Maplebear Inc. (NASDAQ:CART) General Counsel Sells $703,080.18 in Stock

Maplebear Inc. (NASDAQ:CART) General Counsel Morgan Fong sold 18,689 shares of the business’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $37.62, for a total value of $703,080.18. Following the completion of the transaction, the general counsel now owns 264,379 shares in the company, valued at approximately $9,945,937.98. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

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

• On Friday, March 8th, Morgan Fong sold 98,200 shares of Maplebear stock. The shares were sold at an average price of $34.32, for a total value of $3,370,224.00.

Maplebear Price Performance

Shares of CART opened at $37.09 on Thursday. The company has a fifty day simple moving average of $30.09. Maplebear Inc. has a fifty-two week low of $22.13 and a fifty-two week high of $42.95.

Maplebear (NASDAQ:CART) last issued its quarterly earnings results on Tuesday, February 13th. The company reported $0.44 earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.52. The business had revenue of $803.00 million during the quarter, compared to analyst estimates of $804.62 million. The company’s revenue was up 6.1% on a year-over-year basis. On average, analysts forecast that Maplebear Inc. will post 0.53 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on CART. Macquarie started coverage on Maplebear in a research report on Monday. They issued an “outperform” rating and a $42.00 price target on the stock. JPMorgan Chase & Co. lifted their price objective on Maplebear from $35.00 to $45.00 and gave the company an “overweight” rating in a report on Monday. Wedbush lowered their price objective on Maplebear from $30.00 to $26.00 and set a “neutral” rating on the stock in a report on Wednesday, December 27th. Benchmark lowered Maplebear from a “buy” rating to a “hold” rating in a report on Tuesday, January 23rd. Finally, Morgan Stanley started coverage on Maplebear in a research note on Tuesday, January 30th. They set an “equal weight” rating and a $28.00 price target on the stock. Nine investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, Maplebear currently has a consensus rating of “Moderate Buy” and an average target price of $36.61.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. WELLCOME TRUST LTD THE as trustee of the WELLCOME TRUST acquired a new stake in shares of Maplebear during the 3rd quarter worth $105,469,000. TD Asset Management Inc acquired a new stake in shares of Maplebear during the 3rd quarter worth $6,640,000. Levin Capital Strategies L.P. acquired a new stake in shares of Maplebear during the 3rd quarter worth $846,000. Industry Ventures L.L.C. acquired a new stake in shares of Maplebear during the 3rd quarter worth $7,796,000. Finally, EFG Asset Management North America Corp. acquired a new stake in shares of Maplebear during the 3rd quarter worth $270,000. 63.09% of the stock is currently owned by institutional investors and hedge funds.

Maplebear Company Profile

Maplebear Inc, doing business as Instacart, provides online grocery shopping services to households in North America. It sells and delivers grocery products. The company offers its services through a mobile application and website. It also provides software-as-a-service solutions to retailers. The company was incorporated in 2012 and is based in San Francisco, California.