Maplebear Inc. Expected to Earn Q3 2024 Earnings of $0.18 Per Share (NASDAQ:CART)

Maplebear Inc. (NASDAQ:CART) – Analysts at KeyCorp upped their Q3 2024 EPS estimates for Maplebear in a report issued on Wednesday, September 25th. KeyCorp analyst J. Patterson now forecasts that the company will post earnings per share of $0.18 for the quarter, up from their prior estimate of $0.14. KeyCorp currently 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.

A number of other research firms have also recently weighed in on CART. BMO Capital Markets raised their price target on shares of Maplebear from $36.00 to $39.00 and gave the company a “market perform” rating in a report on Wednesday, August 7th. Piper Sandler lifted their price target on shares of Maplebear from $47.00 to $50.00 and gave the stock an “overweight” rating in a report on Wednesday, August 7th. Benchmark reiterated a “hold” rating on shares of Maplebear in a report on Wednesday, August 7th. Bank of America boosted their target price on Maplebear from $41.00 to $45.00 and gave the stock a “neutral” rating in a research note on Tuesday. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $45.00 price target on shares of Maplebear in a research note on Monday, September 23rd. Eleven research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $43.33.

Maplebear Trading Up 1.1 %

CART opened at $39.90 on Thursday. The business’s 50-day moving average is $35.22 and its two-hundred day moving average is $34.91. Maplebear has a 1 year low of $22.13 and a 1 year high of $42.58.

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

Hedge Funds Weigh In On Maplebear

Several large investors have recently made changes to their positions in CART. Vanguard Group Inc. increased its holdings in Maplebear by 239.1% in the first quarter. Vanguard Group Inc. now owns 213,496 shares of the company’s stock valued at $7,961,000 after buying an additional 150,544 shares in the last quarter. Assenagon Asset Management S.A. acquired a new position in Maplebear in the 2nd quarter worth about $8,293,000. Investment House LLC acquired a new position in Maplebear in the 2nd quarter worth about $750,000. GSA Capital Partners LLP purchased a new position in Maplebear during the first quarter worth approximately $1,673,000. Finally, Nomura Holdings Inc. acquired a new stake in Maplebear in the fourth quarter valued at approximately $587,000. 63.09% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CAO Alan Ramsay sold 2,626 shares of the business’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $35.02, for a total value of $91,962.52. Following the completion of the transaction, the chief accounting officer now owns 107,910 shares of the company’s stock, valued at approximately $3,779,008.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Maplebear news, CEO Fidji Simo sold 33,000 shares of the company’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 value of $1,163,910.00. Following the sale, the chief executive officer now owns 1,844,778 shares in the company, valued at approximately $65,065,320.06. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CAO Alan Ramsay sold 2,626 shares of the firm’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 $91,962.52. Following the sale, the chief accounting officer now directly owns 107,910 shares in the company, valued at approximately $3,779,008.20. The disclosure for this sale can be found here. Insiders sold a total of 67,655 shares of company stock valued at $2,504,824 over the last 90 days. Insiders own 36.00% of the company’s stock.

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.