Morgan Fong Sells 4,680 Shares of Maplebear Inc. (NASDAQ:CART) Stock

Maplebear Inc. (NASDAQ:CART - Get Free Report) General Counsel Morgan Fong sold 4,680 shares of the firm's stock in a transaction on Friday, June 20th. The stock was sold at an average price of $43.90, for a total value of $205,452.00. Following the completion of the transaction, the general counsel now directly owns 456,680 shares of the company's stock, valued at $20,048,252. The trade was a 1.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

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

• On Monday, April 21st, Morgan Fong sold 5,249 shares of Maplebear stock. The shares were sold at an average price of $42.57, for a total value of $223,449.93.

Maplebear Stock Performance

NASDAQ:CART opened at $44.86 on Friday. The firm has a market cap of $11.78 billion, a P/E ratio of 29.51, a P/E/G ratio of 1.89 and a beta of 1.30. The firm has a 50-day simple moving average of $44.41 and a two-hundred day simple moving average of $43.76. Maplebear Inc. has a fifty-two week low of $29.84 and a fifty-two week high of $53.44.

Maplebear (NASDAQ:CART - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The company reported $0.37 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.38 by ($0.01). Maplebear had a net margin of 12.45% and a return on equity of 14.12%. The business had revenue of $897.00 million for the quarter, compared to the consensus estimate of $896.86 million. During the same period in the previous year, the company earned $0.43 earnings per share. The company's revenue for the quarter was up 9.4% compared to the same quarter last year. On average, equities research analysts predict that Maplebear Inc. will post 1.43 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on CART. Wells Fargo & Company decreased their target price on shares of Maplebear from $47.00 to $44.00 and set an "equal weight" rating on the stock in a report on Thursday, April 3rd. Macquarie reissued an "outperform" rating and set a $55.00 price objective on shares of Maplebear in a research note on Tuesday, May 6th. Loop Capital upped their target price on Maplebear from $52.00 to $58.00 and gave the stock a "buy" rating in a research note on Monday, May 19th. Barclays raised their price target on Maplebear from $58.00 to $61.00 and gave the company an "overweight" rating in a report on Friday, May 2nd. Finally, Wall Street Zen lowered Maplebear from a "buy" rating to a "hold" rating in a report on Friday, May 30th. Thirteen investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $51.91.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in CART. Allworth Financial LP grew its position in Maplebear by 101.4% in the 4th quarter. Allworth Financial LP now owns 834 shares of the company's stock worth $37,000 after purchasing an additional 420 shares during the period. CIBC Asset Management Inc grew its holdings in shares of Maplebear by 5.4% in the fourth quarter. CIBC Asset Management Inc now owns 8,554 shares of the company's stock worth $354,000 after acquiring an additional 440 shares during the period. Atria Wealth Solutions Inc. increased its position in Maplebear by 10.8% during the fourth quarter. Atria Wealth Solutions Inc. now owns 17,765 shares of the company's stock valued at $736,000 after acquiring an additional 1,738 shares during the last quarter. Handelsbanken Fonder AB bought a new position in Maplebear in the fourth quarter valued at about $1,508,000. Finally, Bank of New York Mellon Corp boosted its position in Maplebear by 4.1% in the fourth quarter. Bank of New York Mellon Corp now owns 593,480 shares of the company's stock worth $24,582,000 after purchasing an additional 23,295 shares during the last quarter. 63.09% of the stock is owned by hedge funds and other institutional investors.

Maplebear Company Profile

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.