10 Best NASDAQ Stocks Under $50 to Buy

7. Maplebear Inc. (NASDAQ:CART)

Number of Hedge Fund Holders In Q2 2024: 56

Share Price: $34.96

Maplebear Inc. (NASDAQ:CART) is a specialty eCommece company that focuses on delivering groceries. This somewhat insulates it against the discretionary spending nature of the broader eCommerce industry. It also allows Maplebear Inc. (NASDAQ:CART) to gain a foothold in a lucrative market that traditional giants such as Walmart are eager to gain a foothold in. Subsequently, as it is competing with giants of the corporate world, the key tenets of Maplebear Inc. (NASDAQ:CART)’s hypothesis are its ability to add retailers into its network, margins, and delivery times. It benefits from a strong market position, with data showing that as of 2023, Maplebear Inc. (NASDAQ:CART) had 14 million active users and held a 73% share of the US digital grocery market. To maintain its competitive lead, the firm has to innovate, and one such feature is Caper Carts through which it has partnered with Aldi to allow consumers to skip the checkout line.

Here’s what Maplebear Inc. (NASDAQ:CART)’s management shared during the Q2 2024 earnings call on how its expanding its retailer network:

“The beauty of all of our In-Store technologies is that they connect directly with Storefronts and with each other, so it’s really a seamless experience for customers to buy from retailers online and In-Store. For example, customers can reorder online what they bought with their Caper Carts in one tap, or bring their online shopping list to the screen of Caper Carts to avoid forgetting ingredients in the store.

This is increasingly important to retailers who are moving away from complex and fragmented point solutions and towards technology partners that can offer a simple and seamless customer experience across all of their channels. Scaling our marketplace and enterprise offerings both online and In-Store is also critical to our strategy because it’s laying the foundation for a massive one-stop-shop, omni-channel retail media network. While it may seem like new retail media networks are popping up left and right, right now, we know that brands have limited time and resources, and they will ultimately want to work with platforms that have scales across all channels. And this is exactly where Instacart ads will shine because of our leading scale, performance, measurement, data, and product capabilities.”