Maplebear (NASDAQ:CART) Announces Quarterly Earnings Results

Maplebear (NASDAQ:CART) posted its quarterly earnings data on Tuesday. The company reported $0.42 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts’ expectations of $844.03 million. During the same period in the previous year, the firm posted ($20.86) EPS. The business’s revenue was up 11.5% on a year-over-year basis.

Maplebear Stock Performance

Shares of CART stock traded down $6.10 during trading hours on Wednesday, reaching $42.24. The company had a trading volume of 4,475,057 shares, compared to its average volume of 3,932,995. The business has a fifty day moving average price of $41.66 and a 200-day moving average price of $36.46. Maplebear has a one year low of $22.13 and a one year high of $50.01. The firm has a market cap of $11.02 billion, a PE ratio of -2.13, a price-to-earnings-growth ratio of 1.48 and a beta of 1.12.

Analysts Set New Price Targets

Several research firms recently weighed in on CART. BMO Capital Markets lifted their price target on Maplebear from $39.00 to $48.00 and gave the company a “market perform” rating in a research report on Wednesday. Stifel Nicolaus increased their price target on shares of Maplebear from $52.00 to $55.00 and gave the stock a “buy” rating in a research note on Monday, October 28th. Cantor Fitzgerald reissued an “overweight” rating and set a $45.00 price objective on shares of Maplebear in a research note on Monday, October 7th. Bank of America upped their price objective on shares of Maplebear from $50.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday. Finally, Barclays lifted 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. Twelve equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $46.14.

Insider Activity at Maplebear

In other Maplebear news, CAO Alan Ramsay sold 2,486 shares of the business’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $41.39, for a total transaction of $102,895.54. Following the completion of the sale, the chief accounting officer now directly owns 99,225 shares in the company, valued at approximately $4,106,922.75. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Maplebear news, CAO Alan Ramsay sold 2,486 shares of the business’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $41.39, for a total transaction of $102,895.54. Following the completion of the sale, the chief accounting officer now directly owns 99,225 shares in the company, valued at $4,106,922.75. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, General Counsel Morgan Fong sold 8,345 shares of the company’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $40.00, for a total transaction of $333,800.00. Following the sale, the general counsel now directly owns 330,886 shares of the company’s stock, valued at $13,235,440. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 118,710 shares of company stock worth $4,978,164 over the last quarter. 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.