Maplebear FY2024 EPS Estimate Boosted by Cantor Fitzgerald

Maplebear Inc. (NASDAQ:CART - Free Report) - Equities researchers at Cantor Fitzgerald lifted their FY2024 EPS estimates for 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 prior 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.

Maplebear (NASDAQ:CART - Get Free Report) last posted its earnings results on Tuesday, November 12th. The company reported $0.42 earnings per share 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 firm had revenue of $852.00 million during the quarter, compared to analyst estimates of $844.03 million. During the same period in the previous year, the firm earned ($20.86) EPS. The business's quarterly revenue was up 11.5% on a year-over-year basis.

Several other equities analysts have also issued reports on the company. Piper Sandler raised their price objective on Maplebear from $50.00 to $58.00 and gave the stock an "overweight" rating in a report on Wednesday, November 13th. Needham & Company LLC reissued a "hold" rating on shares of Maplebear in a research report on Wednesday, November 13th. Benchmark reiterated a "hold" rating on shares of Maplebear in a research report on Wednesday, August 7th. Macquarie boosted their target price on shares of Maplebear from $50.00 to $52.00 and gave the stock an "outperform" rating in a research report on Thursday. Finally, JMP Securities increased their price target on shares of Maplebear from $42.00 to $51.00 and gave the company a "market outperform" rating in a research note on Wednesday, November 13th. Twelve equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $47.29.

Maplebear Stock Performance

Shares of CART traded down $1.09 during midday trading on Monday, hitting $40.91. 4,229,064 shares of the stock were exchanged, compared to its average volume of 3,990,025. The firm has a market cap of $10.51 billion, a P/E ratio of 27.46, a P/E/G ratio of 1.13 and a beta of 1.12. The stock has a fifty day simple moving average of $42.28 and a 200 day simple moving average of $36.67. Maplebear has a 52-week low of $22.13 and a 52-week high of $50.01.

Institutional Investors Weigh In On Maplebear

Institutional investors have recently made changes to their positions in the stock. Neo Ivy Capital Management bought a new stake in Maplebear in the third quarter valued at $1,922,000. Coldstream Capital Management Inc. lifted its holdings in Maplebear by 1.6% during the third quarter. Coldstream Capital Management Inc. now owns 31,745 shares of the company's stock worth $1,294,000 after acquiring an additional 490 shares during the period. Geode Capital Management LLC lifted its holdings in Maplebear by 151.7% during the third quarter. Geode Capital Management LLC now owns 2,732,738 shares of the company's stock worth $111,361,000 after acquiring an additional 1,647,081 shares during the period. Y Intercept Hong Kong Ltd purchased a new position in Maplebear in the third quarter valued at approximately $3,444,000. Finally, Pier Capital LLC lifted its stake in Maplebear by 0.4% in the third quarter. Pier Capital LLC now owns 151,604 shares of the company's stock valued at $6,176,000 after purchasing an additional 616 shares during the last quarter. Institutional investors own 63.09% of the company's stock.

Insider Activity at Maplebear

In related news, General Counsel Morgan Fong sold 29,253 shares of the stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $48.03, for a total transaction of $1,405,021.59. Following the completion of the sale, the general counsel now directly owns 258,406 shares of the company's stock, valued at approximately $12,411,240.18. This represents a 10.17 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Fidji Simo sold 33,000 shares of the business's stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $35.27, for a total value of $1,163,910.00. Following the completion of the sale, the chief executive officer now owns 1,844,778 shares in the company, valued at approximately $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. Insiders have sold a total of 118,710 shares of company stock valued at $4,978,164 over the last quarter. 36.00% of the stock is owned by company insiders.

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.