Neo Ivy Capital Management Acquires 18,559 Shares of Maplebear Inc. (NASDAQ:CART)

Key Points

• Neo Ivy Capital Management increased its stake in Maplebear Inc. by 53.6%, acquiring an additional 18,559 shares, bringing its total holdings to approximately $2.12 million at the end of the quarter.
• Multiple institutional investors have raised their positions in Maplebear, with a total of 63.09% of the company's stock now owned by such entities.
• Maplebear's stock recently traded down by 2.9% to $48.41, with a consensus target price of $52.30, reflecting 11 hold ratings and 15 buy ratings from analysts.

Neo Ivy Capital Management lifted its position in shares of Maplebear Inc. (NASDAQ:CART - Free Report) by 53.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 53,158 shares of the company's stock after purchasing an additional 18,559 shares during the period. Neo Ivy Capital Management's holdings in Maplebear were worth $2,120,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the company. Principal Financial Group Inc. grew its stake in Maplebear by 4,154.7% in the 1st quarter. Principal Financial Group Inc. now owns 372,581 shares of the company's stock valued at $14,862,000 after buying an additional 363,824 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in Maplebear by 18.6% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,056 shares of the company's stock valued at $82,000 after buying an additional 322 shares during the last quarter. Cambridge Investment Research Advisors Inc. grew its stake in Maplebear by 7.6% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 6,166 shares of the company's stock valued at $246,000 after buying an additional 433 shares during the last quarter. Golden State Wealth Management LLC grew its stake in Maplebear by 100.0% in the 1st quarter. Golden State Wealth Management LLC now owns 1,066 shares of the company's stock valued at $43,000 after buying an additional 533 shares during the last quarter. Finally, New York State Teachers Retirement System grew its stake in Maplebear by 542.8% in the 1st quarter. New York State Teachers Retirement System now owns 101,720 shares of the company's stock valued at $4,058,000 after buying an additional 85,896 shares during the last quarter. 63.09% of the stock is currently owned by institutional investors and hedge funds.

Maplebear Stock Performance

Shares of Maplebear stock traded down $1.43 on Friday, reaching $48.41. 3,161,810 shares of the stock were exchanged, compared to its average volume of 2,966,885. The firm's 50 day moving average is $46.41 and its 200-day moving average is $44.51. Maplebear Inc. has a one year low of $29.84 and a one year high of $53.44. The firm has a market cap of $12.71 billion, a PE ratio of 31.85, a P/E/G ratio of 2.10 and a beta of 1.21.

Maplebear (NASDAQ:CART - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The company reported $0.37 earnings per share for the quarter, missing analysts' consensus estimates of $0.38 by ($0.01). The firm had revenue of $897.00 million for the quarter, compared to the consensus estimate of $896.86 million. Maplebear had a return on equity of 14.12% and a net margin of 12.45%. The business's revenue was up 9.4% on a year-over-year basis. During the same period last year, the company posted $0.43 EPS. On average, equities research analysts expect that Maplebear Inc. will post 1.43 EPS for the current fiscal year.

Insider Activity at Maplebear

In related news, insider Daniel Danker sold 10,037 shares of the firm's stock in a transaction on Friday, July 18th. The stock was sold at an average price of $48.82, for a total transaction of $490,006.34. Following the sale, the insider owned 470,190 shares of the company's stock, valued at $22,954,675.80. This trade represents a 2.09% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, General Counsel Morgan Fong sold 4,680 shares of the firm's stock in a transaction on Monday, July 21st. The shares were sold at an average price of $49.16, for a total value of $230,068.80. Following the sale, the general counsel directly owned 452,000 shares in the company, valued at approximately $22,220,320. This trade represents a 1.02% decrease in their position. The disclosure for this sale can be found here. Insiders sold 111,055 shares of company stock worth $5,467,860 in the last 90 days. 26.00% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. Robert W. Baird upped their price target on shares of Maplebear from $47.00 to $52.00 and gave the company an "outperform" rating in a research note on Thursday, July 17th. Needham & Company LLC reiterated a "buy" rating and issued a $56.00 price target on shares of Maplebear in a research note on Friday, May 2nd. FBN Securities started coverage on shares of Maplebear in a research report on Friday, March 28th. They set a "sector perform" rating and a $44.00 target price on the stock. Loop Capital increased their target price on shares of Maplebear from $52.00 to $58.00 and gave the stock a "buy" rating in a research report on Monday, May 19th. Finally, Barclays increased their target price on shares of Maplebear from $58.00 to $61.00 and gave the stock an "overweight" rating in a research report on Friday, May 2nd. Eleven equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, Maplebear presently has a consensus rating of "Moderate Buy" and a consensus target price of $52.30.

Maplebear Company Profile

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.