SAN FRANCISCO—Simo Fidji, President and CEO of Maplebear Inc. (NASDAQ:CART), recently sold a significant portion of the company's stock. According to a filing with the Securities and Exchange Commission, Fidji sold 20,750 shares on December 18, 2024, at a weighted average price of $42.74 per share, totaling approximately $886,832. The transaction comes as the company, currently valued at $10.8 billion, shows impressive financial health with a 75% gross profit margin and has delivered an 79% return year-to-date, according to InvestingPro data.
These transactions were executed under a Rule 10b5-1 trading plan, which Fidji adopted in November 2023. Following the sale, Fidji retains ownership of 1,771,993 shares of Maplebear.
The sales were conducted in multiple transactions, with prices ranging from $42.44 to $43.31 per share. This move comes as Fidji continues to manage his stake in the company while adhering to pre-established trading plans.
In other recent news, Instacart (NASDAQ:CART) has been the subject of various analyst upgrades following strong third-quarter results. Loop Capital reiterated a Buy rating on the stock and raised the price target to $56, citing the company's potential growth and influence in the digital marketplace. Similarly, Baird maintained an Outperform rating and a steady price target of $51, noting a favorable decrease in price markups on Instacart's marketplace.
Piper Sandler raised its price target on the company's stock to $58, highlighting the company's ongoing investments in products and partnerships as pivotal for its continued success. Stifel also increased the price target for Instacart shares to $56, expressing confidence in the company's business strategy and growth trajectory. Oppenheimer increased the price target for Instacart shares to $60, reflecting confidence in the company's product enhancements and growth outlook.
Instacart's third-quarter performance surpassed expectations with Gross Transaction (JO:TCPJ) Value (GTV), revenue, and EBITDA showing strong growth. The company's order growth increased by 10% year-over-year, attributed to a rise in Instacart+ user numbers and order frequency. Advertising revenue also grew by 11%, thanks to partnerships with platforms like Roku (NASDAQ:ROKU), The Trade Desk (NASDAQ:TTD), YouTube, and PubMatic.
Instacart has expanded its share buyback plan from $500 million to $750 million and announced strategic partnerships with Family Dollar and Foodsmart, aiming to provide more options for customers and improve health outcomes for individuals with obesity and diabetes. These are recent developments that provide insight into Instacart's financial strategies and market activities.
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