Instacart parent Maplebear launched its IPO on Sept. 19 at just over 22 and it shot up to close at 33.70 on day 1. From there it's been forming its first post-IPO base. It's rapidly climbing the right side of a cup pattern and trades just below its all-time high. On Tuesday, the Relative Strength (RS) Rating for Maplebear stock got a bump higher, from 69 to 75.
The upgraded 75 RS Rating means Maplebear stock outperformed three-fourths of all stocks for price performance over the past 52 weeks. The Street is keeping a close watch on the young stock, although it has some distance to go to prove itself.
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Maplebear's Instacart is a grocery technology company that provides online grocery shopping and convenient home delivery.
Maplebear Stock Racing Up On All-Time High
Tuesday afternoon Maplebear stock was down 2.6% in sync with a market retreat, and closed at about 32.81. But its stock has risen 10 of the last 12 trading sessions. Additionally, it's trading at the highest point since the day of its IPO. On that day it shot up to 42.95 but settled to a 33.70 close. It trades just below that all-time high close.
Among its other ratings Maplebear stock boasts an outstanding A Accumulation/Distribution Rating, showing that mutual funds and other big funds are snapping up its shares. However, its other ratings are lackluster, reflecting its young company status in a highly competitive market.
Regarding fundamentals, San Francisco-based Maplebear last quarter reported a 73% drop in earnings to 44 cents per share. Revenue rose 6% to $803 million. Consensus among analysts is that the company's sales and profits will be flat on a year-over-year basis for the March-ending quarter.
Still, Maplebear CEO Fidji Simo was upbeat in the Feb. 13 fourth quarter earnings report. "We expect a strong start to 2024, with Q1 year-over-year GTV (gross merchandise value) growth anticipated to accelerate for a fourth consecutive quarter," Fidji said in a letter to investors.
Ratings A Mixed Bag
Meanwhile, on the plus side the number of funds holding Maplebear shares jumped from 166 in September to 190 in December. On the other hand, it has a 51 Composite Rating. And it has a weak D SMR Rating (sales + profit margins + return on equity) on an A-to-E scale with A best and E worst.
Maplebear stock holds the No. 22 rank among its peers in the Retail-Internet industry group. Amazon.com, Coupang and DoorDash are among the top 5 highly rated stocks in the group.
Please follow James DeTar on X, formerly known as Twitter, @JimDeTar
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