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

Maplebear (NASDAQ:CART) released its earnings results on Wednesday. The company reported $0.43 earnings per share 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. Maplebear’s revenue for the quarter was up 8.0% on a year-over-year basis.

Maplebear Price Performance

Shares of Maplebear stock traded down $1.14 during trading hours on Thursday, hitting $36.34. The company’s stock had a trading volume of 4,826,411 shares, compared to its average volume of 4,104,819. The business has a fifty day moving average of $36.05 and a 200 day moving average of $29.09. Maplebear has a 1-year low of $22.13 and a 1-year high of $42.95.

Insider Activity at Maplebear

In other Maplebear news, CEO Fidji Simo sold 82,461 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $38.07, for a total value of $3,139,290.27. Following the transaction, the chief executive officer now directly owns 926,654 shares of the company’s stock, valued at $35,277,717.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Nick Giovanni sold 900 shares of Maplebear stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $35.00, for a total transaction of $31,500.00. Following the sale, the chief financial officer now directly owns 591,077 shares of the company’s stock, valued at $20,687,695. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Fidji Simo sold 82,461 shares of the stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $38.07, for a total value of $3,139,290.27. Following the completion of the transaction, the chief executive officer now directly owns 926,654 shares of the company’s stock, valued at approximately $35,277,717.78. The disclosure for this sale can be found here. In the last 90 days, insiders have acquired 2,157,745 shares of company stock worth $61,771,955 and have sold 1,055,899 shares worth $30,422,265. Company insiders own 36.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Barclays lifted their price target on shares of Maplebear from $41.00 to $43.00 and gave the company an “overweight” rating in a research report on Thursday. Stifel Nicolaus boosted their price target on shares of Maplebear from $44.00 to $45.00 and gave the company a “buy” rating in a research report on Thursday. Oppenheimer upped their target price on shares of Maplebear from $36.00 to $48.00 and gave the company an “outperform” rating in a report on Monday, April 29th. Sanford C. Bernstein raised shares of Maplebear from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $30.00 to $43.00 in a report on Thursday, March 14th. Finally, BMO Capital Markets upped their target price on shares of Maplebear from $26.00 to $36.00 and gave the stock a “market perform” rating in a research report on Thursday. Ten analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $40.00.

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.