, trading under Maplebear Inc. (NASDAQ:CART), has announced a new $500 million share repurchase program. This is the company’s third round of buybacks since its initial public offering in September. The move is intended to boost confidence in the company’s growth potential. The board approved the buyback plan on June 2, according to a regulatory filing released on Thursday. Instacart had previously completed $1 billion in repurchases, totaling about 34 million shares or over 10% of its outstanding shares.

“Our performance remains strong, and we’re committed to maintaining our position as the leading online grocery marketplace,” said Chief Financial Officer Emily Reuter. She noted that the company had approximately $1.7 billion in cash and equivalents at the end of the first quarter, enabling continued investment in growth alongside share repurchases.

Following the announcement, Instacart shares rose as much as 6.4% in New York trading on Thursday. The stock, which had been trading below its IPO price of $30 for months, saw a resurgence due to several stock rating upgrades and a broader market rally. It closed at $30.95 on Wednesday, reflecting a 32% increase this year.

Analysts have become more optimistic about Instacart’s prospects, with some raising their price targets after the company reported steady results in the latest quarter. The stock currently has 14 buy ratings, 11 hold ratings, and one sell rating.

JPMorgan Chase & Co. analysts, led by Doug Anmuth, commented in a March note that Instacart’s buyback program helps “reduce volatility” and “adds stability” to the stock now that the IPO lock-up period has ended. They further highlighted Instacart’s technology, retailer partnerships, and experience as significant competitive advantages in the complex field of large-basket online grocery orders.