Cantor Fitzgerald Boosts Earnings Estimates for Maplebear

Maplebear Inc. (NASDAQ:CART) – Analysts at Cantor Fitzgerald boosted their FY2024 earnings estimates for shares of Maplebear in a report issued on Wednesday, November 13th. Cantor Fitzgerald analyst D. Mathivanan now expects that the company will earn $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.

A number of other equities research analysts have also recently weighed in on CART. Piper Sandler boosted their price objective on Maplebear from $50.00 to $58.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Benchmark reiterated a “hold” rating on shares of Maplebear in a research report on Wednesday, August 7th. Macquarie increased their price target on shares of Maplebear from $50.00 to $52.00 and gave the stock an “outperform” rating in a research note on Thursday, November 14th. Citigroup upped their target price on shares of Maplebear from $44.00 to $47.00 and gave the company a “buy” rating in a report on Thursday, August 8th. Finally, Stifel Nicolaus raised their price target on Maplebear from $52.00 to $55.00 and gave the stock a “buy” rating in a report on Monday, October 28th. Twelve analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Maplebear presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.29.

Maplebear Stock Up 4.6 %

Shares of NASDAQ CART opened at $42.78 on Monday. The business has a 50-day moving average price of $42.43 and a 200 day moving average price of $36.71. The stock has a market cap of $10.99 billion, a PE ratio of 28.71, a price-to-earnings-growth ratio of 1.09 and a beta of 1.12. Maplebear has a 52-week low of $22.13 and a 52-week high of $50.01.

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

Institutional Trading of Maplebear

Several institutional investors and hedge funds have recently modified their holdings of the business. Huntington National Bank purchased a new position in shares of Maplebear during the 3rd quarter worth approximately $54,000. nVerses Capital LLC increased its position in 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 buying an additional 1,600 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Maplebear in the third quarter worth $74,000. Quarry LP lifted its position in shares of 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 acquiring an additional 2,865 shares in the last quarter. Finally, Vinva Investment Management Ltd acquired a new stake in shares of Maplebear during the third quarter valued at $212,000. Hedge funds and other institutional investors own 63.09% of the company’s stock.

Insider Buying and Selling at Maplebear

In related news, General Counsel Morgan Fong sold 29,253 shares of the business’s stock in a transaction dated 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 sale, the general counsel now directly owns 258,406 shares in the company, valued at $12,411,240.18. The trade was a 10.17 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Fidji Simo sold 33,000 shares of the firm’s stock in a transaction dated 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 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 ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 118,710 shares of company stock valued at $4,978,164. Corporate insiders own 36.00% of the company’s stock.

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.