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TORONTO/SAN FRANCISCO - Instacart (NASDAQ:CART) has launched a partnership with The Home Depot Canada (NYSE:HD) to offer same-day delivery from over 175 stores across Canada, the companies announced Tuesday. Instacart, currently trading at $41.39, has shown strong momentum with a 1.42% return over the past week despite broader market volatility, according to InvestingPro data.
The service allows customers to receive home improvement products in as fast as one hour, with in-store pricing maintained on the Instacart platform. The Home Depot Canada becomes the first nationwide home improvement retailer available on Instacart in Canada.
The partnership includes Instacart’s Big & Bulky fulfillment solution, enabling delivery for items weighing up to 60 pounds, such as tool sets, home furnishing supplies, and storage products.
"Expanding our digital and delivery capabilities is essential to providing Canadians a seamless and convenient shopping experience," said Doug Graham, Vice President of E-commerce and Marketing at The Home Depot Canada, according to the press release.
The service launches ahead of the holiday season, targeting customers preparing their homes for gatherings, seasonal decorating, and year-end projects. Instacart is offering a limited-time promotion of $20 off Home Depot Canada purchases of $80 or more through December 8. The company’s impressive 74.46% gross profit margin and strong liquidity position, with a current ratio of 3.64, suggest it has the financial flexibility to support such promotional strategies while maintaining profitability.
With this addition, Instacart now partners with over 100 retail banners in Canada, expanding its offerings beyond groceries into the home improvement category. The company’s platform facilitates online shopping from nearly 100,000 stores across North America, working with approximately 1,800 retail partners. This expansion aligns with Instacart’s 10.16% revenue growth over the last twelve months, with analysts expecting continued growth this year according to InvestingPro data.
The Home Depot operates 2,356 retail stores globally, including locations across 10 Canadian provinces. The partnership represents an expansion of delivery options beyond the retailer’s existing e-commerce platform. With Instacart currently valued at $11.23 billion market cap and showing solid financial health metrics, InvestingPro analysis indicates the company is slightly undervalued based on its Fair Value assessment. InvestingPro offers additional insights through comprehensive Pro Research Reports available for Instacart and over 1,400 US equities, transforming complex financial data into actionable intelligence for investors.
In other recent news, Instacart’s third-quarter results have drawn mixed reactions from analysts. The company reported a gross transaction value and EBITDA that surpassed prior estimates by 1% and 4%, respectively. However, concerns about advertising growth have led Benchmark to lower its price target from $67 to $60, maintaining a Buy rating. Meanwhile, Bernstein raised its price target to $48, citing enterprise growth and describing the results as supportive of the company’s potential. Cantor Fitzgerald also adjusted its price target to $45, maintaining an Overweight rating. Needham, on the other hand, reduced its price target to $50 due to competitive concerns and slightly lower 2026 estimates. Additionally, Instacart faces potential competition from Amazon, which is testing ultrafast delivery services. Despite this, Citizens has maintained its Market Outperform rating and a $60 price target for Instacart.
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