10 Best Internet Retail Stocks to Buy Now

8. Maplebear Inc. (NASDAQ:CART)

Number of Hedge Fund Holders: 56

Maplebear Inc. (NASDAQ:CART) operates as a grocery technology company that connects consumers with local grocery stores through an online platform. It facilitates online grocery shopping by allowing customers to order groceries from various retailers via its app or website. Their services include same-day deliveries and curbside pickup.

It generates revenue from multiple streams including delivery fees, service fees, commission from retailers, advertising revenue, and subscription revenue from Instacart Express, providing benefits like unlimited free deliveries on orders over a certain amount for an annual or monthly fee.

Maplebear Inc. (NASDAQ:CART) is one of the best internet retail stocks to buy now. It was held by 56 hedge funds in Q2 2024, as per Insider Monkey’s database. The company delivered robust financial performance during the second quarter of fiscal 2024. It reached a Gross Total Volume (GTV) of $8.2 billion, up 10% year-over-year and above the high end of the company’s guidance. The increase in GTV was attributed to a strong order volume, up 7% year-over-year, and a high average order value of $116, which was also up 3% year-over-year.

The robust order volume and gross total volumes led the total revenue of the company for the quarter to $823 million indicating a 15% growth year-over-year. Management believes the strategic edge of the company comes from its ability to reach a huge audience. In its second-quarter shareholder letter, management revealed that approximately 25 million people used its services over the past year. For the third quarter of fiscal 2024, the management of Maplebear Inc. (NASDAQ:CART) expects GTV of $8.1 billion to $8.25 billion.