Maplebear (NASDAQ:CART) Posts Earnings Results, Beats Expectations By $0.01 EPS

Maplebear (NASDAQ:CART) posted its earnings results on Monday. The company reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.01, Zacks reports. Maplebear had a return on equity of 15.69% and a net margin of 13.76%.Maplebear’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.42 earnings per share.

Maplebear Stock Performance

CART traded up $0.15 during trading on Monday, hitting $36.90. The stock had a trading volume of 3,299,445 shares, compared to its average volume of 4,767,200. The firm has a market capitalization of $9.72 billion, a P/E ratio of 21.47, a PEG ratio of 1.13 and a beta of 1.10. Maplebear has a twelve month low of $34.78 and a twelve month high of $53.50. The company’s 50-day moving average price is $40.62 and its 200 day moving average price is $43.99.

Analyst Upgrades and Downgrades

CART has been the topic of several research analyst reports. Jefferies Financial Group cut their price target on Maplebear from $55.00 to $43.00 and set a “hold” rating on the stock in a research report on Friday, October 17th. Mizuho initiated coverage on shares of Maplebear in a report on Tuesday, September 30th. They issued a “neutral” rating and a $45.00 target price on the stock. Barclays upped their price target on shares of Maplebear from $61.00 to $65.00 and gave the company an “overweight” rating in a research report on Friday, August 8th. Morgan Stanley raised their price objective on shares of Maplebear from $45.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Friday, August 15th. Finally, Robert W. Baird dropped their price objective on shares of Maplebear from $60.00 to $50.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 1st. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $52.12.

Insider Activity

In other Maplebear news, Director Fidji Simo sold 1,014 shares of Maplebear stock in a transaction that occurred on Thursday, October 16th. The stock was sold at an average price of $40.00, for a total value of $40,560.00. Following the sale, the director owned 569,742 shares of the company’s stock, valued at approximately $22,789,680. The trade was a 0.18% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Chris Rogers sold 9,259 shares of the business’s stock in a transaction that occurred on Monday, September 22nd. The stock was sold at an average price of $42.37, for a total value of $392,303.83. Following the transaction, the chief executive officer owned 739,880 shares in the company, valued at $31,348,715.60. The trade was a 1.24% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 27,556 shares of company stock valued at $1,179,482 over the last quarter. Corporate insiders own 26.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. NewEdge Advisors LLC raised its position in Maplebear by 71.6% in the first quarter. NewEdge Advisors LLC now owns 1,673 shares of the company’s stock worth $67,000 after acquiring an additional 698 shares in the last quarter. Headlands Technologies LLC acquired a new position in shares of Maplebear during the 2nd quarter worth $114,000. Smartleaf Asset Management LLC increased its holdings in shares of Maplebear by 9.6% in the 2nd quarter. Smartleaf Asset Management LLC now owns 2,978 shares of the company’s stock valued at $134,000 after purchasing an additional 261 shares in the last quarter. Jones Financial Companies Lllp increased its holdings in shares of Maplebear by 358.5% in the 1st quarter. Jones Financial Companies Lllp now owns 3,200 shares of the company’s stock valued at $128,000 after purchasing an additional 2,502 shares in the last quarter. Finally, Oxford Asset Management LLP acquired a new stake in shares of Maplebear in the second quarter valued at about $227,000. Institutional investors and hedge funds 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.