Cantor Fitzgerald Boosts Earnings Estimates for Maplebear

Maplebear Inc. (NASDAQ:CART) – Cantor Fitzgerald lifted their FY2024 earnings per share estimates for shares of Maplebear in a research report issued on Wednesday, November 13th. Cantor Fitzgerald analyst D. Mathivanan now forecasts that the company will earn $1.44 per share for the year, up from their prior 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.

CART has been the subject of several other research reports. Needham & Company LLC reaffirmed a “hold” rating on shares of Maplebear in a report on Wednesday, November 13th. BMO Capital Markets boosted their price objective on Maplebear from $39.00 to $48.00 and gave the stock a “market perform” rating in a research note on Wednesday, November 13th. Raymond James assumed coverage on Maplebear in a report on Tuesday, September 24th. They issued a “market perform” rating for the company. Robert W. Baird increased their price objective on shares of Maplebear from $44.00 to $51.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. Finally, Jefferies Financial Group began coverage on shares of Maplebear in a research note on Wednesday, October 16th. They issued a “hold” rating and a $43.00 target price for the company. 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, Maplebear has an average rating of “Moderate Buy” and an average price target of $47.29.

Maplebear Stock Down 2.6 %

Shares of Maplebear stock opened at $40.91 on Monday. The stock has a market capitalization of $10.51 billion, a P/E ratio of 27.46, a price-to-earnings-growth ratio of 1.13 and a beta of 1.12. Maplebear has a 12-month low of $22.13 and a 12-month high of $50.01. The company has a 50-day simple moving average of $42.28 and a 200 day simple moving average of $36.67.

Maplebear (NASDAQ:CART) last issued its quarterly earnings data 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 company had revenue of $852.00 million during the quarter, compared to analysts’ expectations of $844.03 million. During the same period last year, the business earned ($20.86) earnings per share. The business’s revenue was up 11.5% on a year-over-year basis.

Institutional Investors Weigh In On Maplebear

Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in shares of Maplebear by 239.1% in the 1st quarter. Vanguard Group Inc. now owns 213,496 shares of the company’s stock valued at $7,961,000 after purchasing an additional 150,544 shares during the period. Assenagon Asset Management S.A. bought a new stake in Maplebear in the 2nd quarter valued at approximately $8,293,000. Investment House LLC acquired a new position in Maplebear during the 2nd quarter worth approximately $750,000. Eos Management L.P. grew its stake in shares of Maplebear by 98.1% during the 3rd quarter. Eos Management L.P. now owns 31,508 shares of the company’s stock worth $1,284,000 after acquiring an additional 15,600 shares in the last quarter. Finally, Diversified Trust Co raised its holdings in shares of Maplebear by 141.8% in the third quarter. Diversified Trust Co now owns 24,563 shares of the company’s stock valued at $1,001,000 after purchasing an additional 14,404 shares during the last quarter. 63.09% of the stock is owned by institutional investors.

Insider Buying and Selling at Maplebear

In other Maplebear news, General Counsel Morgan Fong sold 8,345 shares of the firm’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $40.00, for a total transaction 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. This trade represents a 2.46 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Fidji Simo sold 33,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $35.27, for a total transaction of $1,163,910.00. Following the completion of the transaction, the chief executive officer now owns 1,844,778 shares of the company’s stock, valued at $65,065,320.06. This trade represents a 1.76 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 118,710 shares of company stock valued at $4,978,164. Corporate 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.