Wedbush downgraded CART to "underperform"
Shares of Maplebear Inc (NASDAQ:CART), which does business as Instacart, are down 3.2% at $44.07, after a downgrade from Wedbush to "underperform" from "neutral," with a price-target cut to $42 from $55. The firm cited increased competition amid Amazon's (AMZN) grocery delivery expansion.
On the charts, CART has fallen significantly from its August 8 record high of $53.50, which it hit during a positive post-earnings session. The $43 level, which provided a floor of support in June, still lingers below, however. Since the start of the year, the equity is up 6.6%.
There is still short covering potential that could give the shares a lift. Though short interest has been unwinding, it still represents 6.2% of the stock's available float.
Options bears are chiming in today too, as put volume is running at 10 times the intraday average. The weekly 8/22 44-strike put is the most popular, with new positions being opened there.