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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