Instacart slumps after BTIG downgrades amid mounting competition

Maplebear

30/09/2025 15:23

Updates

** Shares of grocery delivery firm Instacart CART.O, formally known as Maplebear, down nearly 6.5% to a near six-month low at $35.44 in early trading

** Brokerage BTIG downgrades stock to "neutral" from "buy"; retains PT at $55

** BTIG warns of intensifying competition amid a spate of grocery delivery deals between several partners of CART and delivery platforms such as Amazon.com AMZN.O, DoorDash DASH.O, and Uber UBER.N

** Notes that grocers who have signed partnerships in the last two weeks make up more than 25% of CART's gross order volume (GOV)

** With AMZN, DASH and UBER focused on grocery category, it is difficult to underwrite sustained double-digit growth or even high-single-digit GOV growth for CART over a multi-year period, BTIG analyst Jake Fuller says

** 18 of 35 brokerages rate stock "buy" or higher, 16 "hold" and one "sell"; median PT is $58 - data compiled by LSEG

** As of last close, CART down ~8% YTD

 (Reporting by Sanskriti Shekhar)

 ((Sanskriti.Shekhar@thomsonreuters.com))