Maplebear, the parent company of US online grocery shopping leader Instacart, shows once again that buying into an IPO is rarely a good idea. It went public at $42 per share in September, 2023. Four months later, in January, 2024, the stock was down almost 50%. And even though it then climbed to a record high of $53.50 in the summer of 2025, it is now back to the IPO price of $42. Overall, IPO investors have suffered through a real roller-coaster ride with nothing to show for it, despite Instacart’s significant actual business growth.
Revenue is estimated to arrive at $3.7B, up 150% since 2020, and the company is on track for $1B in free cash flow in 2025. With more cash than debt on its balance sheet, Instacart investors also don’t have to worry about leverage. Assuming that online grocery shopping has a bright future, the current $11B market cap makes the stock look like a bargain. Elliott Wave analysis seems to support such a conclusion.
Similar Elliott Wave setups occur in the Forex, crypto and commodity markets, as well. Our Elliott Wave Video Course can teach you how to uncover them yourself!
CART stock rose from the ashes of its post-IPO sell-off in impulsive fashion. The recovery from $22.13 to $53.44 can be labeled as (1)-(2)-(3)-(4)-(5) in wave I/A, where the five sub-waves of (1) and (3) are also visible. Wave (4) is a triangle, marked a-b-c-d-e. Every impulse is followed by a correction and that’s exactly what happened to Maplebear stock.
Wave II/B took the shape of an (a)-(b)-(c) expanding flat correction, with simple zigzag in waves (a) and (b), and a five-wave decline in wave (c). The sharp bullish reversal from just above the 61.8% Fibonacci support level must be the beginning of wave III/C. If this count is correct, the stock can not only climb to a new record in the months ahead, but also double and triple in the longer term. It looks like business fundamentals and Elliott Wave analysis point to the same bullish conclusion when it comes to the stock of Instacart parent Maplebear.
In our Elliott Wave PRO subscriptions we provide analyses of Bitcoin, Gold, Crude Oil, EURUSD, USDCAD, USDJPY and the S&P 500 every Sunday and Wednesday! Check them out now!
