Instacart stock subdued as debut enthusiasm loses steam
) and Aldi among its retail partners, has seen its orders grow despite slowing from pandemic highs as people stick with their lockdown habits of ordering groceries and essentials from the comfort of their homes.
"We are seeing ... the realization that consumers are still facing a cost of living crisis and that their willingness to pay an additional charge for home deliveries may be weaker than assumed," said Stuart Cole, chief macro economist at Equiti Capital. Shares of the San Francisco-based firm ended 12% higher in their Nasdaq debut on Tuesday, failing to hold onto an intraday gain of as much as 43%. The company's initial public offering on Monday had given it a valuation of nearly $9.9 billion.
"Enthusiasm for the company will be challenged by its ability to sustain margin expansion and revenue growth while facing elevated food price inflation and increased competition from food delivery providers, Walmart (NYSE:
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