What is Wedbush's Forecast for Maplebear FY2024 Earnings?

Maplebear Inc. (NASDAQ:CART - Free Report) - Research analysts at Wedbush raised their FY2024 earnings per share (EPS) estimates for shares of Maplebear in a report issued on Wednesday, November 13th. Wedbush analyst S. Devitt now expects that the company will earn $1.43 per share for the year, up from their previous forecast 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.

Other equities research analysts have also issued research reports about the company. Raymond James started coverage on Maplebear in a research note on Tuesday, September 24th. They issued a "market perform" rating for the company. Barclays raised their price objective on Maplebear from $48.00 to $56.00 and gave the company an "overweight" rating in a research report on Wednesday. Oppenheimer raised their price objective on Maplebear from $55.00 to $60.00 and gave the company an "outperform" rating in a research report on Wednesday. Robert W. Baird raised their price objective on Maplebear from $44.00 to $51.00 and gave the company an "outperform" rating in a research report on Wednesday. Finally, BMO Capital Markets raised their price objective on Maplebear from $39.00 to $48.00 and gave the company a "market perform" rating in a research report on Wednesday. Twelve analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $47.29.

Maplebear Stock Down 2.2 %

CART stock traded down $0.93 during trading on Friday, reaching $42.00. The company's stock had a trading volume of 6,613,120 shares, compared to its average volume of 3,988,891. Maplebear has a 1 year low of $22.13 and a 1 year high of $50.01. The company has a market capitalization of $10.95 billion, a P/E ratio of 28.81, a price-to-earnings-growth ratio of 1.30 and a beta of 1.12. The company's fifty day moving average is $42.01 and its 200-day moving average is $36.55.

Maplebear (NASDAQ:CART - Get Free Report) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $0.42 earnings per share (EPS) 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 business had revenue of $852.00 million during the quarter, compared to analyst estimates of $844.03 million. During the same quarter in the prior year, the business posted ($20.86) EPS. Maplebear's revenue for the quarter was up 11.5% compared to the same quarter last year.

Hedge Funds Weigh In On Maplebear

A number of institutional investors have recently modified their holdings of CART. Huntington National Bank purchased a new position in Maplebear during the third quarter valued at approximately $54,000. nVerses Capital LLC increased its holdings in Maplebear by 1,600.0% during 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 period. Mirae Asset Global Investments Co. Ltd. purchased a new position in Maplebear during the third quarter valued at approximately $74,000. Quarry LP increased its holdings in Maplebear by 269.5% during the second quarter. Quarry LP now owns 3,928 shares of the company's stock valued at $126,000 after buying an additional 2,865 shares during the period. Finally, Vinva Investment Management Ltd purchased a new position in Maplebear during the third quarter valued at approximately $212,000. 63.09% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CAO Alan Ramsay sold 2,486 shares of the firm's stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $41.39, for a total transaction 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 trade represents a 2.44 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Fidji Simo sold 33,000 shares of the firm's stock in a transaction that occurred on 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 transaction, the chief executive officer now directly owns 1,844,778 shares in the company, valued at approximately $65,065,320.06. This trade represents a 1.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 118,710 shares of company stock valued at $4,978,164 over the last 90 days. Insiders own 36.00% 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.