Short Interest in Maplebear Inc. (NASDAQ:CART) Increases By 7.3%

Maplebear Inc. (NASDAQ:CART - Get Free Report) was the target of a significant increase in short interest in November. As of November 15th, there was short interest totalling 11,590,000 shares, an increase of 7.3% from the October 31st total of 10,800,000 shares. Currently, 6.9% of the company's stock are short sold. Based on an average trading volume of 3,840,000 shares, the days-to-cover ratio is currently 3.0 days.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on CART shares. Robert W. Baird lifted their target price on shares of Maplebear from $44.00 to $51.00 and gave the stock an "outperform" rating in a research note on Wednesday, November 13th. Raymond James started coverage on shares of Maplebear in a research note on Tuesday, September 24th. They issued a "market perform" rating for the company. BMO Capital Markets raised their price target on Maplebear from $39.00 to $48.00 and gave the stock a "market perform" rating in a report on Wednesday, November 13th. Cantor Fitzgerald reissued an "overweight" rating and set a $45.00 price objective on shares of Maplebear in a report on Monday, October 7th. Finally, Macquarie upped their target price on shares of Maplebear from $50.00 to $52.00 and gave the stock an "outperform" rating in a report on Thursday, November 14th. Thirteen research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $46.82.

Maplebear Trading Up 0.4 %

CART traded up $0.19 during trading on Tuesday, reaching $43.70. The stock had a trading volume of 2,421,295 shares, compared to its average volume of 4,577,560. Maplebear has a one year low of $22.13 and a one year high of $50.01. The stock's 50 day moving average is $43.33 and its two-hundred day moving average is $37.28. The company has a market capitalization of $11.23 billion, a price-to-earnings ratio of 29.33, a P/E/G ratio of 1.13 and a beta of 0.94.

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

Insider Buying and Selling

In other news, General Counsel Morgan Fong sold 8,345 shares of Maplebear stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $40.00, for a total transaction of $333,800.00. Following the completion of the transaction, the general counsel now directly owns 330,886 shares in the company, valued at $13,235,440. This trade represents a 2.46 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Alan Ramsay sold 2,486 shares of the stock in a transaction on Friday, September 20th. The shares were sold at an average price of $41.39, for a total value of $102,895.54. Following the completion of the sale, the chief accounting officer now directly owns 99,225 shares of the company's stock, valued at $4,106,922.75. The trade was a 2.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 110,954 shares of company stock valued at $4,890,405 over the last ninety days. 36.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of CART. Wilmington Savings Fund Society FSB purchased a new stake in Maplebear in the third quarter worth about $33,000. Huntington National Bank purchased a new position in shares of Maplebear in the 3rd quarter valued at $54,000. nVerses Capital LLC raised its position in shares of Maplebear by 1,600.0% in the 2nd quarter. nVerses Capital LLC now owns 1,700 shares of the company's stock worth $55,000 after acquiring an additional 1,600 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Maplebear during the 3rd quarter worth $74,000. Finally, Quarry LP boosted its position in Maplebear by 269.5% during the second quarter. Quarry LP now owns 3,928 shares of the company's stock valued at $126,000 after purchasing an additional 2,865 shares in the last quarter. Hedge funds and other institutional investors 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.