AMI Asset Management Corp Acquires Shares of 11,568 Ibotta, Inc. (NYSE:IBTA)

AMI Asset Management Corp purchased a new stake in Ibotta, Inc. (NYSE:IBTA - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 11,568 shares of the company's stock, valued at approximately $488,000.

Separately, Rhumbline Advisers boosted its holdings in Ibotta by 6.6% in the 1st quarter. Rhumbline Advisers now owns 20,221 shares of the company's stock valued at $853,000 after purchasing an additional 1,252 shares during the period.

Ibotta Stock Performance

Shares of NYSE:IBTA traded down $1.70 during midday trading on Friday, reaching $36.83. 675,080 shares of the company's stock were exchanged, compared to its average volume of 329,050. The company's 50 day simple moving average is $47.21 and its two-hundred day simple moving average is $57.29. The firm has a market capitalization of $932.17 million, a PE ratio of 24.89, a price-to-earnings-growth ratio of 3.08 and a beta of -0.85. Ibotta, Inc. has a 12 month low of $31.40 and a 12 month high of $79.80.

Ibotta (NYSE:IBTA - Get Free Report) last announced its quarterly earnings results on Wednesday, May 14th. The company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.01. Ibotta had a net margin of 16.24% and a return on equity of 15.04%. The firm had revenue of $84.57 million during the quarter, compared to the consensus estimate of $81.70 million. During the same period last year, the firm posted $0.33 EPS. The firm's quarterly revenue was up 2.8% on a year-over-year basis.

Ibotta announced that its board has authorized a stock repurchase plan on Wednesday, March 12th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the company to reacquire up to 5.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's management believes its stock is undervalued.

Analyst Upgrades and Downgrades

IBTA has been the subject of a number of research reports. The Goldman Sachs Group increased their price target on shares of Ibotta from $50.00 to $65.00 and gave the company a "buy" rating in a report on Friday, May 16th. JMP Securities reissued a "market outperform" rating and issued a $58.00 price target on shares of Ibotta in a report on Thursday, May 15th. Evercore ISI reaffirmed an "outperform" rating on shares of Ibotta in a report on Thursday, May 15th. Wells Fargo & Company raised their price objective on shares of Ibotta from $52.00 to $60.00 and gave the stock an "overweight" rating in a report on Thursday, May 15th. Finally, Needham & Company LLC raised their price objective on shares of Ibotta from $60.00 to $70.00 and gave the stock a "buy" rating in a report on Thursday, May 15th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $61.60.

Insider Activity at Ibotta

In related news, insider Marisa Daspit sold 1,243 shares of Ibotta stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $49.44, for a total transaction of $61,453.92. Following the completion of the transaction, the insider now directly owns 56,282 shares of the company's stock, valued at $2,782,582.08. This trade represents a 2.16% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Jermoluk Founders Fund I. Clark sold 5,000 shares of the firm's stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $50.15, for a total transaction of $250,750.00. Following the completion of the sale, the insider now owns 563,181 shares of the company's stock, valued at $28,243,527.15. The trade was a 0.88% decrease in their position. The disclosure for this sale can be found here. Insiders sold 189,844 shares of company stock valued at $8,560,799 in the last ninety days. Insiders own 16.08% of the company's stock.

About Ibotta

Ibotta's mission is to Make Every Purchase Rewarding. Our technology allows CPG brands to deliver digital promotions to over 200 million consumers through a single, convenient network called the Ibotta Performance Network (IPN). We are pioneers in success-based marketing: we only get paid when our client's promotion results in a sale, not when a consumer merely views or clicks on the promotion.