Here’s Why Maplebear Inc. (CART) Skyrocketed Today

We recently compiled a list of the 10 Firms, Predominantly Gold Miners, Lead Wednesday Rally. In this article, we are going to take a look at where Maplebear Inc. (NASDAQ:CART) stands against the other stocks.

Ten companies–predominantly gold miners–led Wednesday’s rally on Wall Street, despite the latter’s main indices closing mixed.

The Dow Jones eked out a 0.25 percent gain, while the S&P’s main index inched up 0.16 percent. Nasdaq bucked counterparts, dipping by 0.06 percent.

We considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume to come up with Wednesday’s top advancers.

A grocery store employee stocking shelves with fresh fruits and vegetables.

Maplebear Inc. (NASDAQ:CART)

Maplebear Inc. (NASDAQ:CART), which operates grocery technology Instacart, registered a 4.45-percent increase in its share price on Wednesday to end at $44.82 apiece following news that it was joining the S&P MidCap 400 index.

Maplebear is set to replace Enovis Corp. which will then move to the S&P SmallCap 600.

The adjustments in the index will take effect on Tuesday, January 14.

In other news, Instacart also partnered with Ulta Beauty (ULTA) to offer same-day delivery from more than 1,400 Ulta locations across the United States. To celebrate the partnership’s launching, Ulta Beauty (ULTA) customers would be able to receive $10 off a minimum of $50 order until January 26.

Overall CART ranks 9th on our list of the firms that led Wednesday rally. While we acknowledge the potential of CART as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than CART but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.