Fidji Simo Sells 6,640 Shares of Maplebear Inc. (NASDAQ:CART) Stock

Maplebear Inc. (NASDAQ:CART) CEO Fidji Simo sold 6,640 shares of the business’s stock in a transaction dated Wednesday, July 23rd. The stock was sold at an average price of $50.00, for a total value of $332,000.00. Following the transaction, the chief executive officer directly owned 1,958,805 shares of the company’s stock, valued at approximately $97,940,250. The trade was a 0.34% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link.

Fidji Simo also recently made the following trade(s):

• On Tuesday, July 22nd, Fidji Simo sold 66,560 shares of Maplebear stock. The stock was sold at an average price of $50.01, for a total value of $3,328,665.60.
• On Monday, July 14th, Fidji Simo sold 14,233 shares of Maplebear stock. The stock was sold at an average price of $47.86, for a total value of $681,191.38.

Maplebear Stock Performance

NASDAQ:CART opened at $48.41 on Friday. The company has a market capitalization of $12.71 billion, a PE ratio of 31.85, a P/E/G ratio of 2.10 and a beta of 1.21. The company has a 50 day simple moving average of $46.41 and a two-hundred day simple moving average of $44.51. Maplebear Inc. has a fifty-two week low of $29.84 and a fifty-two week high of $53.44.

Maplebear (NASDAQ:CART) last posted 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). The business had revenue of $897.00 million for the quarter, compared to the consensus estimate of $896.86 million. Maplebear had a return on equity of 14.12% and a net margin of 12.45%. Maplebear’s quarterly revenue was up 9.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.43 earnings per share. Research analysts predict that Maplebear Inc. will post 1.43 EPS for the current year.

Hedge Funds Weigh In On Maplebear

A number of institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in shares of Maplebear by 3.4% during the 1st quarter. Vanguard Group Inc. now owns 16,514,830 shares of the company’s stock worth $658,777,000 after buying an additional 546,472 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in shares of Maplebear by 62.8% during the 1st quarter. Victory Capital Management Inc. now owns 7,368,232 shares of the company’s stock worth $293,919,000 after buying an additional 2,841,559 shares in the last quarter. T. Rowe Price Investment Management Inc. boosted its holdings in shares of Maplebear by 10.2% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 5,226,979 shares of the company’s stock worth $208,505,000 after buying an additional 482,327 shares in the last quarter. Altimeter Capital Management LP boosted its holdings in shares of Maplebear by 31.9% during the 1st quarter. Altimeter Capital Management LP now owns 3,348,128 shares of the company’s stock worth $133,557,000 after buying an additional 810,510 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. boosted its holdings in shares of Maplebear by 85.0% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 3,081,847 shares of the company’s stock worth $127,650,000 after buying an additional 1,416,426 shares in the last quarter. 63.09% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have commented on CART. FBN Securities began coverage on Maplebear in a research note on Friday, March 28th. They set a “sector perform” rating and a $44.00 target price for the company. Robert W. Baird boosted their target price on Maplebear from $47.00 to $52.00 and gave the stock an “outperform” rating in a research note on Thursday, July 17th. JMP Securities reaffirmed a “market outperform” rating and issued a $55.00 price objective on shares of Maplebear in a research note on Thursday, June 12th. Barclays upped their price objective on Maplebear from $58.00 to $61.00 and gave the company an “overweight” rating in a research note on Friday, May 2nd. Finally, Loop Capital upped their price objective on Maplebear from $52.00 to $58.00 and gave the company a “buy” rating in a research note on Monday, May 19th. Eleven investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $52.30.

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.