Maplebear (NASDAQ:CART) Announces Quarterly Earnings Results

Maplebear (NASDAQ:CART) issued its earnings results on Monday. The company reported $0.51 earnings per share for the quarter, topping 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%.The firm’s quarterly revenue was up 10.2% on a year-over-year basis. During the same period last year, the company posted $0.42 EPS.

Maplebear Trading Up 0.2%

Shares of CART opened at $36.82 on Monday. The business’s 50-day moving average price is $40.62 and its 200 day moving average price is $43.99. Maplebear has a 1-year low of $34.78 and a 1-year high of $53.50. The stock has a market capitalization of $9.70 billion, a P/E ratio of 21.28, a P/E/G ratio of 1.13 and a beta of 1.10.

Analyst Upgrades and Downgrades

CART has been the subject of a number of research analyst reports. JMP Securities lifted their price target on shares of Maplebear from $55.00 to $60.00 and gave the stock a “market outperform” rating in a research note on Friday, August 8th. Mizuho began coverage on shares of Maplebear in a report on Tuesday, September 30th. They set a “neutral” rating and a $45.00 target price on the stock. BTIG Research reaffirmed a “neutral” rating and set a $55.00 price objective on shares of Maplebear in a research report on Tuesday, September 30th. Wells Fargo & Company lowered their target price on Maplebear from $57.00 to $47.00 and set an “equal weight” rating for the company in a report on Friday, October 3rd. Finally, Sanford C. Bernstein boosted their price objective on Maplebear from $55.00 to $60.00 and gave the company an “outperform” rating in a research report on Monday, July 21st. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $52.12.

Insider Activity at Maplebear

In other news, General Counsel Morgan Fong sold 3,546 shares of the firm’s stock in a transaction dated Monday, October 20th. The stock was sold at an average price of $38.85, for a total transaction of $137,762.10. Following the completion of the sale, the general counsel directly owned 427,523 shares of the company’s stock, valued at $16,609,268.55. This trade represents a 0.82% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Chris Rogers sold 9,259 shares of the stock in a transaction on Monday, September 22nd. The stock was sold at an average price of $42.37, for a total transaction of $392,303.83. Following the transaction, the chief executive officer owned 739,880 shares in the company, valued at approximately $31,348,715.60. This trade represents a 1.24% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 27,556 shares of company stock valued at $1,179,482. Corporate insiders own 26.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of CART. State Street Corp increased its position in Maplebear by 1.3% in the 2nd quarter. State Street Corp now owns 5,101,870 shares of the company’s stock worth $230,809,000 after buying an additional 66,588 shares during the period. Viking Global Investors LP acquired a new position in shares of Maplebear in the second quarter valued at $169,782,000. Simcoe Capital Management LLC lifted its stake in Maplebear by 25.2% during the second quarter. Simcoe Capital Management LLC now owns 1,250,255 shares of the company’s stock worth $56,562,000 after purchasing an additional 251,780 shares during the period. BNP Paribas Financial Markets raised its stake in Maplebear by 58.3% during the second quarter. BNP Paribas Financial Markets now owns 744,480 shares of the company’s stock worth $33,680,000 after acquiring an additional 274,303 shares in the last quarter. Finally, Alliancebernstein L.P. raised its holdings in shares of Maplebear by 85.0% in the second quarter. Alliancebernstein L.P. now owns 652,609 shares of the company’s stock valued at $29,524,000 after buying an additional 299,826 shares during the last quarter. Institutional investors own 63.09% of the company’s stock.

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.