Maplebear Inc. (NASDAQ:CART) Sees Significant Growth in Short Interest

Maplebear Inc. (NASDAQ:CART) saw a large growth in short interest during the month of September. As of September 30th, there was short interest totalling 15,380,000 shares, a growth of 13.4% from the September 15th total of 13,560,000 shares. Currently, 10.2% of the company’s shares are sold short. Based on an average trading volume of 3,620,000 shares, the days-to-cover ratio is currently 4.2 days.

Insider Buying and Selling at Maplebear

In other Maplebear news, CAO Alan Ramsay sold 2,626 shares of the company’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $35.02, for a total value of $91,962.52. Following the transaction, the chief accounting officer now owns 107,910 shares of the company’s stock, valued at $3,779,008.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Maplebear news, CAO Alan Ramsay sold 2,626 shares of the company’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $35.02, for a total value of $91,962.52. Following the completion of the sale, the chief accounting officer now directly owns 107,910 shares in the company, valued at approximately $3,779,008.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel Morgan Fong sold 9,506 shares of the company’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $35.02, for a total value of $332,900.12. Following the completion of the sale, the general counsel now owns 372,335 shares of the company’s stock, valued at $13,039,171.70. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 66,955 shares of company stock valued at $2,480,317 in the last quarter. 36.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Maplebear

A number of hedge funds have recently bought and sold shares of CART. Nomura Holdings Inc. purchased a new position in Maplebear during the fourth quarter worth approximately $587,000. Kapitalo Investimentos Ltda purchased a new position in shares of Maplebear in the fourth quarter valued at approximately $69,000. Renaissance Capital LLC lifted its position in shares of Maplebear by 4.3% in the first quarter. Renaissance Capital LLC now owns 14,692 shares of the company’s stock valued at $548,000 after acquiring an additional 607 shares in the last quarter. Arkfeld Wealth Strategies L.L.C. purchased a new position in shares of Maplebear in the first quarter valued at approximately $448,000. Finally, Counterpoint Mutual Funds LLC purchased a new position in shares of Maplebear in the first quarter valued at approximately $263,000. Hedge funds and other institutional investors own 63.09% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on CART shares. Raymond James assumed coverage on Maplebear in a report on Tuesday, September 24th. They issued a “market perform” rating for the company. Macquarie upped their price objective on Maplebear from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Thursday, August 8th. Citigroup upped their price objective on Maplebear from $44.00 to $47.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Jefferies Financial Group assumed coverage on Maplebear in a research note on Wednesday. They set a “hold” rating and a $43.00 price objective for the company. Finally, Bank of America upped their price objective on Maplebear from $41.00 to $45.00 and gave the stock a “neutral” rating in a research note on Tuesday, September 24th. Twelve analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $43.10.

Maplebear Stock Down 2.3 %

Maplebear stock opened at $41.99 on Thursday. The firm has a market cap of $11.11 billion and a price-to-earnings ratio of -2.12. The business’s 50-day moving average price is $37.40 and its 200 day moving average price is $35.35. Maplebear has a 52 week low of $22.13 and a 52 week high of $45.01.

Maplebear (NASDAQ:CART) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $0.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.13 by $0.07. The company had revenue of $823.00 million for the quarter, compared to the consensus estimate of $806.35 million. Maplebear had a negative return on equity of 49.98% and a negative net margin of 52.21%. The business’s quarterly revenue was up 14.9% compared to the same quarter last year. Equities analysts expect that Maplebear will post 1.14 EPS for the current year.

About Maplebear

Maplebear Inc, doing business as Instacart, provides online grocery shopping services to households in North America. It sells and delivers grocery products. The company offers its services through a mobile application and website. It also provides software-as-a-service solutions to retailers. The company was incorporated in 2012 and is based in San Francisco, California.