Maplebear, also know as Instacart, will replace Enovis in the S&P 400
Shares of Maplebear Inc (NASDAQ:CART), otherwise known as Instacart, are up 3.8% to trade at $44.54 at last glance. Today's pop follows news that the grocery delivery giant will join the S&P MidCap 400 Index (SP400) before the open on Tuesday, Jan. 14, replacing medtech name Enovis (ENOV).
CART has been getting support from the $40 region since pulling back from its Nov, 7, all-time high of $50.01, and is today testing resistance from the $45 level. The stock has been trading firmly above its 100-day moving average since early September, and now boasts a 95.7% year-over-year lead.
There's plenty of room for upgrades, with 13 of 26 analysts in question calling the equity a tepid "hold." Plus, short interest rose 13.8% in the last two reporting periods and makes up 5.9% of the stock's available float. An unwinding of these bearish bets could further boost the shares.
Additional tailwinds could stem from a sentiment shift over in the options pits, which show a short-term bearish bias. This is per Instacart stock's Schaeffer's put/call open interest ratio (SOIR) of 1.04, which stands stands higher than 77% of readings from the past 12 months.