Insider Selling: Maplebear (NASDAQ:CART) Director Sells $7,513,310.00 in Stock

Maplebear Inc. (NASDAQ:CART) Director Ravi Gupta sold 181,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $41.51, for a total value of $7,513,310.00. Following the completion of the sale, the director owned 741,523 shares of the company’s stock, valued at $30,780,619.73. The trade was a 19.62% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Maplebear Price Performance

NASDAQ:CART opened at $41.26 on Friday. The business has a 50 day moving average of $40.51 and a 200 day moving average of $40.23. The company has a market capitalization of $9.70 billion, a price-to-earnings ratio of 23.05, a PEG ratio of 0.57 and a beta of 0.88. Maplebear Inc. has a 1-year low of $32.73 and a 1-year high of $53.50.

Maplebear (NASDAQ:CART) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $0.57 EPS for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.01). The company had revenue of $1.02 billion during the quarter, compared to analysts’ expectations of $1.01 billion. Maplebear had a return on equity of 18.67% and a net margin of 12.50%.Maplebear’s revenue for the quarter was up 13.6% on a year-over-year basis. During the same period last year, the firm earned $0.37 earnings per share. As a group, sell-side analysts anticipate that Maplebear Inc. will post 2.45 EPS for the current year.

Hedge Funds Weigh In On Maplebear

Hedge funds have recently made changes to their positions in the business. JPMorgan Chase & Co. increased its stake in shares of Maplebear by 27.8% during the third quarter. JPMorgan Chase & Co. now owns 1,328,968 shares of the company’s stock valued at $48,853,000 after buying an additional 288,839 shares during the period. Kingdon Capital Management L.L.C. increased its stake in shares of Maplebear by 40.6% during the third quarter. Kingdon Capital Management L.L.C. now owns 450,000 shares of the company’s stock valued at $16,542,000 after buying an additional 130,000 shares during the period. US Bancorp DE increased its stake in shares of Maplebear by 17.0% during the fourth quarter. US Bancorp DE now owns 437,658 shares of the company’s stock valued at $19,686,000 after buying an additional 63,666 shares during the period. Ruffer LLP purchased a new position in shares of Maplebear during the fourth quarter valued at approximately $2,567,000. Finally, Counterpoint Mutual Funds LLC purchased a new position in shares of Maplebear during the third quarter valued at approximately $2,239,000. 63.09% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $55.00 price target on shares of Maplebear in a research note on Thursday, May 7th. Argus raised Maplebear to a “strong-buy” rating in a research note on Thursday, March 5th. Wall Street Zen cut Maplebear from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. Jefferies Financial Group raised Maplebear from a “hold” rating to a “buy” rating and lifted their price target for the stock from $38.00 to $45.00 in a research note on Monday, March 30th. Finally, Barclays lifted their price target on Maplebear from $65.00 to $69.00 and gave the stock an “overweight” rating in a research note on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $51.09.

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.