Cantor Fitzgerald Decreases Earnings Estimates for Maplebear

Maplebear Inc. (NASDAQ:CART) – Analysts at Cantor Fitzgerald lowered their FY2024 EPS estimates for shares of Maplebear in a research note issued on Tuesday, January 7th. Cantor Fitzgerald analyst D. Mathivanan now expects that the company will post earnings per share of $1.43 for the year, down from their previous estimate 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 equities analysts have also weighed in on CART. Piper Sandler upped their price objective on shares of Maplebear from $50.00 to $58.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Morgan Stanley lowered their target price on Maplebear from $45.00 to $41.00 and set an “equal weight” rating on the stock in a research report on Tuesday, September 24th. Needham & Company LLC reissued a “hold” rating on shares of Maplebear in a research report on Wednesday, November 13th. Stifel Nicolaus boosted their price target on shares of Maplebear from $52.00 to $55.00 and gave the company a “buy” rating in a research note on Monday, October 28th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Maplebear from $47.00 to $52.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Thirteen research 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, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.14.

Maplebear Price Performance

Shares of Maplebear stock opened at $44.82 on Thursday. The firm has a market cap of $11.51 billion, a price-to-earnings ratio of 30.08, a PEG ratio of 1.08 and a beta of 1.04. The stock’s 50-day moving average is $43.59 and its 200 day moving average is $39.15. Maplebear has a one year low of $22.25 and a one year high of $50.01.

Maplebear (NASDAQ:CART) last released 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 business had revenue of $852.00 million for the quarter, compared to analyst estimates of $844.03 million. During the same quarter in the previous year, the business earned ($20.86) earnings per share. Maplebear’s revenue for the quarter was up 11.5% on a year-over-year basis.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. CIBC Asset Management Inc grew its position in shares of Maplebear by 3.7% in the third quarter. CIBC Asset Management Inc now owns 8,114 shares of the company’s stock valued at $331,000 after purchasing an additional 286 shares in the last quarter. Coldstream Capital Management Inc. grew its holdings in Maplebear by 1.6% during the 3rd quarter. Coldstream Capital Management Inc. now owns 31,745 shares of the company’s stock valued at $1,294,000 after buying an additional 490 shares in the last quarter. Oppenheimer & Co. Inc. increased its position in shares of Maplebear by 5.1% during the third quarter. Oppenheimer & Co. Inc. now owns 12,090 shares of the company’s stock valued at $493,000 after buying an additional 584 shares during the period. Pier Capital LLC lifted its holdings in shares of Maplebear by 0.4% in the third quarter. Pier Capital LLC now owns 151,604 shares of the company’s stock worth $6,176,000 after buying an additional 616 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB bought a new position in shares of Maplebear in the third quarter valued at approximately $33,000. 63.09% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CAO Alan Ramsay sold 2,247 shares of the stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $41.06, for a total transaction of $92,261.82. Following the completion of the transaction, the chief accounting officer now owns 89,982 shares in the company, valued at approximately $3,694,660.92. This represents a 2.44 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Fidji Simo sold 20,750 shares of Maplebear stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $42.74, for a total value of $886,855.00. Following the completion of the sale, the chief executive officer now directly owns 1,771,993 shares of the company’s stock, valued at approximately $75,734,980.82. This trade represents a 1.16 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 112,128 shares of company stock valued at $4,980,404. Company 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.