Grocery delivery app Instacart's stock fell nearly 5% in premarket trading on Wednesday, on course to join other new stock market entrants in failing to keep up with their strong gains on debut.
Shares of San Francisco-based Instacart ended 12% higher in their Nasdaq debut on Tuesday, failing to hold onto an intraday gain of as much as 43%.
Instacart's business has slowed from pandemic highs but is still growing as people stick with their lockdown habits of ordering groceries and essentials online from the comfort of their homes. A potential headwind would be attracting and retaining new customers, Frederick said, especially older shoppers who tend to prefer the savings and experience of brick-and-mortar grocery stores.
Instacart's listing came almost three years after it kicked off preparations to go public. In August, it announced interest from PepsiCo"Instacart has executed well in scaling a formidable ad business which still has plenty of upside ... Instacart's best days should be well in front of it," said Andrew Lipsman, principal analyst at Insider Intelligence.Our Standards:
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