Instacart jumps after gross transaction value forecast above estimates

Shares of Instacart CART.O up about 14% at $56.30 premarket

The company, also known as Maplebear, forecasts Q3 gross transaction value above estimates, helped by resilient demand amid efforts to offer low-cost groceries

The grocery delivery platform expects current-quarter gross transaction value in the range of $9 bln and $9.15 bln, above estimates of $8.99 billion, according to data compiled by LSEG

Posts Q2 profit per share of 41 cents, above estimates of 38 cents

At least seven brokerages raise price target on stock

Brokerage J.P.Morgan hikes PT to $65 from $50, says CART remains the market leader in third-party grocery and continues to attract new customers

Slightly more confident about continued strong GTV growth, as Q2 results eased concerns of a slowdown following Uber Eats partnership, Jefferies analysts say

CART entered into a partnership with Uber Eats in May last year, to add restaurants to its platform

17 of 31 brokerages rate the stock "buy" or higher, 14 "hold"; their median PT is $56.50

Up to last close, stock up about 19% YTD