Maplebear Inc. (NASDAQ:CART) Sees Significant Growth in Short Interest

Maplebear Inc. (NASDAQ:CART) was the target of a significant increase in short interest in September. As of September 30th, there was short interest totalling 15,380,000 shares, an increase of 13.4% from the September 15th total of 13,560,000 shares. Approximately 10.2% of the shares of the stock are short sold. Based on an average trading volume of 3,620,000 shares, the days-to-cover ratio is presently 4.2 days.

Insider Activity

In related news, CAO Alan Ramsay sold 2,486 shares of Maplebear stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $41.39, for a total transaction of $102,895.54. Following the transaction, the chief accounting officer now owns 99,225 shares in the company, valued at approximately $4,106,922.75. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CAO Alan Ramsay sold 2,486 shares of Maplebear stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $41.39, for a total transaction of $102,895.54. Following the transaction, the chief accounting officer now owns 99,225 shares in the company, valued at approximately $4,106,922.75. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, General Counsel Morgan Fong sold 8,345 shares of Maplebear stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $40.00, for a total value of $333,800.00. Following the transaction, the general counsel now owns 330,886 shares in the company, valued at approximately $13,235,440. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 66,955 shares of company stock worth $2,480,317 over the last quarter. 36.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Maplebear

Institutional investors and hedge funds have recently made changes to their positions in the company. nVerses Capital LLC lifted its holdings in shares of Maplebear by 1,600.0% in the 2nd quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock valued at $55,000 after purchasing an additional 1,600 shares during the last quarter. Kapitalo Investimentos Ltda purchased a new stake in shares of Maplebear in the 4th quarter valued at about $69,000. Quarry LP lifted its holdings in shares of 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 last quarter. Oppenheimer & Co. Inc. purchased a new stake in shares of Maplebear in the 1st quarter valued at about $213,000. Finally, Watts Gwilliam & Co. LLC purchased a new stake in shares of Maplebear in the 3rd quarter valued at about $231,000. 63.09% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CART has been the subject of several recent analyst reports. Needham & Company LLC reissued a “hold” rating on shares of Maplebear in a research note on Wednesday, August 7th. Wolfe Research initiated coverage on Maplebear in a research note on Tuesday, July 16th. They set a “peer perform” rating for the company. Wedbush raised their target price on Maplebear from $35.00 to $38.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Piper Sandler lifted 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, Macquarie lifted their price objective on Maplebear from $44.00 to $45.00 and gave the company an “outperform” rating in a research note on Thursday, August 8th. Twelve investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $43.10.

Maplebear Price Performance

Shares of NASDAQ CART opened at $41.99 on Thursday. The company has a market capitalization of $11.11 billion and a price-to-earnings ratio of -2.12. The business has a 50-day moving average of $37.40 and a two-hundred day moving average of $35.35. Maplebear has a 1 year low of $22.13 and a 1 year high of $45.01.

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

About Maplebear

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.