Did Jim Cramer Get These 10 Predictions Right or Wrong?

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6. Maplebear Inc. (NASDAQ:CART)

Number of Hedge Fund Holders: 60

Maplebear, Inc. (NASDAQ:CART), was the final gig economy stock Cramer reviewed that evening. The company had recently reported a strong quarter, but its stock dropped sharply, and Cramer expressed hesitation given competitive risks. He said:

“The plan worked because when Maplebear reported last Wednesday, the quarter looked awfully similar to the one everybody loved back in February. […] The company delivered another big surprise profit, making 43 cents of earnings per share when analysts were looking for a 2 cent loss. […] Management’s guidance for the current quarter was on the high end for gross transaction volume and was flat out better than expected for EBITDA — substantially so. […] But it eventually gave up those gains and then some, ending the day down 3.7% and then tumbling another 3.1% the following Friday. […] The real reason I hesitate to wholeheartedly recommend Instacart’s parent company is that I’m just not sure how the grocery delivery space is going to work out in the long run. […] They need to do that because three weeks ago Amazon announced a new low-cost grocery delivery subscription for Prime customers. […] I don’t think they’ll ever truly stop trying — and in the end, well, you don’t want to compete against Amazon. […] It’s still too early for me to get behind this one — especially with Amazon desperate to take over the online grocery delivery space, and I think they have the horses to do it. […] I’m kind of wary of Instacart.”

That wariness was unfounded, as the stock rose 27.51% over the next twelve months.

Maplebear, Inc. (NASDAQ:CART), the parent company of Instacart, operates a grocery technology platform that provides online ordering and delivery from supermarkets and retailers.

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