Short Interest in Maplebear Inc. (NASDAQ:CART) Drops By 9.5%

Maplebear Inc. (NASDAQ:CART) saw a large drop in short interest during the month of August. As of August 15th, there was short interest totalling 11,710,000 shares, a drop of 9.5% from the July 31st total of 12,940,000 shares. Currently, 7.9% of the shares of the company are sold short. Based on an average trading volume of 3,830,000 shares, the short-interest ratio is currently 3.1 days.

Maplebear Trading Up 1.6 %

Shares of Maplebear stock traded up $0.56 on Monday, hitting $35.89. 2,327,900 shares of the company were exchanged, compared to its average volume of 4,035,836. Maplebear has a 1-year low of $22.13 and a 1-year high of $42.95. The company has a 50-day moving average price of $33.70 and a 200 day moving average price of $34.05.

Maplebear (NASDAQ:CART) last released its quarterly earnings data on Tuesday, August 6th. The company reported $0.20 EPS for the quarter, beating analysts’ consensus estimates 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. Maplebear’s quarterly revenue was up 14.9% compared to the same quarter last year. Analysts predict that Maplebear will post 1.14 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

CART has been the subject of several analyst reports. Macquarie boosted their price objective on Maplebear from $44.00 to $45.00 and gave the company an “outperform” rating in a report on Thursday, August 8th. Wolfe Research assumed coverage on Maplebear in a report on Tuesday, July 16th. They issued a “peer perform” rating for the company. BMO Capital Markets lifted their price target on Maplebear from $36.00 to $39.00 and gave the company a “market perform” rating in a research note on Wednesday, August 7th. Loop Capital lifted their price target on Maplebear from $46.00 to $49.00 and gave the company a “buy” rating in a research note on Thursday, May 16th. Finally, Needham & Company LLC restated a “hold” rating on shares of Maplebear in a research note on Wednesday, August 7th. Eleven research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $42.70.

Insider Buying and Selling

In related news, CEO Fidji Simo sold 8,500 shares of the firm’s stock in a transaction on Wednesday, June 26th. The stock was sold at an average price of $33.04, for a total value of $280,840.00. Following the completion of the transaction, the chief executive officer now owns 1,984,167 shares in the company, valued at approximately $65,556,877.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Fidji Simo sold 8,500 shares of the business’s stock in a transaction dated Wednesday, June 26th. The stock was sold at an average price of $33.04, for a total value of $280,840.00. Following the completion of the transaction, the chief executive officer now owns 1,984,167 shares of the company’s stock, valued at approximately $65,556,877.68. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, General Counsel Morgan Fong sold 9,506 shares of the business’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $35.02, for a total value of $332,900.12. Following the completion of the transaction, the general counsel now directly owns 372,335 shares of the company’s stock, valued at approximately $13,039,171.70. The disclosure for this sale can be found here. Insiders sold 68,610 shares of company stock worth $2,377,448 in the last 90 days. Insiders own 36.00% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CART. New York State Common Retirement Fund acquired a new position in Maplebear in the fourth quarter valued at approximately $293,000. Victory Capital Management Inc. acquired a new position in Maplebear during the fourth quarter worth $440,000. Amalgamated Bank acquired a new position in Maplebear during the fourth quarter worth $94,000. Industry Ventures L.L.C. lifted its stake in Maplebear by 260.0% during the fourth quarter. Industry Ventures L.L.C. now owns 945,344 shares of the company’s stock worth $22,187,000 after purchasing an additional 682,776 shares in the last quarter. Finally, EFG Asset Management North America Corp. lifted its stake in Maplebear by 186.1% during the fourth quarter. EFG Asset Management North America Corp. now owns 25,935 shares of the company’s stock worth $608,000 after purchasing an additional 16,869 shares in the last quarter. 63.09% of the stock is currently owned by institutional investors and hedge funds.

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.