Nick Giovanni Sells 10,000 Shares of Maplebear Inc. (NASDAQ:CART) Stock

Maplebear Inc. (NASDAQ:CART) CFO Nick Giovanni sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $36.97, for a total transaction of $369,700.00. Following the completion of the sale, the chief financial officer now directly owns 576,977 shares of the company’s stock, valued at approximately $21,330,839.69. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Nick Giovanni also recently made the following trade(s):

• On Monday, March 11th, Nick Giovanni sold 900 shares of Maplebear stock. The stock was sold at an average price of $35.00, for a total transaction of $31,500.00.
• On Friday, March 8th, Nick Giovanni sold 5,000 shares of Maplebear stock. The stock was sold at an average price of $34.31, for a total transaction of $171,550.00.

Maplebear Price Performance

NASDAQ CART traded down $1.17 on Friday, hitting $35.23. The stock had a trading volume of 5,888,613 shares, compared to its average volume of 4,042,075. The business’s fifty day moving average price is $34.25 and its 200 day moving average price is $28.16. Maplebear Inc. has a 52-week low of $22.13 and a 52-week high of $42.95.

Maplebear (NASDAQ:CART) last posted its quarterly earnings data on Tuesday, February 13th. The company reported $0.44 EPS for the quarter, topping the consensus estimate of ($0.08) by $0.52. The company had revenue of $803.00 million for the quarter, compared to analyst estimates of $804.62 million. The company’s quarterly revenue was up 6.1% compared to the same quarter last year. Analysts forecast that Maplebear Inc. will post 0.53 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

CART has been the subject of several analyst reports. Piper Sandler raised their price objective on shares of Maplebear from $36.00 to $45.00 and gave the stock an “overweight” rating in a research note on Friday, March 15th. Benchmark lowered shares of Maplebear from a “buy” rating to a “hold” rating in a research report on Tuesday, January 23rd. Macquarie started coverage on shares of Maplebear in a research report on Monday, March 25th. They set an “outperform” rating and a $42.00 target price on the stock. BMO Capital Markets started coverage on shares of Maplebear in a research report on Tuesday, January 9th. They set a “market perform” rating and a $26.00 target price on the stock. Finally, JPMorgan Chase & Co. raised their target price on shares of Maplebear from $35.00 to $45.00 and gave the stock an “overweight” rating in a research report on Monday, March 25th. Ten investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $38.16.

Institutional Investors Weigh In On Maplebear

Institutional investors and hedge funds have recently made changes to their positions in the stock. FMR LLC acquired a new stake in shares of Maplebear during the third quarter worth $56,424,000. Blackstone Inc. acquired a new position in Maplebear during the third quarter valued at $17,369,000. KPCB DGF II Associates LLC acquired a new position in Maplebear during the third quarter valued at $119,544,000. Monashee Investment Management LLC acquired a new position in Maplebear during the third quarter valued at $6,069,000. Finally, Hudson Bay Capital Management LP acquired a new position in Maplebear during the third quarter valued at $904,000. 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.