Short Interest in Maplebear Inc. (NASDAQ:CART) Rises By 13.4%

Maplebear Inc. (NASDAQ:CART) was the target of a large increase in short interest during the month of 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. Based on an average daily volume of 3,620,000 shares, the short-interest ratio is currently 4.2 days. Currently, 10.2% of the company’s shares are short sold.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on CART shares. Wedbush lifted their target price on Maplebear from $35.00 to $38.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. KeyCorp initiated coverage on shares of Maplebear in a report on Thursday, July 11th. They issued a “sector weight” rating for the company. Morgan Stanley reduced their target price on shares of Maplebear from $45.00 to $41.00 and set an “equal weight” rating on the stock in a report on Tuesday, September 24th. Macquarie boosted their price target on shares of Maplebear from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Thursday, August 8th. Finally, Wolfe Research assumed coverage on Maplebear in a research report on Tuesday, July 16th. They set a “peer perform” rating on the stock. Twelve research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Maplebear presently has an average rating of “Moderate Buy” and a consensus target price of $43.32.

Maplebear Stock Performance

Shares of CART stock traded down $1.01 during mid-day trading on Wednesday, hitting $41.99. 1,879,306 shares of the stock were exchanged, compared to its average volume of 4,018,461. The stock’s fifty day simple moving average is $37.40 and its two-hundred day simple moving average is $35.35. Maplebear has a 12-month low of $22.13 and a 12-month high of $45.01. The stock has a market capitalization of $11.11 billion and a price-to-earnings ratio of -2.12.

Maplebear (NASDAQ:CART) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.20 EPS 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 analyst estimates of $806.35 million. Maplebear had a negative return on equity of 49.98% and a negative net margin of 52.21%. The company’s revenue for the quarter was up 14.9% on a year-over-year basis. On average, research analysts expect that Maplebear will post 1.14 earnings per share for the current fiscal year.

Insider Activity

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 transaction of $91,962.52. Following the completion of the sale, the chief accounting officer now directly owns 107,910 shares of the company’s stock, valued at approximately $3,779,008.20. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Maplebear news, General Counsel Morgan Fong sold 9,506 shares of the company’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $35.02, for a total transaction of $332,900.12. Following the transaction, the general counsel now directly owns 372,335 shares in the company, valued at $13,039,171.70. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Alan Ramsay sold 2,626 shares of Maplebear stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $35.02, for a total value of $91,962.52. Following the completion of the sale, the chief accounting officer now directly owns 107,910 shares of the company’s stock, valued at $3,779,008.20. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 66,955 shares of company stock valued at $2,480,317 in the last quarter. Insiders own 36.00% of the company’s stock.

Hedge Funds Weigh In On Maplebear

Institutional investors have recently modified their holdings of the business. Renaissance Capital LLC grew its position in Maplebear by 4.3% during the 1st quarter. Renaissance Capital LLC now owns 14,692 shares of the company’s stock worth $548,000 after purchasing an additional 607 shares during the last quarter. Creative Planning boosted its stake in shares of Maplebear by 9.5% during the second quarter. Creative Planning now owns 9,566 shares of the company’s stock worth $307,000 after buying an additional 831 shares during the period. nVerses Capital LLC grew its holdings 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 worth $55,000 after buying an additional 1,600 shares during the last quarter. Exchange Traded Concepts LLC increased its position in Maplebear by 3.2% in the 3rd quarter. Exchange Traded Concepts LLC now owns 64,943 shares of the company’s stock valued at $2,646,000 after acquiring an additional 1,993 shares during the period. Finally, Great Valley Advisor Group Inc. raised its stake in Maplebear by 32.1% during the 2nd quarter. Great Valley Advisor Group Inc. now owns 10,300 shares of the company’s stock valued at $331,000 after acquiring an additional 2,500 shares during the last quarter. 63.09% of the stock is owned by institutional investors and hedge funds.

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.