Short Interest in Maplebear Inc. (NASDAQ:CART) Drops By 26.8%

Maplebear Inc. (NASDAQ:CART) saw a large decrease in short interest during 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. 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 company’s shares are short sold.

Insider Activity

In other news, CEO Fidji Simo sold 33,000 shares of Maplebear stock in a transaction dated Wednesday, August 28th. The stock was 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 directly owns 1,844,778 shares of the company’s stock, valued at approximately $65,065,320.06. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CAO Alan Ramsay sold 2,559 shares of the stock in a transaction on Monday, October 21st. The shares were sold at an average price of $42.97, for a total transaction of $109,960.23. Following the transaction, the chief accounting officer now directly owns 96,666 shares of the company’s stock, valued at $4,153,738.02. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Fidji Simo sold 33,000 shares of Maplebear stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $35.27, for a total transaction of $1,163,910.00. Following the completion of the sale, the chief executive officer now directly owns 1,844,778 shares of the company’s stock, valued at approximately $65,065,320.06. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 68,707 shares of company stock valued at $2,652,050. 36.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Maplebear

Several institutional investors have recently made changes to their positions in the stock. nVerses Capital LLC increased its position in shares of Maplebear by 1,600.0% during the second quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock valued at $55,000 after buying an additional 1,600 shares during the period. Mirae Asset Global Investments Co. Ltd. bought a new position in Maplebear in the 3rd quarter valued at $74,000. Quarry LP boosted its holdings in Maplebear by 269.5% in the 2nd quarter. Quarry LP now owns 3,928 shares of the company’s stock valued at $126,000 after purchasing an additional 2,865 shares during the period. Oppenheimer & Co. Inc. purchased a new position in shares of Maplebear during the 1st quarter valued at $213,000. Finally, Watts Gwilliam & Co. LLC bought a new position in shares of Maplebear in the third quarter worth $231,000. Hedge funds and other institutional investors own 63.09% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. KeyCorp started coverage on Maplebear in a research report on Thursday, July 11th. They issued a “sector weight” rating for the company. Needham & Company LLC reiterated a “hold” rating on shares of Maplebear in a report on Wednesday, August 7th. Citigroup lifted their price target on shares of Maplebear from $44.00 to $47.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Wedbush upped their price objective on shares of Maplebear from $35.00 to $38.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Finally, Macquarie lifted their price objective on shares of Maplebear from $44.00 to $45.00 and gave the company an “outperform” rating in a report on Thursday, August 8th. Twelve investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $43.57.

Maplebear Price Performance

Shares of CART traded up $0.16 during mid-day trading on Tuesday, hitting $44.66. The stock had a trading volume of 1,618,803 shares, 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 business has a fifty day moving average price of $39.44 and a 200-day moving average price of $35.70. The firm has a market cap of $11.82 billion and a P/E ratio of -2.26.

Maplebear (NASDAQ:CART) last released its quarterly earnings data on Tuesday, August 6th. The company reported $0.20 EPS for the quarter, beating the consensus estimate 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 business had revenue of $823.00 million for the quarter, compared to the consensus estimate of $806.35 million. Maplebear’s revenue for the quarter was up 14.9% on a year-over-year basis. As a group, research analysts expect that Maplebear will post 1.14 earnings per share for the current fiscal year.

Maplebear Company Profile

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.