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

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

Maplebear Stock Performance

Shares of NASDAQ:CART traded down $5.58 during midday trading on Wednesday, reaching $42.76. The company had a trading volume of 3,368,284 shares, compared to its average volume of 3,926,210. The company has a fifty day simple moving average of $41.66 and a two-hundred day simple moving average of $36.46. The firm has a market cap of $11.15 billion, a price-to-earnings ratio of -2.18, a price-to-earnings-growth ratio of 1.48 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, CEO Fidji Simo sold 33,000 shares of the business’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 transaction of $1,163,910.00. Following the sale, the chief executive officer now owns 1,844,778 shares in the company, valued at $65,065,320.06. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Fidji Simo sold 33,000 shares of the firm’s stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $35.27, for a total value of $1,163,910.00. Following the completion of the sale, the chief executive officer now owns 1,844,778 shares of the company’s stock, valued at $65,065,320.06. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, General Counsel Morgan Fong sold 8,345 shares of the company’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $40.00, for a total value of $333,800.00. Following the transaction, the general counsel now directly owns 330,886 shares in the company, valued at $13,235,440. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 118,710 shares of company stock worth $4,978,164. Company insiders own 36.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Piper Sandler upped their price target on shares of Maplebear from $47.00 to $50.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 7th. Cantor Fitzgerald restated an “overweight” rating and issued a $45.00 target price on shares of Maplebear in a research report on Monday, October 7th. Robert W. Baird boosted their price objective on Maplebear from $44.00 to $51.00 and gave the stock an “outperform” rating in a research report on Wednesday. Stifel Nicolaus lifted their target price on Maplebear from $52.00 to $55.00 and gave the company a “buy” rating in a research note on Monday, October 28th. Finally, Wolfe Research began coverage on Maplebear in a research note on Tuesday, July 16th. They issued a “peer perform” rating for the company. Twelve analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Maplebear has an average rating of “Moderate Buy” and an average price target of $45.52.

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.