Q3 2024 EPS Estimates for Maplebear Inc. (NASDAQ:CART) Boosted by Wedbush

Maplebear Inc. (NASDAQ:CART) – Equities research analysts at Wedbush increased their Q3 2024 earnings per share (EPS) estimates for Maplebear in a research note issued on Wednesday, August 7th. Wedbush analyst S. Devitt now forecasts that the company will post earnings of $0.12 per share for the quarter, up from their previous estimate of $0.10. Wedbush has a “Neutral” rating and a $38.00 price objective on the stock. The consensus estimate for Maplebear’s current full-year earnings is $1.02 per share. Wedbush also issued estimates for Maplebear’s Q4 2024 earnings at $0.33 EPS, FY2024 earnings at $1.10 EPS and FY2025 earnings at $1.61 EPS.

Several other analysts also recently issued reports on CART. Barclays lifted their price target on Maplebear from $41.00 to $43.00 and gave the company an “overweight” rating in a research note on Thursday, May 9th. Wolfe Research assumed coverage on shares of Maplebear in a research report on Tuesday, July 16th. They issued a “peer perform” rating on the stock. Gordon Haskett upgraded Maplebear from a “hold” rating to a “buy” rating and raised their price objective for the company from $37.00 to $45.00 in a report on Wednesday, June 5th. Macquarie boosted their price target on Maplebear from $44.00 to $45.00 and gave the stock an “outperform” rating in a research report on Thursday. Finally, Stifel Nicolaus increased their price objective on Maplebear from $44.00 to $45.00 and gave the company a “buy” rating in a report on Thursday, May 9th. Eleven investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $42.70.

Maplebear Trading Down 0.7 %

Shares of NASDAQ:CART traded down $0.22 during midday trading on Thursday, reaching $31.90. 2,855,478 shares of the company were exchanged, compared to its average volume of 4,129,516. Maplebear has a fifty-two week low of $22.13 and a fifty-two week high of $42.95. The stock has a fifty day simple moving average of $33.32 and a two-hundred day simple moving average of $33.06.

Maplebear (NASDAQ:CART) last posted its earnings results on Tuesday, August 6th. The company reported $0.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.13 by $0.07. The business had revenue of $823.00 million for the quarter, compared to the consensus estimate of $806.35 million. Maplebear’s revenue for the quarter was up 14.9% on a year-over-year basis.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. International Assets Investment Management LLC acquired a new stake in shares of Maplebear in the 4th quarter worth about $110,000. Thrive Capital Management LLC bought a new position in Maplebear during the 3rd quarter valued at $47,818,000. Mackenzie Financial Corp purchased a new position in Maplebear during the 4th quarter worth $8,208,000. Federated Hermes Inc. grew its stake in shares of Maplebear by 190.2% in the 4th quarter. Federated Hermes Inc. now owns 464,355 shares of the company’s stock worth $10,898,000 after acquiring an additional 304,355 shares in the last quarter. Finally, New York State Common Retirement Fund bought a new stake in Maplebear in the 4th quarter worth about $293,000. Institutional investors and hedge funds own 63.09% of the company’s stock.

Insider Activity at Maplebear

In other news, General Counsel Morgan Fong sold 9,506 shares of the business’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $35.02, for a total transaction of $332,900.12. Following the sale, the general counsel now directly owns 372,335 shares in the company, valued at $13,039,171.70. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, General Counsel Morgan Fong sold 9,506 shares of Maplebear stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $35.02, for a total value of $332,900.12. Following the transaction, the general counsel now directly owns 372,335 shares of the company’s stock, valued at $13,039,171.70. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Fidji Simo sold 2,500 shares of the stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $33.81, for a total transaction of $84,525.00. Following the sale, the chief executive officer now directly owns 1,992,667 shares of the company’s stock, valued at approximately $67,372,071.27. The disclosure for this sale can be found here. Insiders have sold a total of 53,388 shares of company stock valued at $1,795,513 in the last 90 days. 36.00% of the stock is owned by corporate insiders.

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.