Maplebear (NASDAQ:CART) Insider Sells $918,764.40 in Stock

Key Points

• Insider sale: Morgan Fong sold 18,390 Maplebear shares for approximately $918,764 under a pre-arranged Rule 10b5-1 trading plan, reducing their ownership by 3.35% to 529,911 shares.
• Stock and earnings: CART shares fell 1.4% to $50.77. Maplebear’s latest quarterly revenue rose 14.1% year over year to $1.04 billion and exceeded estimates, but EPS of $0.45 missed the consensus forecast of $0.54.
• Analyst outlook remains positive: Analysts have raised price targets as high as $63, and the stock carries a “Moderate Buy” consensus rating with an average target of $55.90.

Maplebear Inc. (NASDAQ:CART - Get Free Report) insider Morgan Fong sold 18,390 shares of Maplebear stock in a transaction on Monday, August 24th. The stock was sold at an average price of $49.96, for a total transaction of $918,764.40. Following the completion of the transaction, the insider directly owned 529,911 shares in the company, valued at $26,474,353.56. This represents a 3.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Maplebear Trading Down 1.4%

Shares of CART stock traded down $0.74 during trading hours on Wednesday, reaching $50.77. 2,257,052 shares of the company's stock were exchanged, compared to its average volume of 4,541,740. Maplebear Inc. has a fifty-two week low of $32.73 and a fifty-two week high of $52.05. The stock's 50 day moving average is $46.95 and its 200-day moving average is $41.91. The company has a market cap of $11.75 billion, a price-to-earnings ratio of 27.74, a P/E/G ratio of 0.76 and a beta of 0.78.

Maplebear (NASDAQ:CART - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported $0.45 earnings per share for the quarter, missing analysts' consensus estimates of $0.54 by ($0.09). Maplebear had a return on equity of 20.19% and a net margin of 11.97%.The business had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.03 billion. During the same period in the previous year, the business earned $0.41 EPS. The firm's revenue for the quarter was up 14.1% compared to the same quarter last year. Equities analysts anticipate that Maplebear Inc. will post 2.33 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Allworth Financial LP increased its holdings in shares of 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 last quarter. Smartleaf Asset Management LLC boosted its stake in Maplebear by 9.6% during the second quarter. Smartleaf Asset Management LLC now owns 2,978 shares of the company's stock worth $134,000 after buying an additional 261 shares during the last quarter. Rafferty Asset Management LLC grew its holdings in Maplebear by 2.5% in the 2nd quarter. Rafferty Asset Management LLC now owns 11,000 shares of the company's stock valued at $498,000 after buying an additional 273 shares in the last quarter. Crossmark Global Holdings Inc. grew its holdings in Maplebear by 5.0% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 6,423 shares of the company's stock valued at $236,000 after buying an additional 304 shares in the last quarter. Finally, Aviva PLC increased its stake in shares of Maplebear by 3.9% in the 4th quarter. Aviva PLC now owns 11,279 shares of the company's stock worth $507,000 after acquiring an additional 424 shares during the last quarter. 63.09% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts recently commented on the stock. Needham & Company LLC lifted their target price on shares of Maplebear from $55.00 to $63.00 and gave the stock a "buy" rating in a research note on Friday, August 7th. Cantor Fitzgerald lifted their price objective on shares of Maplebear from $56.00 to $63.00 and gave the stock an "overweight" rating in a research note on Friday, August 7th. Citizens Jmp reissued a "market outperform" rating and set a $60.00 price objective on shares of Maplebear in a report on Monday, June 15th. JPMorgan Chase & Co. raised their target price on Maplebear from $55.00 to $62.00 and gave the stock an "overweight" rating in a research note on Friday, August 7th. Finally, Citigroup lifted their price target on Maplebear from $50.00 to $58.00 and gave the stock a "buy" rating in a research report on Monday, August 10th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat, Maplebear has an average rating of "Moderate Buy" and a consensus target price of $55.90.

About Maplebear

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source