Neo Ivy Capital Management Reduces Stock Position in Maplebear Inc. (NASDAQ:CART)

Neo Ivy Capital Management reduced its holdings in shares of Maplebear Inc. (NASDAQ:CART - Free Report) by 26.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 34,599 shares of the company's stock after selling 12,557 shares during the period. Neo Ivy Capital Management's holdings in Maplebear were worth $1,433,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Victory Capital Management Inc. grew its holdings in shares of Maplebear by 11,501.2% during the 4th quarter. Victory Capital Management Inc. now owns 4,526,673 shares of the company's stock valued at $187,495,000 after purchasing an additional 4,487,654 shares during the last quarter. Boston Partners bought a new position in shares of Maplebear during the fourth quarter valued at about $111,506,000. Altimeter Capital Management LP purchased a new position in shares of Maplebear in the fourth quarter worth about $105,108,000. Vanguard Group Inc. lifted its stake in shares of Maplebear by 16.8% in the 4th quarter. Vanguard Group Inc. now owns 15,968,358 shares of the company's stock valued at $661,409,000 after acquiring an additional 2,300,288 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Maplebear in the 4th quarter valued at about $95,162,000. 63.09% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have commented on CART. Mizuho decreased their price target on Maplebear from $55.00 to $52.00 and set an "outperform" rating on the stock in a research note on Wednesday, February 26th. Barclays lifted their target price on shares of Maplebear from $58.00 to $61.00 and gave the stock an "overweight" rating in a research note on Friday, May 2nd. Morgan Stanley increased their price target on shares of Maplebear from $44.00 to $45.00 and gave the company an "equal weight" rating in a research report on Wednesday, February 26th. JMP Securities reissued a "market outperform" rating and issued a $55.00 price target on shares of Maplebear in a report on Friday, April 11th. Finally, Macquarie reaffirmed an "outperform" rating and set a $55.00 price objective on shares of Maplebear in a research note on Tuesday, May 6th. Twelve equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $51.61.

Insiders Place Their Bets

In other Maplebear news, CEO Fidji Simo sold 8,133 shares of the company's stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $41.60, for a total value of $338,332.80. Following the completion of the transaction, the chief executive officer now directly owns 1,646,426 shares in the company, valued at $68,491,321.60. This represents a 0.49% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, General Counsel Morgan Fong sold 5,249 shares of the stock in a transaction that occurred on Monday, April 21st. The shares were sold at an average price of $42.57, for a total transaction of $223,449.93. Following the sale, the general counsel now directly owns 484,292 shares of the company's stock, valued at approximately $20,616,310.44. This trade represents a 1.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 15,415 shares of company stock worth $643,103. Company insiders own 26.00% of the company's stock.

Maplebear Price Performance

Maplebear stock traded down $0.03 during mid-day trading on Wednesday, reaching $47.02. The stock had a trading volume of 4,344,651 shares, compared to its average volume of 4,049,184. Maplebear Inc. has a one year low of $29.84 and a one year high of $53.44. The company has a 50-day moving average price of $42.24 and a two-hundred day moving average price of $43.57. The company has a market capitalization of $12.34 billion, a price-to-earnings ratio of 31.56, a PEG ratio of 1.19 and a beta of 1.19.

Maplebear (NASDAQ:CART - Get Free Report) last issued its earnings results on Thursday, May 1st. The company reported $0.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by ($0.01). The firm had revenue of $897.00 million during the quarter, compared to the consensus estimate of $896.86 million. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. The company's quarterly revenue was up 9.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.43 EPS. On average, equities research analysts anticipate that Maplebear Inc. will post 1.43 earnings per share for the current fiscal year.

About Maplebear

Maplebear Inc, doing business as Instacart, engages in the provision of online grocery shopping services to households in North America. It sells and delivers grocery products, as well as pickup services through a mobile application and website. It also operates virtual convenience stores; and provides software-as-a-service solutions to retailers.