Maplebear Inc. (NASDAQ:CART) Short Interest Down 26.8% in October

Maplebear Inc. (NASDAQ:CART) was the target of a significant drop in short interest in October. As of October 15th, there was short interest totalling 11,260,000 shares, a drop of 26.8% from the September 30th total of 15,380,000 shares. Based on an average daily volume of 3,540,000 shares, the days-to-cover ratio is currently 3.2 days. Currently, 7.4% of the shares of the stock are sold short.

Insider Activity at Maplebear

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 value of $1,163,910.00. Following the completion of the transaction, the chief executive officer now owns 1,844,778 shares of the company’s stock, valued at $65,065,320.06. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Fidji Simo sold 33,000 shares of the stock in a transaction dated 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 transaction, the chief executive officer now directly owns 1,844,778 shares in the company, valued at approximately $65,065,320.06. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel Morgan Fong sold 10,992 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $41.38, for a total value of $454,848.96. Following the completion of the sale, the general counsel now owns 298,984 shares of the company’s stock, valued at $12,371,957.92. 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 valued at $2,652,050 over the last three months. 36.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Maplebear

Hedge funds have recently added to or reduced their stakes in the stock. Sculptor Capital LP purchased a new position in shares of Maplebear in the 2nd quarter worth about $77,361,000. Federated Hermes Inc. lifted its stake in shares of Maplebear by 102.2% in the second quarter. Federated Hermes Inc. now owns 1,734,264 shares of the company’s stock worth $55,739,000 after buying an additional 876,439 shares in the last quarter. Industry Ventures L.L.C. grew its holdings in shares of Maplebear by 3.3% during the second quarter. Industry Ventures L.L.C. now owns 980,458 shares of the company’s stock valued at $31,512,000 after buying an additional 31,175 shares during the last quarter. SG Americas Securities LLC bought a new stake in shares of Maplebear during the first quarter valued at approximately $31,109,000. Finally, Lord Abbett & CO. LLC purchased a new position in Maplebear in the 1st quarter worth approximately $28,674,000. 63.09% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Macquarie upped their price target on shares of Maplebear from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Thursday, August 8th. KeyCorp started coverage on Maplebear in a report on Thursday, July 11th. They set a “sector weight” rating for the company. Morgan Stanley decreased their price target on Maplebear from $45.00 to $41.00 and set an “equal weight” rating on the stock in a research note on Tuesday, September 24th. Piper Sandler increased their price objective on Maplebear from $47.00 to $50.00 and gave the company an “overweight” rating in a research note on Wednesday, August 7th. Finally, Jefferies Financial Group started coverage on shares of Maplebear in a report on Wednesday, October 16th. They issued a “hold” rating and a $43.00 target price on the stock. Twelve analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, Maplebear currently has an average rating of “Moderate Buy” and an average target price of $43.57.

Maplebear Price Performance

NASDAQ CART traded up $0.16 during trading hours on Tuesday, reaching $44.66. 1,618,803 shares of the company’s stock traded hands, compared to its average volume of 3,949,383. Maplebear has a 52-week low of $22.13 and a 52-week high of $45.20. The firm has a 50-day simple moving average of $39.44 and a 200 day simple moving average of $35.70. The firm has a market cap of $11.82 billion and a PE ratio of -2.26.

Maplebear (NASDAQ:CART) last released its earnings results on Tuesday, August 6th. The company reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.07. The firm had revenue of $823.00 million during the quarter, compared to analyst estimates of $806.35 million. Maplebear had a negative net margin of 52.21% and a negative return on equity of 49.98%. The firm’s revenue was up 14.9% compared to the same quarter last year. Sell-side analysts forecast that Maplebear will post 1.14 EPS 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.