10 Best New Stocks to Buy According to Billionaires

8. Maplebear Inc. (NASDAQ:CART)

Market Capitalization: $10.936 billion

Number of Hedge Fund Holders: 60

Number of Billionaires: 10

Total Value of Billionaire Holdings: $1,399,964,769

Maplebear Inc. (NASDAQ:CART) is a grocery technology company that operates a platform that connects consumers with grocery stores and retailers. It also provides delivery and pickup services enabling customers to order from a network of 100,000 stores in the United States and Canada. The company operates through several businesses including the Online Grocery Marketplace, Retailer Partnerships, Advertising Solutions, Instacart Health, and additional services.

On April 11, Andrew Boone from JMP Securities reiterated a Buy rating on the stock with a price target of $55. The company has been using AI to enhance its platform. On March 20, Maplebear Inc. (NASDAQ:CART) announced the launch of a new suite of AI-powered automation tools called Universal Campaigns. The tool helps advertisers create and manage high-performing campaigns on its platform. Earlier on March 18, the company announced the launch of AI-powered smart shop technology which allows customers to personalize the app and helps make informed choices.

Moreover, during the fiscal fourth quarter of 2024, Maplebear Inc. (NASDAQ:CART) grew its order and GTV by 11% and 10%, respectively. The revenue of the company grew 11% year-over-year to reach $3.3 billion. Notably, management noted investing in new growth areas such as restaurant delivery and Caper Carts, which is expected to expand its market position. It is one of the best new stocks to buy according to billionaires.