Instacart Surges 40% in Trading Debut

Instacart Surges 40% in Trading Debut

Instacart Surges 40% , in Trading Debut.

Instacart opened at $42 share on its first day of trading on Sept.

19, CNN reports.

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Its IPO was set at $30 a share.

That puts Instacart's market valuation at over $11 billion.

That valuation is significantly less than the $39 billion the company was worth in 2021 amid the pandemic.

As demand restabilized, Instacart's value sank.

Competitors such as Amazon and Walmart have also given the company a run for its money.

Competitors such as Amazon and Walmart have also given the company a run for its money.

But in an SEC filing on Sept.

11, Instacart said it "recently began generating profit.".

The first half of the year saw the company rake in a profit of $242 million, CNN reports.

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During the same time period last year, Instacart posted a $74 million loss.

Last year, Instacart added new features to stay competitive, such as offering faster deliveries for an upcharge