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

Maplebear Inc. (NASDAQ:CART) was the recipient of a significant growth in short interest in the month of November. As of November 15th, there was short interest totalling 11,590,000 shares, a growth of 7.3% from the October 31st total of 10,800,000 shares. Approximately 6.9% of the shares of the stock are sold short. Based on an average daily volume of 3,840,000 shares, the short-interest ratio is presently 3.0 days.

Analyst Ratings Changes

CART has been the topic of several research reports. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $45.00 price target on shares of Maplebear in a report on Monday, October 7th. JPMorgan Chase & Co. upped their target price on Maplebear from $47.00 to $52.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Bank of America lifted their price target on Maplebear from $50.00 to $51.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 13th. Morgan Stanley reduced their price objective on shares of Maplebear from $45.00 to $41.00 and set an “equal weight” rating for the company in a research note on Tuesday, September 24th. Finally, Citigroup lifted their target price on shares of Maplebear from $44.00 to $47.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. Twelve equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $47.29.

Maplebear Stock Performance

Shares of CART opened at $43.51 on Tuesday. The firm has a market cap of $11.18 billion, a PE ratio of 29.20, a PEG ratio of 1.13 and a beta of 1.12. The firm’s 50 day moving average price is $43.20 and its 200 day moving average price is $37.14. Maplebear has a twelve month low of $22.13 and a twelve month high of $50.01.

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

Insiders Place Their Bets

In other Maplebear news, CEO Fidji Simo sold 20,750 shares of the business’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $42.97, for a total value of $891,627.50. Following the sale, the chief executive officer now directly owns 1,804,243 shares in the company, valued at approximately $77,528,321.71. The trade was a 1.14 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel Morgan Fong sold 10,992 shares of the firm’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $41.38, for a total transaction of $454,848.96. Following the transaction, the general counsel now owns 298,984 shares of the company’s stock, valued at approximately $12,371,957.92. This trade represents a 3.55 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 110,954 shares of company stock worth $4,890,405 over the last ninety days. Company insiders own 36.00% of the company’s stock.

Institutional Trading of Maplebear

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

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.