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Instacart’s stock rose on the news that it would join the S&P MidCap 400 index.
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The change, set for next week, will pair with the removal of Enovis, which is moving to the SmallCap 600.
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Instacart’s stock has about doubled over the past 12 months.
Shares of Instacart rose Wednesday on the news that the food-delivery stock will join a new index.
Instacart’s stock was recently up about 4.5%. The rise followed the announcement last yesterday that the company, also known as Maplebear (CART), will join the S&P MidCap 400 index starting with next Tuesday’s session, replacing Enovis (ENOV). Shares of Instacart are have nearly doubled over the past 12 months.
Instacart separately said Wednesday that it would partner with Ulta Beauty (ULTA) to deliver the latter company’s beauty products nationwide. Ulta’s shares were recently down more than 2%; the company recently said its CEO would retire.
Enovis will move to the SmallCap 600 index, replacing Arch Resources (ARCH), which is soon expected to be acquired by Consol Energy (CEIX) and create Core Natural Resources.
Shares of Enovis were up more than 1% in morning trading.
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