What is Wedbush’s Forecast for Maplebear FY2024 Earnings?

Maplebear Inc. (NASDAQ:CART) – Analysts at Wedbush increased their FY2024 EPS estimates for shares of Maplebear in a report released on Wednesday, November 13th. Wedbush analyst S. Devitt now expects 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 price objective on the stock. The consensus estimate for Maplebear’s current full-year earnings is $1.17 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 earnings results on Tuesday, November 12th. The company reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $0.20. Maplebear had a return on equity of 13.32% and a net margin of 13.37%. The firm had revenue of $852.00 million during the quarter, compared to the consensus estimate of $844.03 million. During the same period in the prior year, the firm posted ($20.86) earnings per share. The firm’s revenue for the quarter was up 11.5% compared to the same quarter last year.

Several other research firms have also issued reports on CART. Raymond James started coverage on shares of Maplebear in a research note on Tuesday, September 24th. They issued a “market perform” rating for the company. Bank of America upped their price objective on shares of Maplebear from $50.00 to $51.00 and gave the company a “neutral” rating in a research report on Wednesday. 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 note on Wednesday. JMP Securities raised their target price on Maplebear from $42.00 to $51.00 and gave the stock a “market outperform” rating in a research report on Wednesday. Finally, JPMorgan Chase & Co. lifted their target price on shares of Maplebear from $47.00 to $52.00 and gave the company an “overweight” rating in a research note on Wednesday. Twelve investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, Maplebear presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.29.

Maplebear Stock Performance

Shares of NASDAQ:CART opened at $42.93 on Friday. Maplebear has a 52 week low of $22.13 and a 52 week high of $50.01. The company has a market cap of $11.20 billion, a PE ratio of 28.81, a price-to-earnings-growth ratio of 1.50 and a beta of 1.12. The firm has a 50 day simple moving average of $41.85 and a 200 day simple moving average of $36.51.

Insider Transactions at Maplebear

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

Institutional Trading of Maplebear

Several hedge funds and other institutional investors have recently bought and sold shares of CART. Pacer Advisors Inc. bought a new stake in shares of Maplebear during the 3rd quarter worth approximately $158,701,000. Sculptor Capital LP purchased a new position in shares of Maplebear during the second quarter worth approximately $77,361,000. Charles Schwab Investment Management Inc. raised its stake in shares of Maplebear by 5,191.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,489,655 shares of the company’s stock valued at $60,689,000 after acquiring an additional 1,461,501 shares in the last quarter. Southpoint Capital Advisors LP boosted its holdings in shares of Maplebear by 56.3% in the third quarter. Southpoint Capital Advisors LP now owns 2,500,000 shares of the company’s stock valued at $101,850,000 after purchasing an additional 900,000 shares during the period. Finally, Federated Hermes Inc. grew its stake in Maplebear by 102.2% in the second quarter. Federated Hermes Inc. now owns 1,734,264 shares of the company’s stock worth $55,739,000 after purchasing an additional 876,439 shares in the last quarter. Hedge funds and other institutional investors 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.