Instacart tumbles to new lows after report of another lukewarm analyst rating

Klaviyo

02/10/2023 22:04

** Grocery delivery app Instacart's  CART.O  stock closed
down 9.2% at $26.96, after falling as low as $26.90 on Mon,
after another unenthusiastic Wall Street analyst rating
    ** Gordon Haskett started coverage of CART with "hold" and
$31 PT, MarketWatch reported
    ** Shares of Instacart, formally known as Maplebear, have
now finished below the $30 IPO price for fifth straight session
since co's Sept 19 debut
    ** Prior to Mon, three other analysts initiated coverage and
have average rating of "hold", per LSEG data, pointing to heavy
competition from likes of DoorDash  DASH.O  and Uber
Technologies  UBER.N 
    ** Analysts at underwriting firms that worked on Instacart's
IPO will be permitted to start coverage in mid-Oct after the
industry-required research quiet period expires
    ** Among last month's other high-profile IPOs, shares of
SoftBank's Arm Holdings  ARM.O , which debuted on Sept 14,
finished off 2.4% at $52.26 on the session, but above the $51
IPO price. And marketing automation firm Klaviyo Inc  KVYO.N 
dipped 3.0% to $33.47 vs its $30 IPO price set on Sept 19
    ** Before the bell on Mon, German premium footwear maker
Birkenstock  BIRK.N  kicked off the marketing roadshow for its
long anticipated US IPO on course to price next week, as co aims
for $10 bln valuation

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))