Q3 2024 EPS Estimates for Maplebear Inc. Raised by KeyCorp (NASDAQ:CART)

Maplebear Inc. (NASDAQ:CART) – Stock analysts at KeyCorp raised their Q3 2024 earnings estimates for shares of Maplebear in a research report issued to clients and investors on Wednesday, September 25th. KeyCorp analyst J. Patterson now forecasts that the company will post earnings of $0.18 per share for the quarter, up from their prior estimate of $0.14. KeyCorp has a “Sector Weight” rating on the stock. The consensus estimate for Maplebear’s current full-year earnings is $1.12 per share. KeyCorp also issued estimates for Maplebear’s FY2024 earnings at $1.10 EPS, FY2025 earnings at $1.13 EPS and FY2026 earnings at $1.34 EPS.

Maplebear (NASDAQ:CART) last announced its earnings results on Tuesday, August 6th. The company reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.13 by $0.07. Maplebear had a negative return on equity of 49.98% and a negative net margin of 52.21%. The business had revenue of $823.00 million for the quarter, compared to analysts’ expectations of $806.35 million. Maplebear’s revenue was up 14.9% compared to the same quarter last year.

Other equities research analysts have also issued reports about the company. Gordon Haskett upgraded Maplebear from a “hold” rating to a “buy” rating and upped their price objective for the stock from $37.00 to $45.00 in a research note on Wednesday, June 5th. BMO Capital Markets upped their price target on Maplebear from $36.00 to $39.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 7th. Raymond James initiated coverage on Maplebear in a research report on Tuesday. They set a “market perform” rating on the stock. Wedbush increased their target price on shares of Maplebear from $35.00 to $38.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Finally, Morgan Stanley dropped their price target on shares of Maplebear from $45.00 to $41.00 and set an “equal weight” rating for the company in a research report on Tuesday. Eleven research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, Maplebear has a consensus rating of “Moderate Buy” and a consensus price target of $43.33.

Maplebear Stock Up 1.1 %

Shares of CART stock opened at $39.90 on Thursday. Maplebear has a 12 month low of $22.13 and a 12 month high of $42.58. The company has a 50 day simple moving average of $35.22 and a two-hundred day simple moving average of $34.91.

Insider Activity

In other Maplebear news, General Counsel Morgan Fong sold 9,506 shares of the business’s stock in a transaction that occurred on 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 of the company’s stock, valued at $13,039,171.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, General Counsel Morgan Fong sold 9,506 shares of the firm’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $35.02, for a total value of $332,900.12. Following the completion of the sale, the general counsel now owns 372,335 shares in the company, valued at approximately $13,039,171.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Alan Ramsay sold 2,626 shares of Maplebear stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $35.02, for a total transaction of $91,962.52. Following the transaction, the chief accounting officer now directly owns 107,910 shares of the company’s stock, valued at $3,779,008.20. The disclosure for this sale can be found here. In the last three months, insiders have sold 67,655 shares of company stock worth $2,504,824. 36.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Maplebear

Institutional investors and hedge funds have recently modified their holdings of the business. Sculptor Capital LP purchased a new stake in Maplebear in the second quarter worth $77,361,000. Federated Hermes Inc. lifted its holdings in Maplebear by 102.2% during the 2nd quarter. Federated Hermes Inc. now owns 1,734,264 shares of the company’s stock valued at $55,739,000 after buying an additional 876,439 shares in the last quarter. SG Americas Securities LLC bought a new stake in Maplebear during the 1st quarter valued at about $31,109,000. Lord Abbett & CO. LLC purchased a new stake in Maplebear in the 1st quarter valued at about $28,674,000. Finally, Renaissance Technologies LLC bought a new position in Maplebear in the 2nd quarter worth about $22,816,000. 63.09% of the stock is owned by institutional investors.

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.