Maplebear (NASDAQ:CART) Issues Earnings Results, Beats Estimates By $0.20 EPS

Maplebear (NASDAQ:CART) posted its quarterly earnings results on Tuesday. The company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.22 by $0.20, Briefing.com reports. The company had revenue of $852.00 million during the quarter, compared to analysts’ expectations of $844.03 million. Maplebear had a net margin of 13.37% and a return on equity of 13.32%. The firm’s revenue was up 11.5% on a year-over-year basis. During the same quarter in the previous year, the business posted ($20.86) EPS.

Maplebear Price Performance

Shares of CART opened at $42.93 on Friday. The firm has a 50 day simple moving average of $41.85 and a 200-day simple moving average of $36.51. The stock has a market cap of $11.20 billion, a price-to-earnings ratio of 28.81, a price-to-earnings-growth ratio of 1.50 and a beta of 1.12. Maplebear has a 1-year low of $22.13 and a 1-year high of $50.01.

Insiders Place Their Bets

In other news, CAO Alan Ramsay sold 2,486 shares of the firm’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $41.39, for a total transaction of $102,895.54. Following the sale, the chief accounting officer now owns 99,225 shares in the company, valued at $4,106,922.75. This trade represents a 2.44 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, General Counsel Morgan Fong sold 29,253 shares of the company’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $48.03, for a total value of $1,405,021.59. Following the completion of the transaction, the general counsel now owns 258,406 shares of the company’s stock, valued at $12,411,240.18. The trade was a 10.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 118,710 shares of company stock valued at $4,978,164. Corporate insiders own 36.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on CART shares. Needham & Company LLC reaffirmed a “hold” rating on shares of Maplebear in a report on Wednesday. Barclays upped their target price on shares of Maplebear from $48.00 to $56.00 and gave the company an “overweight” rating in a report on Wednesday. Oppenheimer raised their price objective on Maplebear from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Wednesday. JMP Securities upped their target price on Maplebear from $42.00 to $51.00 and gave the company a “market outperform” rating in a research report on Wednesday. Finally, Piper Sandler lifted their price target on Maplebear from $50.00 to $58.00 and gave the stock an “overweight” rating in a research report on Wednesday. Twelve research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $47.29.

About Maplebear

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.