Cantor Fitzgerald Forecasts Stronger Earnings for Maplebear

Maplebear Inc. (NASDAQ:CART) – Research analysts at Cantor Fitzgerald raised their FY2024 earnings per share estimates for Maplebear in a research report issued on Wednesday, November 13th. Cantor Fitzgerald analyst D. Mathivanan now anticipates that the company will post earnings of $1.44 per share for the year, up from their previous estimate of $0.96. Cantor Fitzgerald currently has a “Overweight” rating and a $45.00 target price on the stock. The consensus estimate for Maplebear’s current full-year earnings is $1.40 per share.

Maplebear (NASDAQ:CART) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.22 by $0.20. The company had revenue of $852.00 million for the quarter, compared to analyst estimates of $844.03 million. Maplebear had a net margin of 13.37% and a return on equity of 13.78%. Maplebear’s revenue was up 11.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($20.86) earnings per share.

Several other analysts have also recently commented on CART. Morgan Stanley reduced their target price on Maplebear from $45.00 to $41.00 and set an “equal weight” rating on the stock in a report on Tuesday, September 24th. JMP Securities lifted their target price on shares of Maplebear from $42.00 to $51.00 and gave the stock a “market outperform” rating in a research note on Wednesday, November 13th. Needham & Company LLC reaffirmed a “hold” rating on shares of Maplebear in a research report on Wednesday, November 13th. Piper Sandler lifted their price objective on Maplebear from $50.00 to $58.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Finally, Oppenheimer upped their target price on Maplebear from $55.00 to $60.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. Twelve equities 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 presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.29.

Maplebear Trading Down 2.2 %

NASDAQ CART opened at $42.00 on Monday. Maplebear has a 12 month low of $22.13 and a 12 month high of $50.01. The firm has a market capitalization of $10.79 billion, a PE ratio of 28.19, a price-to-earnings-growth ratio of 1.13 and a beta of 1.12. The business’s 50-day moving average price is $42.17 and its two-hundred day moving average price is $36.63.

Institutional Investors Weigh In On Maplebear

Several large investors have recently modified their holdings of CART. Pacer Advisors Inc. purchased a new stake in Maplebear in the third quarter worth $158,701,000. Geode Capital Management LLC raised its stake in Maplebear by 151.7% in the 3rd quarter. Geode Capital Management LLC now owns 2,732,738 shares of the company’s stock valued at $111,361,000 after acquiring an additional 1,647,081 shares during the period. Maverick Capital Ltd. lifted its holdings in Maplebear by 19.7% during the third quarter. Maverick Capital Ltd. now owns 2,684,425 shares of the company’s stock valued at $109,363,000 after purchasing an additional 441,156 shares during the last quarter. State Street Corp boosted its position in Maplebear by 48.3% during the third quarter. State Street Corp now owns 2,552,617 shares of the company’s stock worth $103,994,000 after purchasing an additional 831,795 shares during the period. Finally, Southpoint Capital Advisors LP increased its stake 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 worth $101,850,000 after purchasing an additional 900,000 shares in the last quarter. Hedge funds and other institutional investors own 63.09% of the company’s stock.

Insider Transactions at Maplebear

In other news, CEO Fidji Simo sold 33,000 shares of Maplebear stock in a transaction 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 sale, the chief executive officer now directly owns 1,844,778 shares in the company, valued at $65,065,320.06. The trade was a 1.76 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, General Counsel Morgan Fong sold 29,253 shares of the stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $48.03, for a total transaction of $1,405,021.59. Following the transaction, the general counsel now owns 258,406 shares of the company’s stock, valued at approximately $12,411,240.18. The trade was a 10.17 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 118,710 shares of company stock worth $4,978,164 in 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.