Maplebear (NASDAQ:CART) Announces Quarterly Earnings Results

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

Maplebear Price Performance

Shares of Maplebear stock opened at $36.82 on Monday. The business has a 50-day simple moving average of $40.62 and a 200 day simple moving average of $43.99. Maplebear has a one year low of $34.78 and a one year high of $53.50. The firm has a market capitalization of $9.70 billion, a price-to-earnings ratio of 21.28, a PEG ratio of 1.13 and a beta of 1.10.

Analyst Ratings Changes

CART has been the subject of a number of research reports. Needham & Company LLC lifted their target price on Maplebear from $56.00 to $66.00 and gave the stock a “buy” rating in a report on Friday, August 8th. Robert W. Baird decreased their target price on shares of Maplebear from $60.00 to $50.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 1st. Benchmark upgraded Maplebear from a “hold” rating to a “buy” rating and set a $67.00 price target for the company in a research note on Friday, August 8th. JMP Securities lifted their price objective on Maplebear from $55.00 to $60.00 and gave the company a “market outperform” rating in a report on Friday, August 8th. Finally, Citigroup raised their target price on shares of Maplebear from $57.00 to $65.00 and gave the company a “buy” rating in a report on Friday, August 8th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $52.12.

Insiders Place Their Bets

In related news, General Counsel Morgan Fong sold 3,546 shares of the stock in a transaction that occurred on 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 approximately $16,609,268.55. This trade represents a 0.82% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Fidji Simo sold 7,140 shares of Maplebear stock in a transaction on Monday, September 15th. The stock was sold at an average price of $47.30, for a total value of $337,722.00. Following the sale, the director owned 573,807 shares in the company, valued at $27,141,071.10. The trade was a 1.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 27,556 shares of company stock worth $1,179,482. Insiders own 26.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Viking Global Investors LP bought a new position in Maplebear during the second quarter valued at approximately $169,782,000. Lazard Asset Management LLC boosted its holdings in Maplebear by 4,210.1% in the second quarter. Lazard Asset Management LLC now owns 411,396 shares of the company’s stock valued at $18,611,000 after acquiring an additional 401,851 shares in the last quarter. Captrust Financial Advisors purchased a new position in Maplebear during the 2nd quarter valued at about $17,837,000. Squarepoint Ops LLC grew its stake in shares of Maplebear by 478.6% in the 2nd quarter. Squarepoint Ops LLC now owns 436,273 shares of the company’s stock worth $19,737,000 after buying an additional 360,873 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its stake in shares of Maplebear by 85.0% in the 2nd quarter. Alliancebernstein L.P. now owns 652,609 shares of the company’s stock worth $29,524,000 after buying an additional 299,826 shares during the last quarter. Hedge funds and other institutional investors 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.