Cantor Fitzgerald Predicts Weaker Earnings for Maplebear

Maplebear Inc. (NASDAQ:CART) – Stock analysts at Cantor Fitzgerald dropped their FY2024 earnings per share estimates for Maplebear in a research note issued on Tuesday, January 7th. Cantor Fitzgerald analyst D. Mathivanan now expects that the company will post earnings of $1.43 per share for the year, down from their prior estimate of $1.44. 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.

Other analysts have also issued reports about the company. Jefferies Financial Group started coverage on Maplebear in a report on Wednesday, October 16th. They issued a “hold” rating and a $43.00 price objective for the company. Piper Sandler boosted their price objective on Maplebear from $50.00 to $58.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Needham & Company LLC reissued a “hold” rating on shares of Maplebear in a report on Wednesday, November 13th. JPMorgan Chase & Co. boosted their price objective on Maplebear from $47.00 to $52.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Finally, Oppenheimer boosted their price objective on Maplebear from $55.00 to $60.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. Fourteen equities research 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, the stock presently has a consensus rating of “Hold” and a consensus target price of $47.13.

Maplebear Stock Performance

Shares of NASDAQ CART opened at $44.23 on Thursday. Maplebear has a 1 year low of $22.60 and a 1 year high of $50.01. The firm has a market cap of $11.36 billion, a price-to-earnings ratio of 29.68, a PEG ratio of 1.08 and a beta of 1.04. The stock’s 50-day simple moving average is $43.59 and its 200-day simple moving average is $39.28.

Maplebear (NASDAQ:CART) last announced its 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 13.78% and a net margin of 13.37%. The business had revenue of $852.00 million for the quarter, compared to analyst estimates of $844.03 million. During the same period in the previous year, the company earned ($20.86) earnings per share. The company’s revenue for the quarter was up 11.5% compared to the same quarter last year.

Insider Transactions at Maplebear

In other Maplebear news, CEO Fidji Simo sold 20,750 shares of the company’s stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $44.39, for a total value of $921,092.50. Following the completion of the sale, the chief executive officer now directly owns 1,803,278 shares in the company, valued at $80,047,510.42. This represents a 1.14 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Alan Ramsay sold 2,559 shares of the company’s stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $42.97, for a total value of $109,960.23. Following the completion of the sale, the chief accounting officer now owns 96,666 shares of the company’s stock, valued at $4,153,738.02. This trade represents a 2.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 112,128 shares of company stock worth $4,980,404. Company insiders own 36.00% of the company’s stock.

Institutional Investors Weigh In On Maplebear

A number of institutional investors have recently added to or reduced their stakes in CART. Wealth Enhancement Advisory Services LLC bought a new position in shares of Maplebear in the fourth quarter valued at $1,166,000. Watts Gwilliam & Co. LLC increased its holdings in shares of Maplebear by 39.0% in the fourth quarter. Watts Gwilliam & Co. LLC now owns 7,300 shares of the company’s stock valued at $313,000 after buying an additional 2,047 shares in the last quarter. Nordea Investment Management AB bought a new position in shares of Maplebear in the fourth quarter valued at $2,078,000. Lord Abbett & CO. LLC increased its holdings in shares of Maplebear by 370.9% in the third quarter. Lord Abbett & CO. LLC now owns 859,006 shares of the company’s stock valued at $34,996,000 after buying an additional 676,605 shares in the last quarter. Finally, Franklin Resources Inc. increased its holdings in shares of Maplebear by 182.0% in the third quarter. Franklin Resources Inc. now owns 272,928 shares of the company’s stock valued at $11,692,000 after buying an additional 176,137 shares in the last quarter. 63.09% of the stock is currently owned by institutional investors and hedge funds.

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.