Maplebear (NASDAQ:CART) Posts Earnings Results, Beats Expectations By $0.20 EPS

Maplebear (NASDAQ:CART) posted its quarterly earnings data on Tuesday. The company reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.22 by $0.20, Briefing.com reports. Maplebear had a negative net margin of 52.21% and a negative return on equity of 49.98%. The business had revenue of $852.00 million during the quarter, compared to the consensus estimate of $844.03 million. During the same quarter last year, the company posted ($20.86) earnings per share. The firm’s quarterly revenue was up 11.5% compared to the same quarter last year.

Maplebear Stock Performance

CART stock traded down $5.25 during trading on Wednesday, hitting $43.09. 710,480 shares of the company traded hands, compared to its average volume of 3,916,579. The company has a 50-day moving average of $41.66 and a 200-day moving average of $36.46. Maplebear has a 1 year low of $22.13 and a 1 year high of $50.01. The firm has a market capitalization of $11.24 billion, a PE ratio of -2.44, a P/E/G ratio of 1.48 and a beta of 1.12.

Analyst Upgrades and Downgrades

CART has been the subject of several research reports. Benchmark reissued a “hold” rating on shares of Maplebear in a report on Wednesday, August 7th. Needham & Company LLC reissued a “hold” rating on shares of Maplebear in a report on Wednesday. Piper Sandler boosted their price objective on Maplebear from $47.00 to $50.00 and gave the company an “overweight” rating in a research note on Wednesday, August 7th. Jefferies Financial Group initiated coverage on shares of Maplebear in a research report on Wednesday, October 16th. They set a “hold” rating and a $43.00 target price for the company. Finally, Stifel Nicolaus boosted their price target on shares of Maplebear from $52.00 to $55.00 and gave the company a “buy” rating in a research report on Monday, October 28th. Twelve equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $44.95.

Insiders Place Their Bets

In other news, CEO Fidji Simo sold 33,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $35.27, for a total value of $1,163,910.00. Following the transaction, the chief executive officer now owns 1,844,778 shares in the company, valued at approximately $65,065,320.06. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, General Counsel Morgan Fong sold 29,253 shares of Maplebear stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $48.03, for a total transaction of $1,405,021.59. Following the sale, the general counsel now owns 258,406 shares of the company’s stock, valued at approximately $12,411,240.18. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Fidji Simo sold 33,000 shares of Maplebear stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $35.27, for a total value of $1,163,910.00. Following the sale, the chief executive officer now directly owns 1,844,778 shares in the company, valued at approximately $65,065,320.06. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 118,710 shares of company stock valued at $4,978,164 in the last ninety days. Company insiders own 36.00% of the company’s stock.

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.