Instacart, Inc. (Maplebear Inc.) saw its stock surge 12.15% in pre-market trading. The significant upward movement follows the company's release of its latest financial results.

The food-delivery platform reported fourth-quarter earnings and revenue that surpassed Wall Street's targets. Instacart also issued current-quarter guidance for gross transaction value and core profit that exceeded analyst expectations, driven by strong demand for essentials on its online platform and growing advertising revenue. The company's gross transaction value increased 14% in the quarter, marking its fastest growth pace in three years.

Adding to the positive sentiment, analysts from Benchmark and Needham raised their price targets on the stock following the earnings report. The robust financial performance and optimistic outlook from management are the primary catalysts behind the pre-market rally.