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

Maplebear (NASDAQ:CART) issued its quarterly 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. Maplebear had a return on equity of 13.32% and a net margin of 13.37%. The business had revenue of $852.00 million during the quarter, compared to the consensus estimate of $844.03 million. During the same quarter last year, the company earned ($20.86) earnings per share. The company’s quarterly revenue was up 11.5% on a year-over-year basis.

Maplebear Stock Performance

NASDAQ:CART opened at $42.93 on Friday. The stock has a 50 day moving average price of $41.85 and a 200 day moving average price of $36.51. The stock has a market cap of $11.20 billion, a PE ratio of 28.81, a P/E/G ratio of 1.50 and a beta of 1.12. Maplebear has a one year low of $22.13 and a one year high of $50.01.

Insiders Place Their Bets

In other Maplebear news, CEO Fidji Simo sold 33,000 shares of Maplebear stock in a transaction on 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 1.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Morgan Fong sold 10,992 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $41.38, for a total value of $454,848.96. Following the completion of the sale, the general counsel now directly owns 298,984 shares in the company, valued at approximately $12,371,957.92. The trade was a 3.55 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 118,710 shares of company stock valued at $4,978,164 in the last three months. 36.00% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

CART has been the subject of a number of recent analyst reports. Stifel Nicolaus lifted their target price on shares of Maplebear from $52.00 to $55.00 and gave the stock a “buy” rating in a research note on Monday, October 28th. Citigroup lifted their price objective on shares of Maplebear from $44.00 to $47.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Bank of America raised their target price on Maplebear from $50.00 to $51.00 and gave the stock a “neutral” rating in a research note on Wednesday. Jefferies Financial Group started coverage on Maplebear in a report on Wednesday, October 16th. They issued a “hold” rating and a $43.00 price objective on the stock. Finally, Piper Sandler lifted their target price on Maplebear from $50.00 to $58.00 and gave the stock an “overweight” rating in a report on Wednesday. Twelve research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $47.29.

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.