Maplebear FY2024 EPS Forecast Lowered by Cantor Fitzgerald

Maplebear Inc. (NASDAQ:CART - Free Report) - Equities research analysts at Cantor Fitzgerald decreased their FY2024 earnings per share (EPS) estimates for shares of Maplebear in a note issued to investors on Tuesday, January 7th. Cantor Fitzgerald analyst D. Mathivanan now expects that the company will earn $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.

Maplebear (NASDAQ:CART - Get Free Report) last posted its quarterly earnings results on Tuesday, November 12th. The company reported $0.42 earnings per share for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $844.03 million. During the same quarter in the previous year, the company earned ($20.86) earnings per share. The business's revenue was up 11.5% compared to the same quarter last year.

CART has been the topic of a number of other reports. Needham & Company LLC reaffirmed a "hold" rating on shares of Maplebear in a report on Wednesday, November 13th. Bank of America boosted their price target on Maplebear from $50.00 to $51.00 and gave the company a "neutral" rating in a research note on Wednesday, November 13th. Barclays increased their target price on shares of Maplebear from $48.00 to $56.00 and gave the stock an "overweight" rating in a research report on Wednesday, November 13th. JMP Securities lifted their price objective on Maplebear from $42.00 to $51.00 and gave the company a "market outperform" rating in a research report on Wednesday, November 13th. Finally, Morgan Stanley reduced their target price on shares of Maplebear from $45.00 to $41.00 and set an "equal weight" rating on the stock in a research report on Tuesday, September 24th. Thirteen investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $47.14.

Maplebear Price Performance

Shares of Maplebear stock traded up $1.91 during trading on Thursday, hitting $44.82. 8,157,930 shares of the company's stock traded hands, compared to its average volume of 3,651,065. The company has a market cap of $11.51 billion, a PE ratio of 30.08, a PEG ratio of 1.08 and a beta of 1.04. The firm's fifty day moving average price is $43.60 and its 200 day moving average price is $39.19. Maplebear has a twelve month low of $22.25 and a twelve month high of $50.01.

Insider Activity

In other news, CAO Alan Ramsay sold 2,247 shares of the firm's stock in a transaction that occurred on Wednesday, November 20th. The shares were 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 directly owns 89,982 shares of the company's stock, valued at $3,694,660.92. This trade represents a 2.44 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Morgan Fong sold 11,325 shares of Maplebear stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $42.97, for a total transaction of $486,635.25. Following the completion of the sale, the general counsel now owns 287,659 shares in the company, valued at $12,360,707.23. This trade represents a 3.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 112,128 shares of company stock worth $4,980,404 in the last 90 days. Corporate insiders own 36.00% of the company's stock.

Hedge Funds Weigh In On Maplebear

A number of institutional investors have recently added to or reduced their stakes in the company. Pacer Advisors Inc. bought a new position in Maplebear during the third quarter worth about $158,701,000. Geode Capital Management LLC boosted its stake in shares of Maplebear by 151.7% during the 3rd 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. Maverick Capital Ltd. increased its holdings in shares of Maplebear by 19.7% during the 3rd quarter. Maverick Capital Ltd. now owns 2,684,425 shares of the company's stock worth $109,363,000 after acquiring an additional 441,156 shares during the last quarter. State Street Corp increased its holdings in shares of Maplebear by 48.3% during the 3rd quarter. State Street Corp now owns 2,552,617 shares of the company's stock worth $103,994,000 after acquiring an additional 831,795 shares during the last quarter. Finally, Southpoint Capital Advisors LP raised its stake in Maplebear by 56.3% in the 3rd quarter. Southpoint Capital Advisors LP now owns 2,500,000 shares of the company's stock valued at $101,850,000 after acquiring an additional 900,000 shares during the period. 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.