Maplebear Inc. (NASDAQ:CART) Sees Large Drop in Short Interest

Maplebear Inc. (NASDAQ:CART) was the recipient of a large drop in short interest in the month of March. As of March 31st, there was short interest totalling 12,880,000 shares, a drop of 19.8% from the March 15th total of 16,060,000 shares. Based on an average trading volume of 4,530,000 shares, the short-interest ratio is presently 2.8 days. Approximately 7.0% of the company’s shares are sold short.

Insiders Place Their Bets

In other Maplebear news, CAO Alan Ramsay sold 2,314 shares of the stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $46.28, for a total transaction of $107,091.92. Following the transaction, the chief accounting officer now directly owns 85,421 shares in the company, valued at approximately $3,953,283.88. This represents a 2.64 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Fidji Simo sold 2,033 shares of the firm’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $40.00, for a total transaction of $81,320.00. Following the sale, the chief executive officer now directly owns 1,654,559 shares of the company’s stock, valued at approximately $66,182,360. This trade represents a 0.12 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 33,230 shares of company stock worth $1,425,427. Company insiders own 36.00% of the company’s stock.

Institutional Investors Weigh In On Maplebear

Institutional investors and hedge funds have recently modified their holdings of the company. Jones Financial Companies Lllp lifted its stake in Maplebear by 46.6% in the 4th quarter. Jones Financial Companies Lllp now owns 698 shares of the company’s stock worth $29,000 after purchasing an additional 222 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new stake in Maplebear during the third quarter valued at $33,000. Allworth Financial LP grew its position in Maplebear by 101.4% during the fourth quarter. Allworth Financial LP now owns 834 shares of the company’s stock worth $37,000 after buying an additional 420 shares in the last quarter. NewEdge Advisors LLC increased its stake in Maplebear by 277.9% in the 4th quarter. NewEdge Advisors LLC now owns 975 shares of the company’s stock worth $40,000 after acquiring an additional 717 shares during the last quarter. Finally, UMB Bank n.a. raised its holdings in shares of Maplebear by 914.1% in the 1st quarter. UMB Bank n.a. now owns 1,004 shares of the company’s stock valued at $40,000 after acquiring an additional 905 shares in the last quarter. 63.09% of the stock is owned by hedge funds and other institutional investors.

Maplebear Trading Down 3.3 %

Shares of NASDAQ CART traded down $1.40 during midday trading on Monday, hitting $41.59. The company’s stock had a trading volume of 1,117,116 shares, compared to its average volume of 4,066,254. The stock has a fifty day moving average price of $41.98 and a 200 day moving average price of $43.56. The firm has a market capitalization of $10.92 billion, a price-to-earnings ratio of 27.91, a P/E/G ratio of 1.19 and a beta of 1.20. Maplebear has a one year low of $29.84 and a one year high of $53.44.

Maplebear (NASDAQ:CART) last posted its earnings results on Tuesday, February 25th. The company reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.16. The firm had revenue of $883.00 million for the quarter, compared to the consensus estimate of $889.98 million. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. On average, equities research analysts predict that Maplebear will post 1.43 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Seaport Res Ptn upgraded Maplebear to a “strong-buy” rating in a report on Wednesday, February 12th. Wedbush decreased their target price on shares of Maplebear from $48.00 to $46.00 and set a “neutral” rating for the company in a research report on Wednesday, February 26th. Benchmark reaffirmed a “hold” rating on shares of Maplebear in a research report on Wednesday, February 26th. Macquarie boosted their price objective on Maplebear from $52.00 to $55.00 and gave the stock an “outperform” rating in a report on Thursday, February 27th. Finally, JPMorgan Chase & Co. dropped their target price on Maplebear from $50.00 to $44.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. Twelve investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Maplebear presently has a consensus rating of “Moderate Buy” and an average price target of $50.61.

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.