Cantor Fitzgerald’s Top Internet Stocks: Best Stocks To Buy According To $13.2 Billion Firm

5. Maplebear Inc. (NASDAQ:CART)

Number of Hedge Fund Holders In Q2 2024: 56

Share Price Target Upside: 24%

Cantor’s Rating: Overweight

Cantor’s Share Price Target: $45

Maplebear Inc. (NASDAQ:CART) is a specialty delivery company that enables people to order groceries online. The firm had 14 million active users in 2023, and as of 2023 start, it commanded a whopping 73% of the US digital grocery sales. Its market share allows Maplebear Inc. (NASDAQ:CART) to establish a foothold in a market that big ticket names such as Walmart and Kroger are also eager to target. The grocery delivery business also protects the firm against the typical cyclical downtrends that other consumer facing eCommerce companies face during an economic downturn. A key aspect of Maplebear Inc. (NASDAQ:CART)’s business model is its ability to add retailers to its platform. This is important since it enables the company to expand its delivery network to improve customer satisfaction. Cantor believes that Maplebear Inc. (NASDAQ:CART) is experiencing double digit gross transaction volume (GTV) growth.

During its Q2 2024 earnings call, Maplebear Inc. (NASDAQ:CART)’s shared some details for how it’s 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.”