Maplebear (NASDAQ:CART) Issues Earnings Results, Beats Expectations By $0.39 EPS

Maplebear (NASDAQ:CART) announced its quarterly earnings results on Wednesday. The company reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.39, Briefing.com reports. The business had revenue of $820.00 million during the quarter, compared to analysts’ expectations of $794.08 million. The firm’s revenue for the quarter was up 8.0% compared to the same quarter last year.

Maplebear Stock Performance

CART opened at $36.09 on Friday. The company’s 50-day simple moving average is $36.17 and its two-hundred day simple moving average is $29.15. Maplebear has a 52-week low of $22.13 and a 52-week high of $42.95.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on CART shares. Needham & Company LLC reaffirmed a “hold” rating on shares of Maplebear in a research report on Tuesday. Barclays lifted their price objective on Maplebear from $41.00 to $43.00 and gave the company an “overweight” rating in a research report on Thursday. Stifel Nicolaus increased their target price on Maplebear from $44.00 to $45.00 and gave the stock a “buy” rating in a research report on Thursday. Wolfe Research raised their target price on Maplebear from $35.00 to $39.00 and gave the company an “outperform” rating in a research note on Tuesday, March 5th. Finally, Macquarie initiated coverage on Maplebear in a research note on Monday, March 25th. They issued an “outperform” rating and a $42.00 price target on the stock. Ten analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, Maplebear currently has an average rating of “Moderate Buy” and a consensus target price of $40.89.

Insider Activity

In related news, major shareholder Us (Ttgp) Ltd. Sc bought 1,036,683 shares of the company’s stock in a transaction that occurred on Tuesday, February 20th. The shares were bought at an average price of $27.90 per share, for a total transaction of $28,923,455.70. Following the completion of the acquisition, the insider now owns 1,036,683 shares of the company’s stock, valued at approximately $28,923,455.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, major shareholder Us (Ttgp) Ltd. Sc purchased 1,036,683 shares of the business’s stock in a transaction on Tuesday, February 20th. The stock was acquired at an average cost of $27.90 per share, for a total transaction of $28,923,455.70. Following the purchase, the insider now directly owns 1,036,683 shares in the company, valued at approximately $28,923,455.70. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Nick Giovanni sold 900 shares of the firm’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $35.00, for a total transaction of $31,500.00. Following the completion of the transaction, the chief financial officer now directly owns 591,077 shares in the company, valued at approximately $20,687,695. The disclosure for this sale can be found here. Over the last three months, insiders purchased 2,157,745 shares of company stock valued at $61,771,955 and sold 1,055,899 shares valued at $30,422,265. 36.00% of the stock is owned by corporate insiders.

Maplebear Company Profile

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.