Maplebear (NASDAQ:CART) General Counsel Morgan Fong Sells 3,546 Shares

Key Points

• Maplebear’s General Counsel, Morgan Fong, sold 3,546 shares of the company at an average price of $38.85, reducing their ownership by 0.82%.
• The company's stock is currently valued at $39.47, with earnings report showing $0.41 EPS for the last quarter, exceeding analysts' estimates.
• Maplebear is experiencing increased institutional investment, with notable acquisitions from firms like Vanguard Group and Victory Capital Management.

Maplebear Inc. (NASDAQ:CART - Get Free Report) General Counsel Morgan Fong sold 3,546 shares of the firm's stock in a transaction dated Monday, October 20th. The shares were sold at an average price of $38.85, for a total value of $137,762.10. Following the completion of the sale, the general counsel directly owned 427,523 shares in the company, valued at $16,609,268.55. This trade represents a 0.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

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

• On Monday, September 22nd, Morgan Fong sold 3,546 shares of Maplebear stock. The shares were sold at an average price of $42.39, for a total value of $150,314.94.

Maplebear Price Performance

NASDAQ:CART traded up $0.66 during trading hours on Wednesday, hitting $39.47. The company's stock had a trading volume of 3,586,035 shares, compared to its average volume of 4,685,529. The stock has a fifty day simple moving average of $42.37 and a 200-day simple moving average of $44.21. The company has a market capitalization of $10.40 billion, a P/E ratio of 22.82, a PEG ratio of 1.20 and a beta of 1.10. Maplebear Inc. has a twelve month low of $34.87 and a twelve month high of $53.50.

Maplebear (NASDAQ:CART - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported $0.41 EPS for the quarter, beating analysts' consensus estimates of $0.39 by $0.02. Maplebear had a return on equity of 15.69% and a net margin of 13.76%.The firm had revenue of $914.00 million for the quarter, compared to analyst estimates of $896.55 million. During the same period last year, the firm posted $0.20 earnings per share. The business's revenue for the quarter was up 11.1% on a year-over-year basis. On average, equities analysts predict that Maplebear Inc. will post 1.43 EPS for the current fiscal year.

Institutional Investors Weigh In On Maplebear

Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in shares of Maplebear by 3.4% during the first quarter. Vanguard Group Inc. now owns 16,514,830 shares of the company's stock valued at $658,777,000 after acquiring an additional 546,472 shares in the last quarter. Victory Capital Management Inc. grew its holdings in Maplebear by 62.8% during the first quarter. Victory Capital Management Inc. now owns 7,368,232 shares of the company's stock worth $293,919,000 after buying an additional 2,841,559 shares in the last quarter. T. Rowe Price Investment Management Inc. grew its holdings in Maplebear by 10.2% during the first quarter. T. Rowe Price Investment Management Inc. now owns 5,226,979 shares of the company's stock worth $208,505,000 after buying an additional 482,327 shares in the last quarter. State Street Corp grew its holdings in Maplebear by 1.3% during the second quarter. State Street Corp now owns 5,101,870 shares of the company's stock worth $230,809,000 after buying an additional 66,588 shares in the last quarter. Finally, Boston Partners grew its holdings in Maplebear by 93.3% during the second quarter. Boston Partners now owns 3,961,838 shares of the company's stock worth $179,261,000 after buying an additional 1,911,771 shares in the last quarter. Institutional investors own 63.09% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on CART. Guggenheim began coverage on Maplebear in a research note on Wednesday, October 15th. They set a "neutral" rating and a $40.00 price target on the stock. JMP Securities lifted their price objective on Maplebear from $55.00 to $60.00 and gave the stock a "market outperform" rating in a research note on Friday, August 8th. Morgan Stanley lifted their price objective on Maplebear from $45.00 to $48.00 and gave the stock an "equal weight" rating in a research note on Friday, August 15th. Mizuho began coverage on Maplebear in a report on Tuesday, September 30th. They issued a "neutral" rating and a $45.00 target price for the company. Finally, Wall Street Zen downgraded Maplebear from a "buy" rating to a "hold" rating in a report on Monday, September 29th. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Maplebear presently has an average rating of "Moderate Buy" and a consensus target price of $52.40.

About Maplebear

Maplebear Inc, doing business as Instacart, engages in the provision of online grocery shopping services to households in North America. It sells and delivers grocery products, as well as pickup services through a mobile application and website. It also operates virtual convenience stores; and provides software-as-a-service solutions to retailers.

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