Maplebear Inc. (NASDAQ:CART) Sees Large Drop in Short Interest

Maplebear Inc. (NASDAQ:CART) saw a significant decrease in short interest in 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.

Analyst Upgrades and Downgrades

CART has been the topic of a number of recent analyst reports. Bank of America increased their price objective on Maplebear from $41.00 to $45.00 and gave the company a “neutral” rating in a report on Tuesday, September 24th. Wolfe Research initiated coverage on Maplebear in a report on Tuesday, July 16th. They set a “peer perform” rating on the stock. KeyCorp began coverage on Maplebear in a report on Thursday, July 11th. They issued a “sector weight” rating for the company. Benchmark reaffirmed a “hold” rating on shares of Maplebear in a research report on Wednesday, August 7th. Finally, Stifel Nicolaus increased their price objective on Maplebear from $52.00 to $55.00 and gave the company a “buy” rating in a report on Monday. Twelve investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $43.57.

Maplebear Trading Up 0.4 %

Shares of NASDAQ:CART traded up $0.16 during midday trading on Tuesday, hitting $44.66. 1,618,803 shares of the stock were exchanged, compared to its average volume of 3,949,383. The stock has a market cap of $11.82 billion and a P/E ratio of -2.26. Maplebear has a twelve month low of $22.13 and a twelve month high of $45.20. The company has a 50 day moving average price of $39.21 and a 200-day moving average price of $35.65.

Maplebear (NASDAQ:CART) last announced its 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. Maplebear had a negative net margin of 52.21% and a negative return on equity of 49.98%. The company had revenue of $823.00 million during the quarter, compared to analysts’ expectations of $806.35 million. The company’s revenue was up 14.9% on a year-over-year basis. On average, equities research analysts expect that Maplebear will post 1.14 earnings per share for the current year.

Insiders Place Their Bets

In related news, CAO Alan Ramsay sold 2,486 shares of Maplebear stock in a transaction that occurred on 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 transaction, the chief accounting officer now owns 99,225 shares in the company, valued at approximately $4,106,922.75. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Maplebear news, CAO Alan Ramsay sold 2,486 shares of the company’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $41.39, for a total transaction of $102,895.54. Following the sale, the chief accounting officer now owns 99,225 shares in the company, valued at $4,106,922.75. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, General Counsel Morgan Fong sold 11,325 shares of Maplebear stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $42.97, for a total value of $486,635.25. Following the completion of the transaction, the general counsel now owns 287,659 shares of the company’s stock, valued at $12,360,707.23. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 68,707 shares of company stock worth $2,652,050 over the last three months. Company insiders own 36.00% of the company’s stock.

Institutional Trading of Maplebear

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

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.