Maplebear Inc. (NASDAQ:CART) Short Interest Down 19.8% in March

Maplebear Inc. (NASDAQ:CART - Get Free Report) was the recipient of a large decline in short interest during the month of March. As of March 31st, there was short interest totalling 12,880,000 shares, a decline of 19.8% from the March 15th total of 16,060,000 shares. Currently, 7.0% of the company's stock are short sold. Based on an average daily volume of 4,530,000 shares, the days-to-cover ratio is presently 2.8 days.

Insider Transactions at Maplebear

In other news, CEO Fidji Simo sold 2,033 shares of the company's stock in a transaction 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 transaction, the chief executive officer now directly owns 1,654,559 shares of the company's stock, valued at $66,182,360. This represents a 0.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, General Counsel Morgan Fong sold 5,249 shares of the business's stock in a transaction dated Monday, April 21st. The stock was sold at an average price of $42.57, for a total value of $223,449.93. Following the completion of the transaction, the general counsel now directly owns 484,292 shares of the company's stock, valued at approximately $20,616,310.44. This trade represents a 1.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 36,165 shares of company stock valued at $1,541,785 in the last quarter. 26.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of CART. Stifel Financial Corp lifted its position in Maplebear by 10.3% during the 3rd quarter. Stifel Financial Corp now owns 25,561 shares of the company's stock worth $1,041,000 after acquiring an additional 2,386 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in shares of Maplebear during the third quarter valued at approximately $33,000. Franklin Resources Inc. lifted its position in shares of Maplebear by 182.0% during the third quarter. Franklin Resources Inc. now owns 272,928 shares of the company's stock worth $11,692,000 after purchasing an additional 176,137 shares in the last quarter. Lord Abbett & CO. LLC lifted its position in shares of Maplebear by 370.9% during the third quarter. Lord Abbett & CO. LLC now owns 859,006 shares of the company's stock worth $34,996,000 after purchasing an additional 676,605 shares in the last quarter. Finally, Nordea Investment Management AB acquired a new stake in Maplebear during the 4th quarter valued at $2,078,000. Hedge funds and other institutional investors own 63.09% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on CART. Oppenheimer reduced their price target on shares of Maplebear from $65.00 to $60.00 and set an "outperform" rating for the company in a research note on Wednesday, February 26th. FBN Securities started coverage on shares of Maplebear in a research note on Friday, March 28th. They set a "sector perform" rating and a $44.00 target price for the company. Wells Fargo & Company lowered their price target on Maplebear from $47.00 to $44.00 and set an "equal weight" rating on the stock in a report on Thursday, April 3rd. JPMorgan Chase & Co. cut their price objective on Maplebear from $50.00 to $44.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Finally, BTIG Research raised Maplebear from a "neutral" rating to a "buy" rating and set a $58.00 target price on the stock in a report on Tuesday, January 14th. Twelve analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Maplebear has an average rating of "Moderate Buy" and a consensus target price of $50.48.

Maplebear Stock Up 1.1 %

Shares of CART traded up $0.48 on Friday, hitting $42.14. 412,143 shares of the stock traded hands, compared to its average volume of 4,040,272. The firm has a market capitalization of $11.06 billion, a P/E ratio of 28.29, a P/E/G ratio of 1.19 and a beta of 1.20. Maplebear has a 1 year low of $29.84 and a 1 year high of $53.44. The stock's 50 day moving average is $41.29 and its two-hundred day moving average is $43.55.

Maplebear (NASDAQ:CART - Get Free Report) last posted its quarterly earnings data 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 business had revenue of $883.00 million for the quarter, compared to analysts' expectations of $889.98 million. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. Research analysts forecast that Maplebear will post 1.43 EPS for the current year.

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.