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

Maplebear Inc. (NASDAQ:CART) insider Morgan Fong sold 18,390 shares of the firm’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $49.96, for a total transaction of $918,764.40. Following the sale, the insider owned 529,911 shares of the company’s stock, valued at approximately $26,474,353.56. The trade was a 3.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Maplebear Trading Down 1.4%

CART stock traded down $0.74 during trading on Wednesday, reaching $50.77. 2,257,052 shares of the stock were exchanged, compared to its average volume of 4,541,740. The business has a 50 day moving average price of $46.95 and a 200-day moving average price of $41.91. Maplebear Inc. has a 1 year low of $32.73 and a 1 year high of $52.05. The firm has a market capitalization 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) last posted its earnings results on Thursday, August 6th. The company reported $0.45 earnings per share for the quarter, missing the consensus estimate of $0.54 by ($0.09). Maplebear had a net margin of 11.97% and a return on equity of 20.19%. The firm had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.03 billion. During the same quarter in the previous year, the firm earned $0.41 earnings per share. The business’s revenue for the quarter was up 14.1% compared to the same quarter last year. On average, research analysts anticipate that Maplebear Inc. will post 2.33 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on CART. Oppenheimer increased their price objective on Maplebear from $60.00 to $65.00 and gave the stock an “outperform” rating in a research report on Friday, August 7th. 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. Weiss Ratings reiterated a “hold (c)” rating on shares of Maplebear in a report on Friday, August 7th. Benchmark raised their price objective on Maplebear from $55.00 to $63.00 and gave the stock a “buy” rating in a research report on Friday, August 7th. Finally, Citizens Jmp restated a “market outperform” rating and issued a $60.00 price objective on shares of Maplebear in a report on Monday, June 15th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $55.90.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of CART. BlackRock Inc. purchased a new stake in shares of Maplebear in the 2nd quarter valued at $750,477,000. California State Teachers Retirement System boosted its holdings in Maplebear by 4,490.8% during the 2nd quarter. California State Teachers Retirement System now owns 9,115,159 shares of the company’s stock valued at $431,603,000 after acquiring an additional 8,916,607 shares during the period. Viking Global Investors LP acquired a new position in Maplebear in the 2nd quarter valued at about $169,782,000. Marshall Wace LLP acquired a new position in Maplebear in the 4th quarter valued at about $126,206,000. Finally, Norges Bank acquired a new position in Maplebear in the 4th quarter valued at about $97,221,000. 63.09% of the stock is currently owned by hedge funds and other institutional investors.

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.