Cantor Fitzgerald Comments on Maplebear FY2024 Earnings

Maplebear Inc. (NASDAQ:CART) – Cantor Fitzgerald increased their FY2024 earnings estimates for shares of Maplebear in a report released 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 has a “Overweight” rating and a $45.00 price objective on the stock. The consensus estimate for Maplebear’s current full-year earnings is $1.40 per share.

Several other research analysts have also weighed in on the stock. Stifel Nicolaus increased their price objective on shares of Maplebear from $52.00 to $55.00 and gave the stock a “buy” rating in a report on Monday, October 28th. Bank of America increased their price target on shares of Maplebear from $50.00 to $51.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 13th. Needham & Company LLC reissued a “hold” rating on shares of Maplebear in a research note on Wednesday, November 13th. JPMorgan Chase & Co. increased their target price on Maplebear from $47.00 to $52.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Finally, Piper Sandler boosted their price target on Maplebear from $50.00 to $58.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Twelve equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $47.29.

Maplebear Trading Up 4.6 %

Shares of NASDAQ:CART opened at $42.78 on Monday. The firm has a market cap of $10.99 billion, a price-to-earnings ratio of 28.71, a PEG ratio of 1.09 and a beta of 1.12. The stock’s 50-day moving average price is $42.43 and its two-hundred day moving average price is $36.71. Maplebear has a 12-month low of $22.13 and a 12-month high of $50.01.

Maplebear (NASDAQ:CART) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $0.42 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 business had revenue of $852.00 million during the quarter, compared to the consensus estimate of $844.03 million. During the same quarter in the previous year, the business earned ($20.86) earnings per share. The business’s revenue for the quarter was up 11.5% on a year-over-year basis.

Insiders Place Their Bets

In other Maplebear news, CAO Alan Ramsay sold 2,486 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $41.39, for a total transaction of $102,895.54. Following the completion of the sale, the chief accounting officer now owns 99,225 shares in the company, valued at $4,106,922.75. This trade represents a 2.44 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Morgan Fong sold 29,253 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $48.03, for a total value of $1,405,021.59. Following the completion of the transaction, the general counsel now directly owns 258,406 shares in the company, valued at approximately $12,411,240.18. The trade was a 10.17 % decrease in their ownership of the stock. 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 quarter. 36.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Huntington National Bank bought a new stake in shares of Maplebear in the 3rd quarter worth about $54,000. nVerses Capital LLC lifted its position in shares of Maplebear by 1,600.0% during the second quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock worth $55,000 after purchasing an additional 1,600 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new position in Maplebear in the third quarter worth about $74,000. Quarry LP increased its holdings in Maplebear by 269.5% in 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 last quarter. Finally, Vinva Investment Management Ltd acquired a new stake in Maplebear during the third quarter valued at approximately $212,000. 63.09% of the stock is currently owned by institutional investors.

About Maplebear

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.