ:CART - Get Free Report) last issued 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). The company had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.03 billion. Maplebear had a return on equity of 20.19% and a net margin of 11.97%.The firm's quarterly revenue was up 14.1% on a year-over-year basis. During the same quarter last year, the company earned $0.41 EPS. On average, analysts forecast that Maplebear Inc. will post 2.33 earnings per share for the current fiscal year.

Analyst Ratings Changes

CART has been the subject of a number of research reports. Wall Street Zen lowered shares of Maplebear from a "buy" rating to a "hold" rating in a report on Saturday, August 8th. BNP Paribas Exane upgraded Maplebear from an "underperform" rating to a "neutral" rating and set a $56.00 price objective on the stock in a research report on Friday, August 7th. Barclays lifted their target price on Maplebear from $69.00 to $77.00 and gave the company an "overweight" rating in a research note on Friday, August 7th. Citizens Jmp restated a "market outperform" rating and set a $60.00 target price on shares of Maplebear in a research report on Monday, June 15th. Finally, Wells Fargo & Company upped their price target on Maplebear from $47.00 to $54.00 and gave the company an "equal weight" rating in a research note on Friday, August 7th. Fifteen investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $56.14.

Hedge Funds Weigh In On Maplebear

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Sequoia Financial Advisors LLC acquired a new stake in Maplebear during the 2nd quarter worth $333,000. WINTON GROUP Ltd boosted its holdings in Maplebear by 368.1% during the second quarter. WINTON GROUP Ltd now owns 136,409 shares of the company's stock worth $6,459,000 after buying an additional 107,271 shares during the last quarter. Engineers Gate Manager LP grew its position in shares of Maplebear by 13.9% during the 2nd quarter. Engineers Gate Manager LP now owns 53,353 shares of the company's stock worth $2,526,000 after buying an additional 6,509 shares during the period. Integrated Wealth Concepts LLC acquired a new position in shares of Maplebear during the 2nd quarter worth about $70,000. Finally, Nykredit A S bought a new stake in shares of Maplebear in the 2nd quarter valued at about $330,000. 63.09% of the stock is owned by institutional investors.

About Maplebear

Maplebear Inc, doing business as Instacart, operates an online grocery marketplace that connects consumers with retailers and personal shoppers. Through its website and mobile applications, customers can browse products from participating grocery stores, place orders for delivery or pickup, and receive updates throughout the shopping and fulfillment process.

The company provides retailers with technology and services supporting e-commerce, fulfillment, customer engagement and digital advertising.

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