What is Wedbush’s Forecast for Maplebear FY2024 Earnings?

Maplebear Inc. (NASDAQ:CART) – Investment analysts at Wedbush raised their FY2024 earnings per share estimates for shares of Maplebear in a research note issued on Wednesday, November 13th. Wedbush analyst S. Devitt now anticipates that the company will post earnings of $1.43 per share for the year, up from their prior estimate of $1.10. Wedbush currently has a “Neutral” rating and a $38.00 target price 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, topping 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 company had revenue of $852.00 million during the quarter, compared to the consensus estimate of $844.03 million. During the same period in the previous year, the firm earned ($20.86) earnings per share. Maplebear’s revenue for the quarter was up 11.5% on a year-over-year basis.

A number of other research analysts have also recently commented on CART. JMP Securities boosted their price objective on Maplebear from $42.00 to $51.00 and gave the stock a “market outperform” rating in a research note on Wednesday. Citigroup boosted their price target on Maplebear from $44.00 to $47.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. Oppenheimer increased their price objective on shares of Maplebear from $55.00 to $60.00 and gave the company an “outperform” rating in a research report on Wednesday. Jefferies Financial Group began coverage on shares of Maplebear in a research note on Wednesday, October 16th. They set a “hold” rating and a $43.00 price objective on the stock. Finally, Macquarie upped their target price on shares of Maplebear from $50.00 to $52.00 and gave the company an “outperform” rating in a research note 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. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $47.29.

Maplebear Trading Down 2.2 %

NASDAQ:CART opened at $42.00 on Friday. The firm’s fifty day simple moving average is $42.17 and its 200 day simple moving average is $36.62. Maplebear has a twelve month low of $22.13 and a twelve month high of $50.01. The firm has a market capitalization of $10.95 billion, a price-to-earnings ratio of 28.19, a PEG ratio of 1.30 and a beta of 1.12.

Hedge Funds Weigh In On Maplebear

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

Insider Transactions at Maplebear

In related news, General Counsel Morgan Fong sold 8,345 shares of the stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $40.00, for a total transaction of $333,800.00. Following the sale, the general counsel now owns 330,886 shares in the company, valued at $13,235,440. This represents a 2.46 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Fidji Simo sold 33,000 shares of the firm’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $35.27, for a total transaction of $1,163,910.00. Following the completion of the transaction, the chief executive officer now directly owns 1,844,778 shares in the company, valued at $65,065,320.06. This represents a 1.76 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 118,710 shares of company stock worth $4,978,164. 36.00% of the stock is currently owned by corporate insiders.

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.