Instacart Stock Jumps 40% On Debut: Why Josh Brown Says Investors Should Sell It Now
Portfolio Pulse from Adam Eckert
Instacart (NASDAQ:CART) made its public debut with shares opening at $42, 40% above its IPO pricing of $30 per share. The company was valued at $14 billion, up from its previous valuation of $10 billion. However, Josh Brown from Ritholtz Wealth Management suggests investors sell on the pop, anticipating a lot of selling pressure in the short term.
September 19, 2023 | 6:27 pm
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Instacart's stock opened 40% above its IPO price, but Josh Brown suggests investors sell now, anticipating short-term selling pressure.
Instacart's stock opened significantly above its IPO price, indicating strong initial demand. However, Josh Brown's advice to sell now suggests he expects a short-term drop in the stock price due to selling pressure. This could negatively impact the stock's short-term performance.
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