Maplebear Inc. (NASDAQ:CART - Get Free Report) fell 3.3% on Monday following insider selling activity. The stock traded as low as $40.65 and last traded at $40.76. 282,032 shares traded hands during trading, a decline of 93% from the average session volume of 4,101,306 shares. The stock had previously closed at $42.14.
Specifically, General Counsel Morgan Fong sold 10,992 shares of Maplebear stock in a transaction on Friday, September 20th. The shares were sold at an average price of $41.38, for a total transaction of $454,848.96. Following the sale, the general counsel now owns 298,984 shares of the company's stock, valued at approximately $12,371,957.92. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, General Counsel Morgan Fong sold 8,345 shares of the firm's stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $40.00, for a total transaction of $333,800.00. Following the completion of the transaction, the general counsel now directly owns 330,886 shares in the company, valued at $13,235,440. The disclosure for this sale can be found here.
CART has been the subject of a number of recent research reports. KeyCorp assumed coverage on shares of Maplebear in a report on Thursday, July 11th. They issued a "sector weight" rating for the company. Cantor Fitzgerald assumed coverage on Maplebear in a research report on Thursday, September 5th. They set an "overweight" rating and a $45.00 price objective on the stock. Gordon Haskett raised Maplebear from a "hold" rating to a "buy" rating and boosted their price objective for the stock from $37.00 to $45.00 in a research note on Wednesday, June 5th. Wedbush raised their target price on Maplebear from $35.00 to $38.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 7th. Finally, Benchmark reissued a "hold" rating on shares of Maplebear in a research report on Wednesday, August 7th. Ten investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, Maplebear presently has a consensus rating of "Moderate Buy" and a consensus target price of $42.81.
Read Our Latest Stock Analysis on CART
The company's 50-day moving average price is $34.75 and its 200-day moving average price is $34.72.
Maplebear (NASDAQ:CART - Get Free Report) last released its earnings results on Tuesday, August 6th. The company reported $0.20 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.13 by $0.07. The company had revenue of $823.00 million for the quarter, compared to analyst estimates of $806.35 million. Maplebear had a negative net margin of 52.21% and a negative return on equity of 49.98%. The firm's revenue for the quarter was up 14.9% on a year-over-year basis. Research analysts expect that Maplebear Inc. will post 1.12 EPS for the current fiscal year.
Large investors have recently bought and sold shares of the stock. Parallel Advisors LLC raised its holdings in shares of Maplebear by 139.3% in the 4th quarter. Parallel Advisors LLC now owns 1,065 shares of the company's stock valued at $25,000 after purchasing an additional 620 shares in the last quarter. Cantor Fitzgerald L. P. raised its stake in Maplebear by 389.5% in the fourth quarter. Cantor Fitzgerald L. P. now owns 1,850 shares of the company's stock valued at $43,000 after buying an additional 2,489 shares in the last quarter. nVerses Capital LLC lifted its holdings in Maplebear by 1,600.0% during the 2nd quarter. nVerses Capital LLC now owns 1,700 shares of the company's stock worth $55,000 after buying an additional 1,600 shares during the last quarter. Kapitalo Investimentos Ltda purchased a new stake in Maplebear during the 4th quarter worth about $69,000. Finally, Quarry LP boosted its position in shares of Maplebear by 269.5% during the 2nd quarter. Quarry LP now owns 3,928 shares of the company's stock worth $126,000 after acquiring an additional 2,865 shares in the last quarter. Hedge funds and other institutional investors own 63.09% of the company's stock.
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.
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