Why Maplebear (Instacart) Stock Is Trading Higher
Portfolio Pulse from Henry Khederian
Maplebear (NASDAQ:CART) shares surged by 8.2% to $33.50 after the company announced a $500 million share repurchase program. This follows the completion of a previous $1 billion buyback. The new program has no expiration date and can be terminated or suspended at any time.
June 06, 2024 | 3:02 pm
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Maplebear (NASDAQ:CART) shares increased by 8.2% to $33.50 following the approval of a $500 million share repurchase program. This new program follows the completion of a previous $1 billion buyback and has no expiration date.
The announcement of a significant share repurchase program often leads to a positive short-term impact on the stock price as it signals confidence from the company in its own value and reduces the number of shares outstanding, potentially increasing earnings per share.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100