Founded in 2012, Instacart (CART) (officially known as Maplebear) has risen to prominence in the retail industry in a short period of time. The company provides a food delivery and pick-up service that enables customers to order groceries and other household necessities online from their preferred local stores.
Instacart was the most talked-about IPO of 2023, but CART stock fell 30% last year, compared to the S&P 500 Index’s ($SPX) return of 25%. However, thanks to its robust fourth-quarter results, CART stock has skyrocketed 41% so far in 2024.
