Shares of Maplebear Inc. — the online grocery-delivery company better known as Instacart — jumped after the company forecast a key demand metric that was above Wall Street's expectations on Tuesday, as it tries to partner with bigger retailers and bank on more restaurant orders through its app.
Instacart forecast its third-quarter gross transaction value and core profit above Wall Street estimates on Tuesday, betting on higher transaction and advertisement fees and more orders on its online grocery delivery platform.
Instacart and Albertsons have updated their partnership for faster grocery deliveries across the U.S. The companies announced in a Wednesday (July 31) news release the launch of Instacart pickup services and Albertsons delivery for Albertson brands, including Safeway, Shaw's, Acme, Jewel-Osco, Randalls and Vons.
Instacart parent Maplebear has board approval for $500 million in share repurchases, the company said. Instacart stock jumped.
Shares of Instacart (NASDAQ:CART) are 2.6% higher at $30.91 at last glance, following a bull note from Gordon Haskett.
Home Depot teamed with Instacart to offer customers same-day delivery on home improvement products. The partnership offers delivery in as fast as an hour from nearly 2,000 stores, according to a Thursday (May 23) press release.
Maplebear (CART) is technically in oversold territory now, so the heavy selling pressure might have exhausted. This along with strong agreement among Wall Street analysts in raising earnings estimates could lead to a trend reversal for the stock.