Wedbush Issues Positive Outlook for Maplebear Earnings

Maplebear Inc. (NASDAQ:CART) – Analysts at Wedbush upped their Q4 2024 earnings estimates for Maplebear in a research report issued on Wednesday, November 13th. Wedbush analyst S. Devitt now anticipates that the company will post earnings of $0.37 per share for the quarter, up from their prior estimate of $0.33. Wedbush currently has a “Neutral” rating and a $38.00 target price on the stock. The consensus estimate for Maplebear’s current full-year earnings is $1.17 per share. Wedbush also issued estimates for Maplebear’s Q1 2025 earnings at $0.38 EPS, Q2 2025 earnings at $0.36 EPS, Q3 2025 earnings at $0.37 EPS and Q4 2025 earnings at $0.42 EPS.

A number of other analysts also recently weighed in on CART. Raymond James initiated coverage on shares of Maplebear in a research report on Tuesday, September 24th. They set a “market perform” rating for the company. Needham & Company LLC reiterated a “hold” rating on shares of Maplebear in a research note on Wednesday. Macquarie boosted their target price on shares of Maplebear from $50.00 to $52.00 and gave the stock an “outperform” rating in a research report on Thursday. Oppenheimer increased their price target on shares of Maplebear from $55.00 to $60.00 and gave the stock an “outperform” rating in a research report on Wednesday. Finally, JMP Securities lifted their price target on Maplebear from $42.00 to $51.00 and gave the stock a “market outperform” rating in a research note on Wednesday. Twelve analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $47.29.

Maplebear Stock Performance

Shares of CART opened at $42.93 on Thursday. Maplebear has a one year low of $22.13 and a one year high of $50.01. The stock has a 50-day moving average price of $41.85 and a 200 day moving average price of $36.51. The company has a market capitalization of $11.20 billion, a P/E ratio of 28.56, a P/E/G ratio of 1.50 and a beta of 1.12.

Maplebear (NASDAQ:CART) last issued its quarterly earnings data on Tuesday, November 12th. The company reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.22 by $0.20. Maplebear had a net margin of 13.37% and a return on equity of 13.32%. The firm had revenue of $852.00 million for the quarter, compared to analyst estimates of $844.03 million. During the same quarter in the previous year, the business posted ($20.86) EPS. The firm’s revenue was up 11.5% compared to the same quarter last year.

Insider Activity

In related news, CEO Fidji Simo sold 33,000 shares of the business’s stock in a transaction that occurred 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 sale, the chief executive officer now owns 1,844,778 shares of the company’s stock, valued at $65,065,320.06. The trade was a 1.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Morgan Fong sold 8,345 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $40.00, for a total value of $333,800.00. Following the completion of the sale, the general counsel now owns 330,886 shares of the company’s stock, valued at $13,235,440. This trade represents a 2.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 118,710 shares of company stock valued at $4,978,164. Insiders own 36.00% of the company’s stock.

Institutional Trading of Maplebear

A number of hedge funds and other institutional investors have recently modified their holdings of CART. Pacer Advisors Inc. acquired a new position in Maplebear during the third quarter worth about $158,701,000. Sculptor Capital LP bought a new position in shares of Maplebear during the 2nd quarter valued at about $77,361,000. Charles Schwab Investment Management Inc. grew its stake in shares of Maplebear by 5,191.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,489,655 shares of the company’s stock worth $60,689,000 after purchasing an additional 1,461,501 shares during the last quarter. Southpoint Capital Advisors LP raised its holdings in shares of Maplebear by 56.3% in the 3rd quarter. Southpoint Capital Advisors LP now owns 2,500,000 shares of the company’s stock worth $101,850,000 after purchasing an additional 900,000 shares in the last quarter. Finally, Federated Hermes Inc. lifted its stake in Maplebear by 102.2% during the second quarter. Federated Hermes Inc. now owns 1,734,264 shares of the company’s stock valued at $55,739,000 after purchasing an additional 876,439 shares during the last quarter. Institutional investors own 63.09% of the company’s stock.

About Maplebear

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.