Maplebear Inc. (NASDAQ:CART) Short Interest Update

Maplebear Inc. (NASDAQ:CART) was the target 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 days-to-cover ratio is presently 3.5 days. Approximately 9.1% of the company’s shares are sold short.

Analysts Set New Price Targets

CART has been the topic of a number of research reports. Citigroup raised their price objective on Maplebear from $44.00 to $47.00 and gave the company a “buy” rating in a report on Thursday, August 8th. Piper Sandler lifted their price target on Maplebear from $47.00 to $50.00 and gave the company an “overweight” rating in a report on Wednesday, August 7th. Needham & Company LLC reissued a “hold” rating on shares of Maplebear in a report on Wednesday, August 7th. Cantor Fitzgerald restated an “overweight” rating and issued a $45.00 price target on shares of Maplebear in a research report on Monday. Finally, Wedbush increased their price objective on Maplebear from $35.00 to $38.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Eleven research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $43.33.

Maplebear Trading Up 2.1 %

Shares of NASDAQ:CART traded up $0.84 during midday trading on Monday, reaching $40.74. 2,471,633 shares of the company’s stock traded hands, compared to its average volume of 4,102,756. The stock has a 50 day moving average of $35.22 and a 200 day moving average of $34.90. Maplebear has a one year low of $22.13 and a one year high of $42.58.

Maplebear (NASDAQ:CART) last issued its earnings results on Tuesday, August 6th. The company reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate 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. Sell-side analysts expect that Maplebear will post 1.12 earnings per share for the current year.

Insider Activity

In other news, General Counsel Morgan Fong sold 9,506 shares of the stock in a transaction 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 completion of the transaction, the general counsel now owns 372,335 shares in the company, valued at approximately $13,039,171.70. The sale was disclosed in a filing with the SEC, which is available at this link. In other Maplebear news, General Counsel Morgan Fong sold 9,506 shares of the firm’s 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 sale, the general counsel now directly owns 372,335 shares in the company, valued at approximately $13,039,171.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Fidji Simo sold 33,000 shares of Maplebear stock in a transaction on 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 of the company’s stock, valued at $65,065,320.06. 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 90 days. 36.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Maplebear

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

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.