Maplebear (NASDAQ:CART) Releases Quarterly Earnings Results, Beats Expectations By $0.39 EPS

Maplebear (NASDAQ:CART) released its earnings results on Wednesday. The company reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.39, Briefing.com reports. The firm had revenue of $820.00 million during the quarter, compared to the consensus estimate of $794.08 million. The business’s revenue was up 8.0% on a year-over-year basis.

Maplebear Stock Performance

Shares of Maplebear stock traded down $1.05 during trading on Thursday, hitting $36.43. The company’s stock had a trading volume of 5,273,016 shares, compared to its average volume of 4,110,090. The stock has a 50-day moving average price of $36.05 and a two-hundred day moving average price of $29.09. Maplebear has a 52 week low of $22.13 and a 52 week high of $42.95.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on CART shares. Barclays lifted their target price on Maplebear from $41.00 to $43.00 and gave the stock an “overweight” rating in a report on Thursday. Macquarie initiated coverage on shares of Maplebear in a research note on Monday, March 25th. They issued an “outperform” rating and a $42.00 price target on the stock. Morgan Stanley increased their price target on Maplebear from $28.00 to $40.00 and gave the company an “equal weight” rating in a report on Monday. Piper Sandler reiterated an “overweight” rating and set a $47.00 price target (up from $45.00) on shares of Maplebear in a report on Thursday. Finally, Benchmark reissued a “hold” rating on shares of Maplebear in a research report on Tuesday. Ten analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $40.00.

Insider Transactions at Maplebear

In other news, major shareholder Us (Ttgp) Ltd. Sc acquired 1,036,683 shares of the business’s stock in a transaction on Tuesday, February 20th. The shares were purchased at an average cost of $27.90 per share, with a total value of $28,923,455.70. Following the acquisition, the insider now directly owns 1,036,683 shares of the company’s stock, valued at $28,923,455.70. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Maplebear news, CFO Nick Giovanni sold 900 shares of the firm’s stock in a transaction on Monday, March 11th. The stock was sold at an average price of $35.00, for a total transaction of $31,500.00. Following the completion of the transaction, the chief financial officer now owns 591,077 shares of the company’s stock, valued at $20,687,695. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Us (Ttgp) Ltd. Sc purchased 1,036,683 shares of the company’s stock in a transaction that occurred on Tuesday, February 20th. The stock was purchased at an average price of $27.90 per share, for a total transaction of $28,923,455.70. Following the purchase, the insider now owns 1,036,683 shares in the company, valued at $28,923,455.70. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 2,157,745 shares of company stock valued at $61,771,955 and sold 1,055,899 shares valued at $30,422,265. Corporate insiders own 36.00% of the company’s stock.

About Maplebear

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.