Wedbush Estimates Maplebear’s FY2024 Earnings (NASDAQ:CART)

Maplebear Inc. (NASDAQ:CART) – Equities researchers at Wedbush lifted their FY2024 earnings per share (EPS) estimates for shares of Maplebear in a research note issued on Wednesday, November 13th. Wedbush analyst S. Devitt now forecasts that the company will post earnings per share of $1.43 for the year, up from their previous estimate of $1.10. Wedbush has a “Neutral” rating and a $38.00 price target on the stock. The consensus estimate for Maplebear’s current full-year earnings is $1.20 per share. Wedbush also issued estimates for Maplebear’s FY2025 earnings at $1.51 EPS and FY2026 earnings at $2.11 EPS.

Maplebear (NASDAQ:CART) last released its quarterly earnings data on Tuesday, November 12th. The company reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.20. Maplebear had a net margin of 13.37% and a return on equity of 13.32%. The firm had revenue of $852.00 million for the quarter, compared to analysts’ expectations of $844.03 million. During the same quarter last year, the business posted ($20.86) earnings per share. The company’s revenue for the quarter was up 11.5% compared to the same quarter last year.

Several other brokerages have also recently issued reports on CART. Oppenheimer lifted their target price on Maplebear from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Wednesday. Jefferies Financial Group assumed coverage on Maplebear in a research note on Wednesday, October 16th. They issued a “hold” rating and a $43.00 price objective on the stock. Barclays upped their price objective on Maplebear from $48.00 to $56.00 and gave the stock an “overweight” rating in a report on Wednesday. BMO Capital Markets boosted their price target on shares of Maplebear from $39.00 to $48.00 and gave the stock a “market perform” rating in a research report on Wednesday. Finally, Macquarie increased their price objective on shares of Maplebear from $50.00 to $52.00 and gave the company an “outperform” rating in a research report on Thursday. Twelve research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $47.29.

Maplebear Stock Performance

Shares of NASDAQ CART opened at $42.00 on Friday. The company has a market cap of $10.95 billion, a P/E ratio of 28.81, a P/E/G ratio of 1.30 and a beta of 1.12. Maplebear has a 52-week low of $22.13 and a 52-week high of $50.01. The firm’s fifty day moving average is $42.01 and its two-hundred day moving average is $36.55.

Institutional Investors Weigh In On Maplebear

Hedge funds have recently made changes to their positions in the stock. Huntington National Bank bought a new position in Maplebear in the third quarter worth about $54,000. nVerses Capital LLC raised its stake in shares of Maplebear by 1,600.0% during the 2nd quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock worth $55,000 after acquiring an additional 1,600 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Maplebear during the third quarter valued at approximately $74,000. Quarry LP boosted its stake in Maplebear by 269.5% in the second quarter. Quarry LP now owns 3,928 shares of the company’s stock valued at $126,000 after acquiring an additional 2,865 shares in the last quarter. Finally, Vinva Investment Management Ltd purchased a new position in Maplebear in the third quarter worth $212,000. 63.09% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Maplebear

In related news, CAO Alan Ramsay sold 2,486 shares of Maplebear stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $41.39, for a total value of $102,895.54. Following the completion of the sale, the chief accounting officer now directly owns 99,225 shares in the company, valued at $4,106,922.75. The trade was a 2.44 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, General Counsel Morgan Fong sold 8,345 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $40.00, for a total transaction of $333,800.00. Following the completion of the sale, the general counsel now directly owns 330,886 shares of the company’s stock, valued at $13,235,440. The trade was a 2.46 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 118,710 shares of company stock worth $4,978,164 in the last 90 days. 36.00% of the stock is owned by corporate insiders.

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.