Instacart sinks further below IPO price

Klaviyo

09/10/2023 18:02

** Shares of Instacart  CART.O , formally called Maplebear,
tumble more than 7% to their lowest level since the grocery
delivery platform's Wall Street debut last month
    ** Instacart stock last traded at $23.55, well below the $30
price set in its IPO on Sept 18
    ** Weakness in stock comes amid a 0.4% dip in the Nasdaq
 .IXIC 
    ** CART now down >44% 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 have dampened expectations of a resurgence in
IPOs on Wall Street
    ** ARM trades near flat on Monday after a wave of "buy"
ratings from Wall Street banks that backed the co's Sept 13 IPO,
while KVYO jumps 3.8%
    ** All five analysts who initiated coverage of CART have
"neutral" ratings, as per LSEG
    

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