Maplebear Inc. (NASDAQ:CART) Short Interest Update

Maplebear Inc. (NASDAQ:CART) saw a significant drop in short interest in December. As of December 31st, there was short interest totalling 11,260,000 shares, a drop of 14.6% from the December 15th total of 13,190,000 shares. Approximately 6.7% of the shares of the company are sold short. Based on an average daily trading volume, of 3,650,000 shares, the days-to-cover ratio is currently 3.1 days.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on CART. Jefferies Financial Group started coverage on Maplebear in a report on Wednesday, October 16th. They issued a “hold” rating and a $43.00 price objective for the company. Bank of America boosted their price target on Maplebear from $50.00 to $51.00 and gave the company a “neutral” rating in a research note on Wednesday, November 13th. Needham & Company LLC upgraded shares of Maplebear from a “hold” rating to a “buy” rating and set a $56.00 price objective on the stock in a research note on Monday. Wells Fargo & Company assumed coverage on shares of Maplebear in a research report on Friday, January 10th. They issued an “equal weight” rating and a $47.00 target price for the company. Finally, Morgan Stanley upped their price target on shares of Maplebear from $41.00 to $44.00 and gave the stock an “equal weight” rating in a report on Monday. Thirteen analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.31.

Insider Transactions at Maplebear

In other Maplebear news, General Counsel Morgan Fong sold 29,253 shares of the 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 transaction, 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Alan Ramsay sold 2,247 shares of Maplebear stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $42.14, for a total transaction of $94,688.58. Following the completion of the sale, the chief accounting officer now owns 87,735 shares of the company’s stock, valued at approximately $3,697,152.90. The trade was a 2.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 112,128 shares of company stock valued at $4,980,404. 36.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Maplebear

Large investors have recently added to or reduced their stakes in the stock. Pacer Advisors Inc. bought a new stake in shares of Maplebear during the 3rd quarter valued at $158,701,000. Sculptor Capital LP purchased a new stake in shares of Maplebear during the 2nd quarter worth approximately $77,361,000. Geode Capital Management LLC increased its holdings in shares of Maplebear by 151.7% in the 3rd quarter. Geode Capital Management LLC now owns 2,732,738 shares of the company’s stock worth $111,361,000 after buying an additional 1,647,081 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Maplebear by 5,191.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,489,655 shares of the company’s stock valued at $60,689,000 after purchasing an additional 1,461,501 shares during the period. Finally, Southpoint Capital Advisors LP increased its position in shares of Maplebear by 56.3% during the third quarter. Southpoint Capital Advisors LP now owns 2,500,000 shares of the company’s stock worth $101,850,000 after acquiring an additional 900,000 shares during the period. Institutional investors own 63.09% of the company’s stock.

Maplebear Price Performance

Shares of CART traded down $0.26 during trading hours on Friday, hitting $46.32. The company’s stock had a trading volume of 2,738,577 shares, compared to its average volume of 6,179,880. The company has a market cap of $11.90 billion, a price-to-earnings ratio of 31.09, a PEG ratio of 1.00 and a beta of 1.04. The business has a 50 day simple moving average of $43.51 and a two-hundred day simple moving average of $39.65. Maplebear has a 52-week low of $23.59 and a 52-week high of $50.01.

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

Maplebear Company Profile

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.