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Maplebear Inc. (NASDAQ:CART), known for its online grocery delivery service Instacart, is trading higher following the announcement that it will join the S&P MidCap 400 index.
This change will see the company replace Enovis Corporation, with Enovis moving to the S&P SmallCap 600. The index changes will take effect prior to the market’s opening on Tuesday, January 14.
According to Benzinga Pro, CART stock has gained over 92% in the past year. Investors can gain exposure to the stock via Advisor Managed Portfolios Trenchless Fund ETF (NYSE:RVER).
In another development, Instacart has formed a nationwide partnership with retailer Ulta Beauty, Inc. (NASDAQ:ULTA) to offer same-day delivery.
This collaboration introduces same-day delivery options for Ulta Beauty products through Instacart from over 1,400 Ulta locations nationwide.
The partnership also brings the integration of Ulta Beauty Rewards into the Instacart app, enabling Ulta members to earn rewards points on every Ulta purchase made via Instacart.
Per the press release, new customers can enjoy $10 off orders of $50 or more, valid until January 26.
Blake Wallace, Senior Director of Retail Partnerships at Instacart, expressed excitement about the partnership, noting it would offer customers more convenience and selection, particularly as many are focusing on wellness and self-care in the new year.
Jodi Williams, Vice President of eCommerce at Ulta Beauty, emphasized how the collaboration allows the brand to meet customers in even more places.
This new partnership with Instacart further expands Ulta Beauty’s reach, joining over 1,500 retailer banners already available on the Instacart platform, which spans categories from grocery to beauty and beyond.
Earlier this week, Ulta announced that Dave Kimbell retired as CEO and stepped down from the company’s board.
President and COO Kecia Steelman succeeded Kimbell as president and CEO, effective as of Monday. Steelman also joined the company’s board.
Ulta now expects comparable sales to “increase modestly.” Ulta also said it expects operating margin to be above the high-end of the company’s previous expected range of 11.6% to 12.4% of sales.
Ulta is scheduled to report fourth-quarter financial results on March 13.
According to Benzinga Pro, ULTA stock has lost over 14% in the past year. Investors can gain exposure to the stock via Neuberger Berman ETF Trust Neuberger Berman Next Generation Connected Consumer ETF (NYSE:NBCC).
Price Action: CART shares are trading higher by 5.2% to $45.14 at last check Wednesday, while ULTA shares are trading lower by 3.10% to $415.01.
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