5 Best IPO Stocks to Buy Heading into 2024

4. Maplebear, Inc. (NASDAQ:CART)

Number of Hedge Fund Holders: 39

Based in San Francisco, Maplebear, Inc. (NASDAQ:CART), doing business as Instacart, is a leading grocery technology company in North America partnering with more than 1,400 national, regional, and local retail banners to facilitate online shopping, delivery, and pickup services from more than 80,000 stores across North America on the Instacart Marketplace.

On November 8, Maplebear, Inc. (NASDAQ:CART) released its financial results for Q3 2023. Its revenue increased by 14% y-o-y to $764 million while it posted a net loss of nearly $2.0 billion compared to a net income of $36 million. It missed EPS consensus estimates by -$3.30 with a normalized EPS of $1.42.

Following the earnings release, JMP Securities analyst Andrew Boone raised the price target on Maplebear, Inc. (NASDAQ:CART) shares to $35 from $33 and maintained a ‘Market Outperform’ rating for the shares.