Maplebear Inc. (NASDAQ:CART) Short Interest Update

Maplebear Inc. (NASDAQ:CART) saw a large decrease in short interest during the month of January. As of January 15th, there was short interest totalling 11,260,000 shares, a decrease of 14.6% from the December 31st total of 13,190,000 shares. Currently, 6.7% of the company’s stock are short sold. Based on an average daily volume of 3,650,000 shares, the short-interest ratio is presently 3.1 days.

Maplebear Price Performance

Shares of CART opened at $48.90 on Friday. The business’s 50 day simple moving average is $43.89 and its 200-day simple moving average is $40.47. Maplebear has a one year low of $23.59 and a one year high of $50.01. The company has a market capitalization of $12.56 billion, a P/E ratio of 32.82, a PEG ratio of 1.01 and a beta of 1.04.

Maplebear (NASDAQ:CART) last announced its earnings results on Tuesday, November 12th. The company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.22 by $0.20. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. The company had revenue of $852.00 million for the quarter, compared to analysts’ expectations of $844.03 million. During the same quarter in the prior year, the business earned ($20.86) earnings per share. The business’s revenue for the quarter was up 11.5% on a year-over-year basis. On average, sell-side analysts anticipate that Maplebear will post 1.42 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on CART. Morgan Stanley raised their target price on Maplebear from $41.00 to $44.00 and gave the company an “equal weight” rating in a report on Monday, January 13th. Bank of America increased their price objective on Maplebear from $50.00 to $51.00 and gave the company a “neutral” rating in a research report on Wednesday, November 13th. Deutsche Bank Aktiengesellschaft started coverage on shares of Maplebear in a research report on Tuesday, December 3rd. They set a “hold” rating and a $37.00 target price on the stock. Oppenheimer increased their price target on shares of Maplebear from $55.00 to $60.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. Finally, Macquarie raised their price target on shares of Maplebear from $50.00 to $52.00 and gave the stock an “outperform” rating in a research report on Thursday, November 14th. Thirteen research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Maplebear presently has an average rating of “Moderate Buy” and an average price target of $48.96.

Insiders Place Their Bets

In related news, CAO Alan Ramsay sold 2,247 shares of the company’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $41.06, for a total value of $92,261.82. Following the completion of the sale, the chief accounting officer now directly owns 89,982 shares in the company, valued at approximately $3,694,660.92. This represents a 2.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Fidji Simo sold 20,750 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $42.97, for a total value of $891,627.50. Following the transaction, the chief executive officer now directly owns 1,804,243 shares in the company, valued at approximately $77,528,321.71. This represents a 1.14 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 79,808 shares of company stock valued at $3,569,808 in the last three months. Insiders own 36.00% of the company’s stock.

Institutional Investors Weigh In On Maplebear

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Portman Ltd bought a new stake in shares of Maplebear during the third quarter valued at approximately $3,196,000. State Street Corp lifted its holdings in Maplebear by 48.3% during the 3rd quarter. State Street Corp now owns 2,552,617 shares of the company’s stock worth $103,994,000 after buying an additional 831,795 shares in the last quarter. Cerity Partners LLC bought a new position in Maplebear in the 3rd quarter valued at $1,442,000. Charles Schwab Investment Management Inc. increased its stake in shares of Maplebear by 5,191.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,489,655 shares of the company’s stock valued at $60,689,000 after buying an additional 1,461,501 shares during the period. Finally, Zacks Investment Management bought a new stake in shares of Maplebear during the third quarter worth $4,853,000. 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.