Maplebear (NASDAQ:CART) Posts Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Maplebear (NASDAQ:CART) issued its quarterly earnings data on Monday. The company reported $0.51 earnings per share for the quarter, topping analysts’ consensus estimates of $0.50 by $0.01, Zacks reports. Maplebear had a return on equity of 15.72% and a net margin of 14.09%.The firm had revenue of $939.00 million during the quarter, compared to analysts’ expectations of $933.76 million. During the same period in the prior year, the business posted $0.42 EPS. The firm’s quarterly revenue was up 10.2% on a year-over-year basis.

Maplebear Stock Up 5.0%

Shares of NASDAQ:CART opened at $39.20 on Wednesday. Maplebear has a 52-week low of $34.78 and a 52-week high of $53.50. The stock has a market cap of $10.33 billion, a price-to-earnings ratio of 21.54, a PEG ratio of 1.15 and a beta of 1.10. The business has a 50-day moving average price of $40.41 and a 200-day moving average price of $43.94.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Morgan Stanley boosted their target price on shares of Maplebear from $45.00 to $48.00 and gave the stock an “equal weight” rating in a report on Friday, August 15th. Fox Advisors raised shares of Maplebear from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 3rd. BTIG Research reissued a “neutral” rating and set a $55.00 target price on shares of Maplebear in a research report on Tuesday, September 30th. Weiss Ratings restated a “hold (c+)” rating on shares of Maplebear in a research note on Tuesday, October 14th. Finally, Robert W. Baird reduced their price target on Maplebear from $60.00 to $50.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 1st. Two analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $51.40.

Insider Activity at Maplebear

In related news, CEO Chris Rogers sold 9,259 shares of the stock in a transaction that occurred on Monday, September 22nd. The shares were sold at an average price of $42.37, for a total value of $392,303.83. Following the transaction, the chief executive officer owned 739,880 shares in the company, valued at approximately $31,348,715.60. This represents a 1.24% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel Morgan Fong sold 3,546 shares of the firm’s stock in a transaction that occurred on Monday, October 20th. The stock was sold at an average price of $38.85, for a total transaction of $137,762.10. Following the transaction, the general counsel directly owned 427,523 shares of the company’s stock, valued at $16,609,268.55. This represents a 0.82% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 27,556 shares of company stock worth $1,179,482 over the last quarter. Insiders own 26.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CART. Royal Bank of Canada boosted its holdings in Maplebear by 51.2% in the first quarter. Royal Bank of Canada now owns 131,789 shares of the company’s stock valued at $5,256,000 after purchasing an additional 44,642 shares during the last quarter. NewEdge Advisors LLC lifted its holdings in shares of Maplebear by 71.6% in the 1st quarter. NewEdge Advisors LLC now owns 1,673 shares of the company’s stock valued at $67,000 after buying an additional 698 shares during the period. Jones Financial Companies Lllp boosted its stake in shares of Maplebear by 358.5% in the first quarter. Jones Financial Companies Lllp now owns 3,200 shares of the company’s stock worth $128,000 after buying an additional 2,502 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in Maplebear by 17.4% during the first quarter. Goldman Sachs Group Inc. now owns 390,711 shares of the company’s stock worth $15,585,000 after acquiring an additional 57,879 shares during the period. Finally, Empowered Funds LLC purchased a new position in Maplebear during the first quarter valued at approximately $268,000. 63.09% of the stock is currently owned by institutional investors and hedge funds.

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.