Maplebear Inc (NASDAQ:CART) shares are falling in Monday’s after-hours session following reports that Amazon.com Inc (NASDAQ:AMZN) is planning an ultrafast delivery option.
- CART stock is struggling to find support. Review the technical setup here.
What To Know: Amazon is planning to roll out a faster delivery option that will allow users to get deliveries of groceries and other staples in under 30 minutes, according to a fresh report from The Information.
The new ultrafast delivery option is expected to be initially available in major cities, including Seattle, Philadelphia and Fort Worth.
Maplebear, the parent company of delivery aggregator Instacart, is facing selling pressure following the announcement as investors fear the company could face increased competition from Amazon. Instacart's biggest selling points are speed and convenience.
Maplebear shares had been up about 15% over the past month following strong third-quarter earnings in November showing that orders were up 14% on a year-over-year basis.
Maplebear shares were down about 3.95% in extended trading, trading around $41.10 at the time of publication, according to Benzinga Pro. Amazon shares were up 0.31% at $234.60 in after-hours at last check after closing the day up 0.28%.
Is CART A Good Stock To Buy?
Wall Street analysts view Maplebear on the whole as a Buy, given the history of coverage over the past three months. Bernie McTernan from Needham is the most bearish, expecting a 24.24% fall in the stock in the coming year.
But looking at how the market as a whole thinks of the stock, you can reference historical price action for views on whether investors feel strongly about the stock one way or another.
In the past three months, Maplebear rose 13.1%, which indicates that opinion improved on the business and how attractive it is to own based on either its stock price or underlying fundamentals, like revenue, which rose 10.21% over the past year.
A complete overview of how Wall Street views individual stocks is available here, while real-time updates on the latest analyst actions will be delivered via Benzinga PRO. Try it for free.
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