Maplebear (NASDAQ:CART) Releases Earnings Results, Beats Estimates By $0.20 EPS

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

Maplebear Stock Down 12.6 %

Shares of CART stock traded down $6.10 on Wednesday, hitting $42.24. The stock had a trading volume of 4,475,057 shares, compared to its average volume of 3,932,995. Maplebear has a one year low of $22.13 and a one year high of $50.01. The business has a 50 day moving average price of $41.66 and a 200 day moving average price of $36.46. The company has a market cap of $11.02 billion, a PE ratio of -2.13, a P/E/G ratio of 1.48 and a beta of 1.12.

Insiders Place Their Bets

In related news, CEO Fidji Simo sold 33,000 shares of the company’s stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $35.27, for a total transaction of $1,163,910.00. Following the completion of the sale, the chief executive officer now directly owns 1,844,778 shares in the company, valued at $65,065,320.06. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. In other news, General Counsel Morgan Fong sold 8,345 shares of the stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $40.00, for a total transaction of $333,800.00. Following the completion of the sale, the general counsel now owns 330,886 shares in the company, valued at approximately $13,235,440. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Fidji Simo sold 33,000 shares of the business’s stock in a transaction dated 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 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 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 in the last three months. Corporate insiders own 36.00% of the company’s stock.

Wall Street Analyst Weigh In

CART has been the subject of a number of recent analyst reports. Oppenheimer upped their price objective on Maplebear from $55.00 to $60.00 and gave the stock an “outperform” rating in a research note on Wednesday. Piper Sandler boosted their price target on Maplebear from $47.00 to $50.00 and gave the stock an “overweight” rating in a report on Wednesday, August 7th. Morgan Stanley cut their price objective on shares of Maplebear from $45.00 to $41.00 and set an “equal weight” rating for the company in a report on Tuesday, September 24th. Raymond James began coverage on shares of Maplebear in a research report on Tuesday, September 24th. They set a “market perform” rating on the stock. Finally, Macquarie upped their target price on shares of Maplebear from $44.00 to $45.00 and gave the stock an “outperform” rating in a research report on Thursday, August 8th. Twelve analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, Maplebear currently has a consensus rating of “Moderate Buy” and an average price target of $46.14.

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.