Instacart’s stock climbed to a new 52-week high on Thursday, rising 1.8% to $51.57 in midday trading, as investors reacted to a strategic partnership with Foot Locker, Kids Foot Locker, and Champs Sports. The deal, announced the prior evening, enables one-hour delivery with no price markups across more than 1,000 retail locations nationwide, aligning with the back-to-school shopping season.
The grocery delivery platform also reported second-quarter financial results that reinforced investor confidence. Gross transaction value and total revenue both grew 14%, while adjusted EBITDA jumped 19%. Analysts cited the surge in free cash flow as a key driver behind upward revisions to price targets.
Instacart’s latest retail expansion follows similar agreements with Academy Sports and Tractor Supply, signaling a broadening of its delivery services beyond traditional grocery chains. The company’s stock ticker, CART, advanced 1.72% on the day.
The broader market declined, with the S&P 500 down 0.51% at 7,669.04, the Dow Jones down 0.93% at 52,967.68, and the Nasdaq down 0.90% at 26,094.33. The divergence underscored Instacart’s outperformance amid mixed equity sentiment.
