Shares of Instacart parent Maplebear (CART) will soon be included in the S&P MidCap 400 index. Instacart stock climbed Wednesday on the news.
The S&P Dow Jones Indices said in a news release late Tuesday that shares of the grocery delivery company will be added to the index effective Jan. 14. Instacart stock will replace medical technology company Enovis Corp. (ENOV) in the index, with Enovis stock moving down to the S&P SmallCap 600. Enovis is replacing Arch Resources (ARCH), a coal supplier that is being acquired by CONSOL Energy (CEIX).
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On the stock market today, Instacart stock is up more than 5% at 45.38 in recent action. Instacart stock climbed back above its 50-day moving average after dipping below the support level in trading Tuesday.
In separate Instacart news, the company announced a partnership with Ulta Beauty (ULTA) to offer same-day delivery from the beauty retailer’s more than 1,400 stores in the U.S.
Instacart Stock In Consolidation Pattern
Maplebear completed an initial public offering in September 2023. Instacart stock has gained 42% from the company’s first-day closing price, including a more than 80% gain in 2024.
In its most recent third quarter earnings report from November, Instacart beat expectations with earnings of 42 cents per share and sales growth of 12% to $852 million. But Instacart stock fell following the report on concerns about the company’s Q4 sales outlook.
The stock has since formed a consolidation pattern, with an early November all-time high of 50.01 representing the buy point, according to MarketSurge.
Investors could use Monday’s high of 45.49 as an early entry.
Instacart stock has an IBD Composite Rating of 76 out of a best-possible 99, according to IBD Stock Checkup. The score combines five separate proprietary ratings into one rating. The best growth stocks have a Composite Rating of 90 or better.
Meanwhile, CART stock has an IBD Relative Strength Rating of 87 out of 99. The RS Rating means that Instacart has outperformed 87% of all stocks in IBD’s database over the past year.
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