Instacart Rallies on Report of Sale Talks With Uber, DoorDash

Shares of Instacart surged after the Information reported that the delivery and grocery-technology company is in talks to sell itself and has had preliminary conversations with Uber Technologies Inc. and DoorDash Inc.

Instacart has been working with an investment bank to evaluate its options, the Information said, citing unnamed people familiar with the matter. The discussions with Uber and DoorDash are early and ongoing and may not result in a deal, it added.

Shares of Instacart surged 9.2% on the news just before the end of the trading day to close at $56.44. Uber’s stock fell 3.4% and DoorDash declined 3.5%.