Short Interest in Maplebear Inc. (NASDAQ:CART) Increases By 15.2%

Maplebear Inc. (NASDAQ:CART) was the recipient of a significant increase in short interest in September. As of September 15th, there was short interest totalling 13,560,000 shares, an increase 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 days-to-cover ratio is presently 3.5 days. Currently, 9.1% of the company’s stock are short sold.

Maplebear Trading Up 1.1 %

Maplebear stock traded up $0.44 during trading hours on Friday, hitting $39.90. The stock had a trading volume of 1,440,307 shares, compared to its average volume of 4,111,463. Maplebear has a fifty-two week low of $22.13 and a fifty-two week high of $42.58. The company has a 50-day moving average of $35.22 and a two-hundred day moving average of $34.90.

Maplebear (NASDAQ:CART) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.20 earnings per share for the quarter, beating analysts’ consensus estimates of $0.13 by $0.07. The firm had revenue of $823.00 million for the quarter, compared to analysts’ expectations of $806.35 million. Maplebear had a negative return on equity of 49.98% and a negative net margin of 52.21%. Maplebear’s revenue for the quarter was up 14.9% compared to the same quarter last year. As a group, equities analysts forecast that Maplebear will post 1.12 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts recently commented on CART shares. Piper Sandler increased their target price on shares of Maplebear from $47.00 to $50.00 and gave the company an “overweight” rating in a research report on Wednesday, August 7th. KeyCorp assumed coverage on Maplebear in a research report on Thursday, July 11th. They set a “sector weight” rating on the stock. Benchmark reissued a “hold” rating on shares of Maplebear in a report on Wednesday, August 7th. 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 note on Tuesday, September 24th. Finally, Citigroup boosted their price objective on Maplebear from $44.00 to $47.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. Eleven research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $43.33.

Insider Activity at Maplebear

In other Maplebear news, General Counsel Morgan Fong sold 9,506 shares of the stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $35.02, for a total value of $332,900.12. Following the sale, the general counsel now directly owns 372,335 shares of the company’s stock, valued at approximately $13,039,171.70. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CAO Alan Ramsay sold 2,626 shares of the business’s stock in a transaction that occurred 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 completion of the sale, 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 the SEC website. Also, General Counsel Morgan Fong sold 9,506 shares of the stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $35.02, for a total transaction of $332,900.12. Following the completion of the transaction, the general counsel now owns 372,335 shares in the company, valued at $13,039,171.70. The disclosure for this sale can be found here. Insiders have sold a total of 67,655 shares of company stock valued at $2,504,824 over the last 90 days. 36.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in CART. Parallel Advisors LLC raised its position in shares of Maplebear by 139.3% during the fourth quarter. Parallel Advisors LLC now owns 1,065 shares of the company’s stock worth $25,000 after acquiring an additional 620 shares during the last quarter. nVerses Capital LLC grew its holdings in Maplebear by 1,600.0% during the 2nd quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock worth $55,000 after acquiring an additional 1,600 shares during the period. Cantor Fitzgerald L. P. grew its holdings in Maplebear by 389.5% during the 4th quarter. Cantor Fitzgerald L. P. now owns 1,850 shares of the company’s stock worth $43,000 after acquiring an additional 2,489 shares during the period. Kapitalo Investimentos Ltda acquired a new stake in Maplebear during the 4th quarter worth $69,000. Finally, Quarry LP grew its holdings in Maplebear by 269.5% during the 2nd quarter. Quarry LP now owns 3,928 shares of the company’s stock worth $126,000 after acquiring an additional 2,865 shares during the period. Institutional investors and hedge funds own 63.09% of the company’s stock.

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.