Maplebear Inc. to Post Q2 2024 Earnings of $0.08 Per Share, Wedbush Forecasts (NASDAQ:CART)

Maplebear Inc. (NASDAQ:CARTFree Report) – Analysts at Wedbush lifted their Q2 2024 earnings per share (EPS) estimates for shares of Maplebear in a report issued on Thursday, May 9th. Wedbush analyst S. Devitt now anticipates that the company will earn $0.08 per share for the quarter, up from their previous estimate of $0.05. The consensus estimate for Maplebear’s current full-year earnings is $0.53 per share. Wedbush also issued estimates for Maplebear’s Q3 2024 earnings at $0.10 EPS.

Maplebear (NASDAQ:CARTGet Free Report) last released its earnings results on Wednesday, May 8th. The company reported $0.43 EPS for the quarter, beating the consensus estimate of $0.04 by $0.39. The firm had revenue of $820.00 million during the quarter, compared to the consensus estimate of $794.08 million. Maplebear’s quarterly revenue was up 8.0% on a year-over-year basis.

Other equities research analysts have also recently issued reports about the company. Moffett Nathanson restated a “neutral” rating and set a $37.00 target price (up from $36.00) on shares of Maplebear in a research note on Thursday, April 11th. Macquarie started coverage on Maplebear in a research note on Monday, March 25th. They issued an “outperform” rating and a $42.00 price objective on the stock. Citigroup lifted their target price on Maplebear from $42.00 to $44.00 and gave the company a “buy” rating in a research report on Thursday. JMP Securities increased their target price on shares of Maplebear from $35.00 to $42.00 and gave the stock a “market outperform” rating in a report on Thursday. Finally, BMO Capital Markets raised their price target on shares of Maplebear from $26.00 to $36.00 and gave the company a “market perform” rating in a research note on Thursday. Ten analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $40.89.

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Maplebear Trading Down 3.2 %

NASDAQ CART opened at $34.94 on Friday. The firm’s 50 day simple moving average is $36.24 and its 200 day simple moving average is $29.20. Maplebear has a 1 year low of $22.13 and a 1 year high of $42.95.

Insiders Place Their Bets

In other news, Director Jeffrey D. Jordan sold 760,479 shares of the firm’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $26.01, for a total transaction of $19,780,058.79. Following the completion of the transaction, the director now directly owns 20,783 shares in the company, valued at $540,565.83. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Jeffrey D. Jordan sold 760,479 shares of Maplebear stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $26.01, for a total transaction of $19,780,058.79. Following the completion of the transaction, the director now owns 20,783 shares of the company’s stock, valued at $540,565.83. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Us (Ttgp) Ltd. Sc bought 1,036,683 shares of the company’s stock in a transaction that occurred on Tuesday, February 20th. The stock was purchased at an average price of $27.90 per share, for a total transaction of $28,923,455.70. Following the acquisition, the insider now owns 1,036,683 shares of the company’s stock, valued at $28,923,455.70. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 2,157,745 shares of company stock valued at $61,771,955 and have sold 1,055,899 shares valued at $30,422,265. Company insiders own 36.00% of the company’s stock.

Institutional Investors Weigh In On Maplebear

Hedge funds have recently added to or reduced their stakes in the business. FMR LLC acquired a new stake in shares of Maplebear during the 3rd quarter worth approximately $56,424,000. Blackstone Inc. acquired a new position in shares of Maplebear during the third quarter valued at about $17,369,000. KPCB DGF II Associates LLC bought a new position in shares of Maplebear during the 3rd quarter worth about $119,544,000. Monashee Investment Management LLC bought a new position in Maplebear in the third quarter worth approximately $6,069,000. Finally, Federated Hermes Inc. grew its stake in Maplebear by 190.2% in the fourth quarter. Federated Hermes Inc. now owns 464,355 shares of the company’s stock valued at $10,898,000 after acquiring an additional 304,355 shares during the period. 63.09% of the stock is currently owned by institutional investors.

About Maplebear

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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.

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