Buy Instacart Stock, Says Analyst

The stock is more than 32% higher in 2024

Jake Scott

Deputy Editor

Jun 5, 2024 at 10:03 AM

CART

Shares of Instacart (NASDAQ:CART) are 2.6% higher at $30.91 at last glance, following a bull note from Gordon Haskett. The analyst upgraded CART to "buy" from "hold," citing the security's overdone selloff and upbeat early data for the second quarter.

Coming into today, the brokerage bunch was split on Instacart stock. Of the 21 covering brokerages, 13 rated CART a "strong buy," while eight recommended a tepid "hold." This leaves the security open to even more bull notes.

A recent floor at the $30 level helped keep Instacart stock's recent pullback in check. The equity still has a lot of ground to make up in order to reach its initial public offering (IPO) debut that saw it touch an intraday high of $42.95, but CART still boasts in impressive 32.1% year-to-date lead.

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