Cantor Fitzgerald Predicts Weaker Earnings for Maplebear

Maplebear Inc. (NASDAQ:CART) – Research analysts at Cantor Fitzgerald decreased their FY2024 earnings estimates for shares of Maplebear in a research report issued on Tuesday, January 7th. Cantor Fitzgerald analyst D. Mathivanan now anticipates that the company will post earnings of $1.43 per share for the year, down from their previous forecast of $1.44. 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 brokerages also recently issued reports on CART. Raymond James began coverage on shares of Maplebear in a research note on Tuesday, September 24th. They set a “market perform” rating on the stock. Oppenheimer upped their price target on shares of Maplebear from $55.00 to $60.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. Macquarie upped 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. Needham & Company LLC reaffirmed a “hold” rating on shares of Maplebear in a research note 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 price target on the stock. Fourteen 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, the stock presently has an average rating of “Hold” and an average price target of $47.13.

Maplebear Stock Down 1.3 %

Shares of NASDAQ:CART opened at $44.23 on Thursday. The company’s fifty day moving average is $43.59 and its two-hundred day moving average is $39.28. Maplebear has a 12-month low of $22.60 and a 12-month high of $50.01. The company has a market cap of $11.36 billion, a P/E ratio of 29.68, a price-to-earnings-growth ratio of 1.08 and a beta of 1.04.

Maplebear (NASDAQ:CART) last announced its earnings results 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 for the quarter, compared to the consensus estimate of $844.03 million. During the same period in the previous year, the business earned ($20.86) EPS. The company’s revenue was up 11.5% on a year-over-year basis.

Insider Buying and Selling at Maplebear

In related news, General Counsel Morgan Fong sold 11,325 shares of the stock in a transaction dated Monday, October 21st. The shares were 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 owns 287,659 shares in the company, valued at approximately $12,360,707.23. This trade represents a 3.79 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Alan Ramsay sold 2,247 shares of the stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $42.14, for a total transaction of $94,688.58. Following the completion of the sale, the chief accounting officer now owns 87,735 shares of the company’s stock, valued at approximately $3,697,152.90. The trade was a 2.50 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 112,128 shares of company stock worth $4,980,404 over the last ninety days. Company insiders own 36.00% of the company’s stock.

Institutional Investors Weigh In On Maplebear

Several hedge funds have recently made changes to their positions in CART. Pacer Advisors Inc. bought a new stake in shares of Maplebear in the third quarter valued at about $158,701,000. Sculptor Capital LP bought a new stake in shares of Maplebear in the second quarter valued at about $77,361,000. Geode Capital Management LLC lifted its stake in shares of Maplebear by 151.7% in the third quarter. Geode Capital Management LLC now owns 2,732,738 shares of the company’s stock valued at $111,361,000 after buying an additional 1,647,081 shares during the period. Charles Schwab Investment Management Inc. raised its position in Maplebear by 5,191.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,489,655 shares of the company’s stock worth $60,689,000 after purchasing an additional 1,461,501 shares in the last quarter. Finally, Southpoint Capital Advisors LP raised its position in Maplebear by 56.3% in the third quarter. Southpoint Capital Advisors LP now owns 2,500,000 shares of the company’s stock worth $101,850,000 after purchasing an additional 900,000 shares in the last quarter. 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.