Instacart delivers deepest share drop since September IPO

Klaviyo

06/10/2023 17:12

** Shares of Instacart  CART.O  slumping >4% on Friday to
lowest point since the grocery delivery platform's Wall Street
debut last month
    ** CART last traded at $25.10, well below the $30 price set
in its IPO on Sept. 18. Earlier in session, CART traded as low
as $24.68
    ** Weakness in CART comes despite broader market rally on
Friday, with Nasdaq  .IXIC  up 1.3%
    ** Instacart, formally called Maplebear, now down >40% from
the intra-day high of $42.95 reached in its first trading
session
    ** CART, chip designer Arm Holdings  O9Ty.F   ARM.O  and
marketing automation firm Klaviyo  KVYO.N  make up a trio of
stocks whose lackluster performances following their recent
public listings has dampened expectations of a resurgence in
IPOs on Wall Street
    ** On Friday, ARM rebounding 1.7% and KVYO jumping 4.2%

 (Reporting by Noel Randewich)
 ((noel.randewich@tr.com))