Wedbush Issues Optimistic Forecast for Maplebear Earnings

Maplebear Inc. (NASDAQ:CART) – Research analysts at Wedbush raised their Q4 2024 earnings per share estimates for shares of Maplebear in a research note issued to investors on Wednesday, November 13th. Wedbush analyst S. Devitt now anticipates that the company will post earnings per share of $0.37 for the quarter, up from their previous estimate of $0.33. 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 Q1 2025 earnings at $0.38 EPS, Q2 2025 earnings at $0.36 EPS, Q3 2025 earnings at $0.37 EPS and Q4 2025 earnings at $0.42 EPS.

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

A number of other equities research analysts also recently issued reports on the company. Benchmark reissued a “hold” rating on shares of Maplebear in a research report on Wednesday, August 7th. Robert W. Baird raised their price target on Maplebear from $44.00 to $51.00 and gave the stock an “outperform” rating in a research report on Wednesday. Citigroup boosted their price target on Maplebear from $44.00 to $47.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. JPMorgan Chase & Co. increased their price objective on shares of Maplebear from $47.00 to $52.00 and gave the stock an “overweight” rating in a research note on Wednesday. Finally, Jefferies Financial Group assumed coverage on shares of Maplebear in a research report on Wednesday, October 16th. They issued a “hold” rating and a $43.00 target price for the company. Twelve investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, Maplebear currently has a consensus rating of “Moderate Buy” and an average price target of $47.29.

Maplebear Stock Down 2.2 %

Shares of NASDAQ:CART opened at $42.00 on Thursday. Maplebear has a 12-month low of $22.13 and a 12-month high of $50.01. The company’s 50 day moving average price is $42.01 and its two-hundred day moving average price is $36.55. The firm has a market cap of $10.95 billion, a PE ratio of 28.81, a PEG ratio of 1.30 and a beta of 1.12.

Insider Activity

In related news, General Counsel Morgan Fong sold 29,253 shares of the stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $48.03, for a total value of $1,405,021.59. Following the completion of the sale, the general counsel now directly owns 258,406 shares in the company, valued at $12,411,240.18. This represents a 10.17 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Alan Ramsay sold 2,486 shares of the firm’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $41.39, for a total value of $102,895.54. Following the transaction, the chief accounting officer now directly owns 99,225 shares of the company’s stock, valued at approximately $4,106,922.75. This represents a 2.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 118,710 shares of company stock valued at $4,978,164. 36.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Maplebear

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