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

Maplebear Inc. (NASDAQ:CART) saw a significant increase in short interest in the month of September. As of September 15th, there was short interest totalling 13,560,000 shares, an increase of 15.2% from the August 31st total of 11,770,000 shares. Based on an average daily volume of 3,890,000 shares, the days-to-cover ratio is presently 3.5 days. Currently, 9.1% of the company’s stock are short sold.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on CART shares. Wolfe Research assumed coverage on shares of Maplebear in a report on Tuesday, July 16th. They issued a “peer perform” rating on the stock. Macquarie boosted their price target on shares of Maplebear from $44.00 to $45.00 and gave the stock an “outperform” rating in a research report on Thursday, August 8th. Citigroup increased their price objective on shares of Maplebear from $44.00 to $47.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Raymond James began coverage on Maplebear in a research report on Tuesday, September 24th. They set a “market perform” rating for the company. Finally, Benchmark reaffirmed a “hold” rating on shares of Maplebear in a research report on Wednesday, August 7th. Eleven equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $43.33.

Maplebear Price Performance

Shares of Maplebear stock traded up $0.44 on Friday, hitting $39.90. The stock had a trading volume of 1,440,307 shares, compared to its average volume of 4,111,463. Maplebear has a twelve month low of $22.13 and a twelve month high of $42.58. The business’s 50 day moving average is $35.22 and its two-hundred day moving average is $34.90.

Maplebear (NASDAQ:CART) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.07. Maplebear had a negative return on equity of 49.98% and a negative net margin of 52.21%. The firm had revenue of $823.00 million for the quarter, compared to analysts’ expectations of $806.35 million. The business’s revenue was up 14.9% compared to the same quarter last year. Equities research analysts expect that Maplebear will post 1.12 EPS for the current year.

Insider Transactions at Maplebear

In other Maplebear news, General Counsel Morgan Fong sold 9,506 shares of Maplebear stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $35.02, for a total value of $332,900.12. Following the transaction, the general counsel now owns 372,335 shares of the company’s stock, valued at $13,039,171.70. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Maplebear news, General Counsel Morgan Fong sold 9,506 shares of the stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $35.02, for a total transaction of $332,900.12. Following the completion of the transaction, the general counsel now owns 372,335 shares in the company, valued at approximately $13,039,171.70. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Alan Ramsay sold 2,486 shares of the business’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $41.39, for a total value of $102,895.54. Following the completion of the sale, the chief accounting officer now owns 99,225 shares in the company, valued at $4,106,922.75. The disclosure for this sale can be found here. Insiders have sold a total of 67,655 shares of company stock valued at $2,504,824 over the last 90 days. 36.00% of the stock is owned by company insiders.

Institutional Trading of Maplebear

Institutional investors have recently bought and sold shares of the business. Sculptor Capital LP acquired a new stake in shares of Maplebear in the second quarter valued at approximately $77,361,000. Federated Hermes Inc. lifted its position in shares of Maplebear by 102.2% during the 2nd quarter. Federated Hermes Inc. now owns 1,734,264 shares of the company’s stock valued at $55,739,000 after acquiring an additional 876,439 shares during the period. SG Americas Securities LLC acquired a new stake in shares of Maplebear during the 1st quarter worth $31,109,000. Lord Abbett & CO. LLC bought a new position in shares of Maplebear in the first quarter worth $28,674,000. Finally, Renaissance Technologies LLC acquired a new position in Maplebear in the second quarter valued at about $22,816,000. Institutional investors own 63.09% of the company’s stock.

Maplebear Company Profile

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.