Cantor Fitzgerald Decreases Earnings Estimates for Maplebear

Maplebear Inc. (NASDAQ:CART) – Stock analysts at Cantor Fitzgerald dropped their FY2024 earnings per share estimates for shares of Maplebear in a research note issued on Tuesday, January 7th. Cantor Fitzgerald analyst D. Mathivanan now forecasts that the company will earn $1.43 per share for the year, down from their previous estimate of $1.44. Cantor Fitzgerald has a “Overweight” rating and a $45.00 price target on the stock. The consensus estimate for Maplebear’s current full-year earnings is $1.40 per share.

Other research analysts also recently issued research reports about the stock. JPMorgan Chase & Co. increased their price objective on shares of Maplebear from $47.00 to $52.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Jefferies Financial Group started coverage on Maplebear in a report on Wednesday, October 16th. They set a “hold” rating and a $43.00 price target on the stock. Robert W. Baird lifted their price objective on Maplebear from $44.00 to $51.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. Piper Sandler increased their target price on Maplebear from $50.00 to $58.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Finally, Macquarie boosted their price target on Maplebear from $50.00 to $52.00 and gave the company an “outperform” rating in a research note on Thursday, November 14th. Thirteen research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $47.14.

Maplebear Stock Performance

CART opened at $44.82 on Thursday. The company’s 50-day simple moving average is $43.60 and its two-hundred day simple moving average is $39.19. The stock has a market capitalization of $11.51 billion, a P/E ratio of 30.08, a P/E/G ratio of 1.08 and a beta of 1.04. Maplebear has a 52-week low of $22.25 and a 52-week high of $50.01.

Maplebear (NASDAQ:CART) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.20. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. The firm had revenue of $852.00 million for the quarter, compared to the consensus estimate of $844.03 million. During the same period in the prior year, the company posted ($20.86) earnings per share. The company’s quarterly revenue was up 11.5% on a year-over-year basis.

Insider Activity at Maplebear

In other news, CAO Alan Ramsay sold 2,559 shares of the firm’s stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $42.97, for a total transaction of $109,960.23. Following the completion of the transaction, the chief accounting officer now owns 96,666 shares in the company, valued at $4,153,738.02. This trade represents a 2.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, General Counsel Morgan Fong sold 11,325 shares of Maplebear stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $42.97, for a total value of $486,635.25. Following the completion of the sale, the general counsel now directly owns 287,659 shares in the company, valued at $12,360,707.23. This trade represents a 3.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 112,128 shares of company stock valued at $4,980,404. 36.00% of the stock is owned by company insiders.

Institutional Trading of Maplebear

A number of large investors have recently added to or reduced their stakes in CART. Principal Financial Group Inc. purchased a new position in shares of Maplebear in the second quarter valued at $411,000. Rhumbline Advisers grew its stake in shares of Maplebear by 571.0% in the 2nd quarter. Rhumbline Advisers now owns 149,618 shares of the company’s stock worth $4,809,000 after buying an additional 127,319 shares in the last quarter. Victory Capital Management Inc. increased its holdings in shares of Maplebear by 144.7% in the 2nd quarter. Victory Capital Management Inc. now owns 36,785 shares of the company’s stock worth $1,182,000 after buying an additional 21,755 shares during the last quarter. Arizona State Retirement System purchased a new stake in shares of Maplebear during the 2nd quarter valued at about $838,000. Finally, Acadian Asset Management LLC bought a new position in shares of Maplebear in the 2nd quarter valued at about $8,065,000. 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.