Key Points
- Morgan Fong, Maplebear’s General Counsel, sold 126,083 shares on March 11 at an average price of $37.09 for approximately $4.68M, cutting their ownership by 24.59% to 386,643 shares (about $14.34M).
- Maplebear (CART) has a market capitalization of roughly $9.2B and a P/E of 24.04; analysts’ consensus is a "Hold" with an average price target of $51.04 after a mix of upgrades and downgrades.
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Maplebear Inc. (NASDAQ:CART - Get Free Report) General Counsel Morgan Fong sold 126,083 shares of Maplebear stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $37.09, for a total value of $4,676,418.47. Following the completion of the transaction, the general counsel directly owned 386,643 shares in the company, valued at approximately $14,340,588.87. This represents a 24.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
Morgan Fong also recently made the following trade(s):
- On Monday, December 22nd, Morgan Fong sold 4,914 shares of Maplebear stock. The shares were sold at an average price of $45.21, for a total value of $222,161.94.
Maplebear Stock Performance
NASDAQ:CART opened at $38.23 on Friday. Maplebear Inc. has a fifty-two week low of $32.73 and a fifty-two week high of $53.50. The company has a 50 day simple moving average of $38.00 and a two-hundred day simple moving average of $40.49. The company has a market capitalization of $9.20 billion, a PE ratio of 24.04, a P/E/G ratio of 0.58 and a beta of 0.98.
Wall Street Analysts Forecast Growth
CART has been the subject of several recent analyst reports. Stifel Nicolaus decreased their price objective on shares of Maplebear from $49.00 to $46.00 and set a "buy" rating for the company in a research report on Tuesday, January 27th. Wells Fargo & Company cut their price target on shares of Maplebear from $47.00 to $43.00 and set an "equal weight" rating on the stock in a research report on Friday, February 13th. Cantor Fitzgerald increased their price target on Maplebear from $45.00 to $54.00 and gave the stock an "overweight" rating in a report on Thursday, January 8th. Benchmark lowered their price objective on Maplebear from $60.00 to $53.00 and set a "buy" rating for the company in a research report on Tuesday, February 10th. Finally, Fox Advisors downgraded Maplebear from a "strong-buy" rating to a "hold" rating in a research note on Thursday, December 18th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $51.04.
Check Out Our Latest Stock Report on CART
Hedge Funds Weigh In On Maplebear
A number of institutional investors have recently modified their holdings of CART. Royal Bank of Canada grew its position in Maplebear by 51.2% in the 1st quarter. Royal Bank of Canada now owns 131,789 shares of the company's stock valued at $5,256,000 after purchasing an additional 44,642 shares during the period. NewEdge Advisors LLC raised its holdings in Maplebear by 71.6% during the first quarter. NewEdge Advisors LLC now owns 1,673 shares of the company's stock worth $67,000 after buying an additional 698 shares during the last quarter. Jones Financial Companies Lllp lifted its stake in shares of Maplebear by 358.5% in the first quarter. Jones Financial Companies Lllp now owns 3,200 shares of the company's stock valued at $128,000 after buying an additional 2,502 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of Maplebear by 17.4% in the first quarter. Goldman Sachs Group Inc. now owns 390,711 shares of the company's stock valued at $15,585,000 after buying an additional 57,879 shares in the last quarter. Finally, Empowered Funds LLC acquired a new position in shares of Maplebear during the first quarter valued at about $268,000. 63.09% of the stock is owned by institutional investors and hedge funds.
About Maplebear
(
Get Free Report)
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.
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