Hedge Fund Incline Global Sold Its Entire Stake in Instacart Parent Maplebear Worth $15.5 Million. Is the Stock a Buy or Sell?
Key Points
Incline Global Management LLC sold 422,576 shares of Maplebear; estimated transaction value was $15.53 million based on quarterly average pricing.
This change represented 5.31% of the fund’s 13F reportable assets under management (AUM).
After the trade, Incline Global Management LLC held zero shares of Maplebear.
The position previously accounted for 4.6% of fund AUM as of the prior quarter.
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What happened
Incline Global Management LLC fully exited its position in Maplebear (NASDAQ:CART), selling 422,576 shares during the fourth quarter of 2025, according to an SEC filing dated February 17, 2026.
The estimated value of the trade was $15.53 million, calculated using the quarterly average share price. As a result, the fund’s quarter-end holding in Maplebear was reduced to zero, with a corresponding $15.53 million decline in position value.
What else to know
The fund sold out of Maplebear; the position represented 4.6% of 13F AUM in the third quarter.
Top holdings after the filing:
- NYSE:ASGN: $15.69 million (5.4% of AUM)
- NYSE:VRT: $15.55 million (5.3% of AUM)
- NYSE:NCLH: $15.15 million (5.2% of AUM)
- NYSE:GVA: $14.92 million (5.1% of AUM)
- NYSE:PRIM: $14.54 million (5.0% of AUM)
As of February 17, 2026, shares of Maplebear were priced at $36.72, down 27.1% over the past year, underperforming the S&P 500 by 39.9 percentage points.
Company overview
| Metric | Value |
|---|---|
| Price (as of market close February 17, 2026) | $36.72 |
| Market capitalization | $9.17 billion |
| Revenue (TTM) | $3.74 billion |
| Net income (TTM) | $438.00 million |
Company snapshot
- Maplebear, through its Instacart brand, provides online grocery shopping and delivery services, connecting consumers with personal shoppers for food, alcohol, consumer health, pet care, and ready-made meals.
- It operates a technology-driven platform that enables same-day delivery for a broad range of consumer products in North America.
- The company serves households and individual consumers seeking convenient, on-demand access to groceries and everyday essentials.
Maplebear leverages a network of personal shoppers and partnerships with retailers to help consumers shop for and receive grocery products conveniently. Its focus on digital advertising and multiple revenue streams supports its position in the online grocery sector.
What this transaction means for investors
Hedge fund Incline Global Management exiting its position in Instacart parent Maplebear during the fourth quarter is noteworthy. The move suggests Incline Global has a bearish outlook towards the company.
Incline Global’s sale came before Instacart stock experienced a drop in 2026. Shares eventually hit a 52-week low of $32.73 in February.
Even so, Instacart wrapped up 2025 with a number of positives. Its full-year revenue of $3.7 billion was an 11% year-over-year increase. The growth was thanks to a 15% year-over-year rise in orders to nearly 340 million.
But shares are down as Instacart estimated first quarter adjusted EBITDA of $280 million to $290 million compared to $244 million in the prior year. This forecast represented lower year-over-year growth compared to the 23% increase seen in Q1 of 2025, raising concerns on Wall Street that growth is slowing.
With Instacart’s share price hovering not far from its 52-week low, this presents an opportunity to buy shares if you believe the company can continue to grow sales. But if you’re a shareholder, now is not the time to sell.
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Robert Izquierdo has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Vertiv. The Motley Fool recommends Instacart. The Motley Fool has a disclosure policy.
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