Wedbush Has Bullish Estimate for Maplebear FY2024 Earnings

Maplebear Inc. (NASDAQ:CART) – Analysts at Wedbush boosted their FY2024 EPS estimates for Maplebear in a note issued to investors on Wednesday, November 13th. Wedbush analyst S. Devitt now anticipates that the company will earn $1.43 per share for the year, up from their prior estimate of $1.10. 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 $1.20 per share. Wedbush also issued estimates for Maplebear’s FY2025 earnings at $1.51 EPS and FY2026 earnings at $2.11 EPS.

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

Several other analysts have also commented on CART. Benchmark restated a “hold” rating on shares of Maplebear in a report on Wednesday, August 7th. Stifel Nicolaus raised their price objective on Maplebear from $52.00 to $55.00 and gave the company a “buy” rating in a research report on Monday, October 28th. JPMorgan Chase & Co. upped their target price on shares of Maplebear from $47.00 to $52.00 and gave the stock an “overweight” rating in a research report on Wednesday. Needham & Company LLC reissued a “hold” rating on shares of Maplebear in a research report on Wednesday. Finally, Macquarie upped their price objective on shares of Maplebear from $50.00 to $52.00 and gave the stock an “outperform” rating in a report on Thursday. Twelve equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.29.

Maplebear Stock Down 2.2 %

NASDAQ:CART opened at $42.00 on Friday. The firm’s fifty day simple moving average is $42.01 and its 200 day simple moving average is $36.55. Maplebear has a twelve month low of $22.13 and a twelve month high of $50.01. The stock has a market cap of $10.95 billion, a P/E ratio of 28.81, a price-to-earnings-growth ratio of 1.30 and a beta of 1.12.

Insider Transactions at Maplebear

In other news, CEO Fidji Simo sold 33,000 shares of the stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $35.27, for a total value of $1,163,910.00. Following the transaction, the chief executive officer now owns 1,844,778 shares in the company, valued at $65,065,320.06. This represents a 1.76 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Morgan Fong sold 29,253 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $48.03, for a total transaction of $1,405,021.59. Following the sale, the general counsel now owns 258,406 shares of the company’s stock, valued at $12,411,240.18. This trade represents a 10.17 % decrease in their ownership of the stock. 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 ninety days. Insiders own 36.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Huntington National Bank purchased a new position in Maplebear during the third quarter valued at $54,000. nVerses Capital LLC lifted its position in shares of Maplebear by 1,600.0% during the 2nd quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock valued at $55,000 after buying an additional 1,600 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Maplebear during the 3rd quarter valued at about $74,000. Quarry LP grew its stake in shares of Maplebear by 269.5% during the 2nd quarter. Quarry LP now owns 3,928 shares of the company’s stock valued at $126,000 after acquiring an additional 2,865 shares during the period. Finally, Vinva Investment Management Ltd purchased a new stake in Maplebear in the 3rd quarter worth approximately $212,000. 63.09% of the stock is currently owned by institutional investors.

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.