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

Maplebear (NASDAQ:CART) posted its quarterly earnings results on Wednesday. The company reported $0.43 earnings per share for the quarter, topping the consensus estimate 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 business’s quarterly revenue was up 8.0% compared to the same quarter last year.

Maplebear Trading Down 3.0 %

Shares of NASDAQ CART traded down $1.14 during trading on Thursday, reaching $36.34. The company had a trading volume of 4,826,411 shares, compared to its average volume of 4,104,819. The business’s 50-day moving average is $36.05 and its 200 day moving average is $29.09. Maplebear has a 12-month low of $22.13 and a 12-month high of $42.95.

Insider Buying and Selling at Maplebear

In other Maplebear news, major shareholder Us (Ttgp) Ltd. Sc purchased 1,036,683 shares of Maplebear stock in a transaction dated Tuesday, February 20th. The shares were purchased at an average cost 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 in the company, valued at approximately $28,923,455.70. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, major shareholder Us (Ttgp) Ltd. Sc purchased 1,036,683 shares of the company’s stock in a transaction dated 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 completion of the transaction, the insider now directly owns 1,036,683 shares of the company’s stock, valued at $28,923,455.70. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Jeffrey D. Jordan sold 760,479 shares of the stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $26.01, for a total value of $19,780,058.79. Following the completion of the sale, the director now owns 20,783 shares in the company, valued at $540,565.83. The disclosure for this sale can be found here. Over the last quarter, 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 currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on CART. Morgan Stanley boosted their price objective on Maplebear from $28.00 to $40.00 and gave the company an “equal weight” rating in a research report on Monday. Barclays boosted their price target on Maplebear from $41.00 to $43.00 and gave the company an “overweight” rating in a report on Thursday. Needham & Company LLC reaffirmed a “hold” rating on shares of Maplebear in a research report on Tuesday. Moffett Nathanson restated a “neutral” rating and issued a $37.00 target price (up previously from $36.00) on shares of Maplebear in a research note on Thursday, April 11th. Finally, Sanford C. Bernstein upgraded Maplebear from a “market perform” rating to an “outperform” rating and raised their target price for the company from $30.00 to $43.00 in a research report on Thursday, March 14th. Ten analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $40.00.

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.