11 Best Gig Economy Stocks to Buy According to Hedge Funds

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5. Maplebear Inc. (NASDAQ:CART)

No. of Hedge Fund Holders: 55

Maplebear Inc. (NASDAQ:CART), known as Instacart, offers gig workers with delivery work opportunities for its online grocery shopping services. The company’s operations span over 1,500 national, regional, and local retail banners and supports online shopping, delivery, and pickup services from more than 85,000 stores across North America.

On January 13, Morgan Stanley analyst Brian Nowak upgraded the price target on CART shares from $41 to $44 and kept an Equal Weight rating on the stock. Analysts are bullish on Maplebear Inc. (NASDAQ:CART) following strong Q3 2024 results, as the company surpassed the high end of guidance on both GTV and adjusted EBITDA. The company achieved a 39% year-over-year increase in adjusted EBITDA, showing strong profitability and operational efficiency.

Maplebear Inc. (NASDAQ:CART) is making advancements with notable investments in technology, including AI and deep retailer integrations. In addition to that, the company is also expanding its ads business, experiencing strong growth from emerging brands and creating new ad formats to attract demand.

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