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

Maplebear Inc. (NASDAQ:CART) was the recipient of a significant decrease in short interest during the month of October. As of October 15th, there was short interest totalling 11,260,000 shares, a decrease of 26.8% from the September 30th total of 15,380,000 shares. Approximately 7.4% of the company’s shares are short sold. Based on an average daily volume of 3,540,000 shares, the short-interest ratio is presently 3.2 days.

Insider Buying and Selling

In other news, CEO Fidji Simo sold 33,000 shares of the company’s stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $35.27, for a total transaction of $1,163,910.00. Following the completion of the sale, the chief executive officer now directly owns 1,844,778 shares in the company, valued at $65,065,320.06. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. In other Maplebear news, CEO Fidji Simo sold 33,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $35.27, for a total transaction of $1,163,910.00. Following the completion of the sale, the chief executive officer now directly owns 1,844,778 shares in the company, valued at $65,065,320.06. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Morgan Fong sold 8,345 shares of the firm’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $40.00, for a total transaction of $333,800.00. Following the completion of the transaction, the general counsel now directly owns 330,886 shares in the company, valued at approximately $13,235,440. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 68,707 shares of company stock valued at $2,652,050. Insiders own 36.00% of the company’s stock.

Hedge Funds Weigh In On Maplebear

Hedge funds have recently modified their holdings of the company. Sculptor Capital LP bought a new position in Maplebear during the second quarter valued at about $77,361,000. Federated Hermes Inc. boosted 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 purchasing an additional 876,439 shares in the last quarter. SG Americas Securities LLC acquired a new position in shares of Maplebear in the 1st quarter worth approximately $31,109,000. Lord Abbett & CO. LLC bought a new stake in shares of Maplebear in the 1st quarter worth approximately $28,674,000. Finally, Renaissance Technologies LLC acquired a new stake in Maplebear during the second quarter valued at approximately $22,816,000. 63.09% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on CART. Needham & Company LLC reiterated a “hold” rating on shares of Maplebear in a research note on Wednesday, August 7th. Bank of America raised their target price on Maplebear from $41.00 to $45.00 and gave the company a “neutral” rating in a research note on Tuesday, September 24th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $45.00 price target on shares of Maplebear in a research note on Monday, October 7th. Macquarie raised their price objective on Maplebear from $44.00 to $45.00 and gave the company an “outperform” rating in a research note on Thursday, August 8th. Finally, BMO Capital Markets increased their target price on Maplebear from $36.00 to $39.00 and gave the company a “market perform” rating in a research note on Wednesday, August 7th. Twelve investment 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 company presently has an average rating of “Moderate Buy” and an average target price of $43.57.

Maplebear Stock Performance

Shares of NASDAQ:CART traded up $0.16 on Tuesday, hitting $44.66. The company’s stock had a trading volume of 1,618,803 shares, compared to its average volume of 3,949,383. The company has a market capitalization of $11.82 billion and a price-to-earnings ratio of -2.26. Maplebear has a 12 month low of $22.13 and a 12 month high of $45.20. The stock’s 50-day moving average is $39.21 and its two-hundred day moving average is $35.65.

Maplebear (NASDAQ:CART) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.20 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 net margin of 52.21% and a negative return on equity of 49.98%. Maplebear’s revenue for the quarter was up 14.9% compared to the same quarter last year. Equities analysts expect that Maplebear will post 1.14 earnings per share for the current fiscal year.

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.