Maplebear Inc. (NASDAQ:CART) Short Interest Update

Maplebear Inc. (NASDAQ:CART) was the recipient of a significant growth in short interest in the month of September. As of September 15th, there was short interest totalling 13,560,000 shares, a growth of 15.2% from the August 31st total of 11,770,000 shares. Based on an average trading volume of 3,890,000 shares, the short-interest ratio is presently 3.5 days. Approximately 9.1% of the shares of the stock are short sold.

Analysts Set New Price Targets

CART has been the topic of several recent research reports. Wedbush raised their price target on Maplebear from $35.00 to $38.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Benchmark reissued a “hold” rating on shares of Maplebear in a research note on Wednesday, August 7th. Wolfe Research began coverage on Maplebear in a research report on Tuesday, July 16th. They set a “peer perform” rating on the stock. Bank of America raised their price target on Maplebear from $41.00 to $45.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 24th. Finally, KeyCorp began coverage on Maplebear in a research note on Thursday, July 11th. They set a “sector weight” rating for the company. Eleven investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $43.33.

Insider Buying and Selling at Maplebear

In other news, CAO Alan Ramsay sold 2,626 shares of the stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $35.02, for a total transaction of $91,962.52. Following the sale, the chief accounting officer now owns 107,910 shares in the company, valued at $3,779,008.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CAO Alan Ramsay sold 2,626 shares of the firm’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $35.02, for a total value of $91,962.52. Following the transaction, the chief accounting officer now owns 107,910 shares in the company, valued at $3,779,008.20. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, General Counsel Morgan Fong sold 9,506 shares of the firm’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 owns 372,335 shares in the company, valued at approximately $13,039,171.70. The disclosure for this sale can be found here. Insiders have sold 67,655 shares of company stock worth $2,504,824 over the last three months. Company insiders own 36.00% of the company’s stock.

Institutional Trading of Maplebear

A number of hedge funds and other institutional investors have recently made changes to their positions in CART. Renaissance Capital LLC boosted its position in Maplebear by 4.3% in the 1st quarter. Renaissance Capital LLC now owns 14,692 shares of the company’s stock valued at $548,000 after buying an additional 607 shares during the period. Parallel Advisors LLC lifted its position in Maplebear by 139.3% in the fourth quarter. Parallel Advisors LLC now owns 1,065 shares of the company’s stock valued at $25,000 after acquiring an additional 620 shares during the last quarter. Creative Planning lifted its position in Maplebear by 9.5% in the second quarter. Creative Planning now owns 9,566 shares of the company’s stock valued at $307,000 after acquiring an additional 831 shares during the last quarter. nVerses Capital LLC lifted its position in Maplebear by 1,600.0% in the second quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock valued at $55,000 after acquiring an additional 1,600 shares during the last quarter. Finally, Cantor Fitzgerald L. P. lifted its position in Maplebear by 389.5% in the fourth quarter. Cantor Fitzgerald L. P. now owns 1,850 shares of the company’s stock valued at $43,000 after acquiring an additional 2,489 shares during the last quarter. Institutional investors and hedge funds own 63.09% of the company’s stock.

Maplebear Stock Performance

Shares of CART stock traded up $0.84 during trading hours on Monday, reaching $40.74. 2,471,633 shares of the company’s stock were exchanged, compared to its average volume of 4,102,756. The stock’s 50 day moving average is $35.22 and its 200-day moving average is $34.90. Maplebear has a fifty-two week low of $22.13 and a fifty-two week high of $42.58.

Maplebear (NASDAQ:CART) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.20 earnings per share for the quarter, topping the consensus estimate 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 return on equity of 49.98% and a negative net margin of 52.21%. Maplebear’s quarterly revenue was up 14.9% compared to the same quarter last year. Analysts expect that Maplebear will post 1.12 earnings per share for the current fiscal year.

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.