Maplebear Inc. (NASDAQ:CART) Short Interest Up 7.3% in November

Maplebear Inc. (NASDAQ:CART) saw a significant increase in short interest in the month of November. As of November 15th, there was short interest totalling 11,590,000 shares, an increase of 7.3% from the October 31st total of 10,800,000 shares. Currently, 6.9% of the company’s shares are sold short. Based on an average daily trading volume, of 3,840,000 shares, the days-to-cover ratio is currently 3.0 days.

Insiders Place Their Bets

In other Maplebear news, CAO Alan Ramsay sold 2,486 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $41.39, for a total value of $102,895.54. Following the completion of the transaction, the chief accounting officer now owns 99,225 shares in the company, valued at $4,106,922.75. This represents a 2.44 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Morgan Fong sold 29,253 shares of Maplebear stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $48.03, for a total transaction of $1,405,021.59. Following the sale, the general counsel now owns 258,406 shares in the company, valued at $12,411,240.18. This represents a 10.17 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 110,954 shares of company stock worth $4,890,405 over the last ninety days. 36.00% of the stock is owned by company insiders.

Institutional Trading of Maplebear

Several large investors have recently added to or reduced their stakes in the business. Wilmington Savings Fund Society FSB acquired a new position in Maplebear during the 3rd quarter worth $33,000. Huntington National Bank bought a new stake in shares of Maplebear during the third quarter valued at about $54,000. nVerses Capital LLC lifted its holdings in Maplebear by 1,600.0% in the second quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock worth $55,000 after purchasing 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 about $74,000. Finally, Quarry LP grew its position 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 buying an additional 2,865 shares in the last quarter. 63.09% of the stock is currently owned by institutional investors and hedge funds.

Maplebear Stock Performance

Maplebear stock opened at $43.51 on Tuesday. Maplebear has a one year low of $22.13 and a one year high of $50.01. The company has a 50-day simple moving average of $43.20 and a 200-day simple moving average of $37.14. The firm has a market capitalization of $11.18 billion, a P/E ratio of 29.20, a P/E/G ratio of 1.13 and a beta of 1.12.

Maplebear (NASDAQ:CART) last posted its earnings results on Tuesday, November 12th. The company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.22 by $0.20. The firm had revenue of $852.00 million during the quarter, compared to analysts’ expectations of $844.03 million. Maplebear had a net margin of 13.37% and a return on equity of 13.78%. Maplebear’s quarterly revenue was up 11.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($20.86) EPS. As a group, sell-side analysts forecast that Maplebear will post 1.4 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Robert W. Baird boosted their price objective on shares of Maplebear from $44.00 to $51.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. Citigroup boosted their price target on Maplebear from $44.00 to $47.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Benchmark restated a “hold” rating on shares of Maplebear in a research note on Wednesday, August 7th. Raymond James started coverage on Maplebear in a research report on Tuesday, September 24th. They issued a “market perform” rating on the stock. Finally, Bank of America increased their target price on Maplebear from $50.00 to $51.00 and gave the company a “neutral” rating in a research note on Wednesday, November 13th. Twelve analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Maplebear has a consensus rating of “Moderate Buy” and a consensus price target of $47.29.

About Maplebear

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.