Instacart Is Joining the S&P MidCap 400. Its Stock Is Rising.

Key Takeaways

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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