Short Interest in Maplebear Inc. (NASDAQ:CART) Declines By 19.8%

Maplebear Inc. (NASDAQ:CART - Get Free Report) was the target of a large drop in short interest during 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. Approximately 7.0% of the shares of the company are sold short. Based on an average daily volume of 4,530,000 shares, the days-to-cover ratio is currently 2.8 days.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Needham & Company LLC reaffirmed a "buy" rating and issued a $56.00 price objective on shares of Maplebear in a report on Wednesday, February 26th. Cantor Fitzgerald reissued an "overweight" rating and issued a $55.00 price objective on shares of Maplebear in a report on Wednesday, February 26th. JMP Securities reaffirmed a "market outperform" rating and set a $55.00 target price on shares of Maplebear in a report on Friday, April 11th. Bank of America upped their target price on Maplebear from $51.00 to $53.00 and gave the company a "neutral" rating in a research report on Tuesday, February 25th. Finally, FBN Securities initiated coverage on Maplebear in a research report on Friday, March 28th. They issued a "sector perform" rating and a $44.00 price target on the stock. Twelve research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $50.61.

Maplebear Trading Up 0.3 %

NASDAQ:CART traded up $0.11 during trading hours on Wednesday, hitting $42.46. 1,036,175 shares of the company were exchanged, compared to its average volume of 4,062,738. The stock has a market capitalization of $11.15 billion, a price-to-earnings ratio of 28.50, a price-to-earnings-growth 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. The company has a fifty day simple moving average of $41.66 and a 200 day simple moving average of $43.56.

Maplebear (NASDAQ:CART - Get Free Report) last issued its quarterly earnings data on Tuesday, February 25th. The company reported $0.53 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.37 by $0.16. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. The company had revenue of $883.00 million during the quarter, compared to the consensus estimate of $889.98 million. Equities research analysts predict that Maplebear will post 1.43 earnings per share for the current fiscal year.

Insider Buying and Selling at Maplebear

In other Maplebear news, CEO Fidji Simo sold 2,033 shares of the firm's stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $40.00, for a total transaction of $81,320.00. Following the completion of the sale, the chief executive officer now directly owns 1,654,559 shares in the company, valued at $66,182,360. This trade represents a 0.12 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders sold 30,916 shares of company stock valued at $1,318,335 in the last quarter. 36.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of CART. Proathlete Wealth Management LLC bought a new position in Maplebear during the first quarter worth $26,000. Jones Financial Companies Lllp grew its holdings in Maplebear by 46.6% during the 4th quarter. Jones Financial Companies Lllp now owns 698 shares of the company's stock worth $29,000 after acquiring an additional 222 shares during the period. Wilmington Savings Fund Society FSB bought a new position in shares of Maplebear in the 3rd quarter worth about $33,000. Allworth Financial LP lifted its stake in shares of Maplebear by 101.4% in the 4th quarter. Allworth Financial LP now owns 834 shares of the company's stock valued at $37,000 after purchasing an additional 420 shares during the period. Finally, NewEdge Advisors LLC boosted its position in shares of Maplebear by 277.9% during the 4th quarter. NewEdge Advisors LLC now owns 975 shares of the company's stock valued at $40,000 after purchasing an additional 717 shares in the last quarter. 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.