Maplebear (NASDAQ:CART) Issues Earnings Results, Beats Estimates By $0.02 EPS

Key Points

• Maplebear reported earnings of $0.41 per share, beating analyst estimates of $0.39 by $0.02, along with quarterly revenue of $914 million, exceeding expectations of $896.55 million.
• The company's stock rose by 3.7% to $51.21 after the earnings announcement, with significant trading volume noted at over 13 million shares.
• Insider transactions included sales by key executives, with over 4.9 million shares sold in the last 90 days, representing a 26% ownership by company insiders.

Maplebear (NASDAQ:CART - Get Free Report) posted its earnings results on Thursday. The company reported $0.41 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.39 by $0.02, Zacks reports. The company had revenue of $914.00 million during the quarter, compared to the consensus estimate of $896.55 million. Maplebear had a net margin of 13.76% and a return on equity of 16.02%. The firm's quarterly revenue was up 11.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.20 earnings per share.

Maplebear Stock Up 3.7%

Shares of Maplebear stock traded up $1.82 during mid-day trading on Friday, hitting $51.21. The stock had a trading volume of 13,083,511 shares, compared to its average volume of 3,516,849. The firm has a 50-day moving average of $46.70 and a two-hundred day moving average of $44.69. Maplebear has a 12-month low of $31.15 and a 12-month high of $53.50. The firm has a market cap of $13.44 billion, a P/E ratio of 29.60, a price-to-earnings-growth ratio of 1.98 and a beta of 1.21.

Insiders Place Their Bets

In other news, insider Daniel Danker sold 10,037 shares of the stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $48.82, for a total value of $490,006.34. Following the completion of the sale, the insider owned 470,190 shares of the company's stock, valued at $22,954,675.80. This represents a 2.09% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, General Counsel Morgan Fong sold 4,680 shares of the stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $49.16, for a total transaction of $230,068.80. Following the completion of the sale, the general counsel directly owned 452,000 shares of the company's stock, valued at approximately $22,220,320. This trade represents a 1.02% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 4,975,327 shares of company stock worth $237,736,848. 26.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Maplebear

Several large investors have recently made changes to their positions in the stock. Goldman Sachs Group Inc. lifted its holdings in shares of Maplebear by 17.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 390,711 shares of the company's stock worth $15,585,000 after acquiring an additional 57,879 shares during the last quarter. Royal Bank of Canada lifted its holdings in shares of Maplebear by 51.2% in the 1st quarter. Royal Bank of Canada now owns 131,789 shares of the company's stock worth $5,256,000 after acquiring an additional 44,642 shares during the last quarter. Empowered Funds LLC acquired a new position in shares of Maplebear in the 1st quarter worth approximately $268,000. Jones Financial Companies Lllp lifted its holdings in shares of Maplebear by 358.5% in the 1st quarter. Jones Financial Companies Lllp now owns 3,200 shares of the company's stock worth $128,000 after acquiring an additional 2,502 shares during the last quarter. Finally, NewEdge Advisors LLC lifted its holdings in shares of Maplebear by 71.6% in the 1st quarter. NewEdge Advisors LLC now owns 1,673 shares of the company's stock worth $67,000 after acquiring an additional 698 shares during the last quarter. 63.09% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have weighed in on CART. Stifel Nicolaus upped their price objective on shares of Maplebear from $55.00 to $64.00 and gave the stock a "buy" rating in a research report on Friday. Bank of America upped their price objective on shares of Maplebear from $53.00 to $58.00 and gave the stock a "neutral" rating in a research report on Friday. Macquarie reissued an "outperform" rating and set a $55.00 target price on shares of Maplebear in a research note on Tuesday, May 6th. Loop Capital boosted their target price on shares of Maplebear from $52.00 to $58.00 and gave the stock a "buy" rating in a research note on Monday, May 19th. Finally, Benchmark raised shares of Maplebear from a "hold" rating to a "buy" rating and set a $67.00 target price for the company in a research note on Friday. Nine investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $55.13.

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.

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