Maplebear Inc. (NASDAQ:CART) Short Interest Update

Maplebear Inc. (NASDAQ:CART) was the recipient of a significant drop in short interest during the month of 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. Based on an average daily volume of 3,650,000 shares, the days-to-cover ratio is currently 3.1 days. Approximately 6.7% of the shares of the company are short sold.

Maplebear Stock Performance

Shares of CART stock traded down $0.26 during trading on Friday, hitting $46.32. 2,738,577 shares of the company were exchanged, compared to its average volume of 2,772,917. The firm has a market capitalization of $11.90 billion, a price-to-earnings ratio of 31.09, a P/E/G ratio of 1.00 and a beta of 1.04. The business’s 50-day simple moving average is $43.49 and its 200 day simple moving average is $39.75. Maplebear has a twelve month low of $23.59 and a twelve month high of $50.01.

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

Insider Buying and Selling

In other Maplebear news, General Counsel Morgan Fong sold 11,325 shares of the stock in a transaction on Monday, October 21st. The stock was sold at an average price of $42.97, for a total value of $486,635.25. Following the sale, the general counsel now directly owns 287,659 shares of the company’s stock, valued at $12,360,707.23. This trade represents a 3.79 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Alan Ramsay sold 2,559 shares of the business’s stock in a transaction on Monday, October 21st. The shares were sold at an average price of $42.97, for a total transaction of $109,960.23. Following the transaction, the chief accounting officer now directly owns 96,666 shares of the company’s stock, valued at approximately $4,153,738.02. This trade represents a 2.58 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 112,128 shares of company stock worth $4,980,404 over the last ninety days. 36.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Maplebear

Large investors have recently made changes to their positions in the business. Pacer Advisors Inc. bought a new stake in shares of Maplebear in the third quarter valued at about $158,701,000. Geode Capital Management LLC boosted its holdings in Maplebear by 151.7% during 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 in the last quarter. Maverick Capital Ltd. grew its stake in shares of Maplebear by 19.7% in the 3rd quarter. Maverick Capital Ltd. now owns 2,684,425 shares of the company’s stock valued at $109,363,000 after purchasing an additional 441,156 shares during the period. State Street Corp raised its holdings in shares of Maplebear by 48.3% in the 3rd quarter. State Street Corp now owns 2,552,617 shares of the company’s stock worth $103,994,000 after buying an additional 831,795 shares in the last quarter. Finally, Southpoint Capital Advisors LP lifted its position 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.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Loop Capital raised their price target on shares of Maplebear from $49.00 to $56.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Stifel Nicolaus boosted their price target on Maplebear from $52.00 to $55.00 and gave the stock a “buy” rating in a research report on Monday, October 28th. Morgan Stanley lifted their price objective on shares of Maplebear from $41.00 to $44.00 and gave the company an “equal weight” rating in a research note on Monday, January 13th. Macquarie boosted their price target on shares of Maplebear from $50.00 to $52.00 and gave the stock an “outperform” rating in a research report on Thursday, November 14th. Finally, Mizuho assumed coverage on shares of Maplebear in a research note on Tuesday. They set an “outperform” rating and a $55.00 price objective on the stock. Thirteen research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $48.31.

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.