Victory Capital Management Inc. Buys New Stake in Ibotta, Inc. (NYSE:IBTA)

Victory Capital Management Inc. bought a new stake in Ibotta, Inc. (NYSE:IBTA - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 34,718 shares of the company's stock, valued at approximately $1,465,000. Victory Capital Management Inc. owned about 0.11% of Ibotta as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. New York State Common Retirement Fund increased its holdings in Ibotta by 58.1% during the 1st quarter. New York State Common Retirement Fund now owns 4,900 shares of the company's stock worth $207,000 after acquiring an additional 1,800 shares during the period. AMI Asset Management Corp purchased a new stake in shares of Ibotta in the 1st quarter valued at $488,000. GAMMA Investing LLC boosted its stake in shares of Ibotta by 2,859.7% in the 1st quarter. GAMMA Investing LLC now owns 1,983 shares of the company's stock valued at $840,000 after purchasing an additional 1,916 shares in the last quarter. Rhumbline Advisers boosted its stake in shares of 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 in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. boosted its position in Ibotta by 67.2% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,043,758 shares of the company's stock valued at $44,047,000 after buying an additional 419,516 shares during the period.

Analyst Ratings Changes

Several equities research analysts have weighed in on IBTA shares. JMP Securities reissued a "market outperform" rating and set a $58.00 price target on shares of Ibotta in a research report on Thursday, May 15th. Wells Fargo & Company increased their price target on shares of Ibotta from $52.00 to $60.00 and gave the stock an "overweight" rating in a research note on Thursday, May 15th. Needham & Company LLC lifted their target price on shares of Ibotta from $60.00 to $70.00 and gave the stock a "buy" rating in a report on Thursday, May 15th. UBS Group boosted their price objective on shares of Ibotta from $42.00 to $55.00 and gave the company a "neutral" rating in a report on Thursday, May 15th. Finally, The Goldman Sachs Group boosted their price objective on shares of Ibotta from $50.00 to $65.00 and gave the company a "buy" rating in a report on Friday, May 16th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Ibotta has an average rating of "Moderate Buy" and an average target price of $61.60.

Ibotta Stock Performance

Shares of NYSE IBTA traded down $1.64 during midday trading on Friday, reaching $34.71. The stock had a trading volume of 449,502 shares, compared to its average volume of 408,901. The stock has a 50-day moving average of $41.37 and a 200-day moving average of $51.80. The company has a market capitalization of $878.51 million, a price-to-earnings ratio of 23.45, a price-to-earnings-growth ratio of 3.08 and a beta of -1.29. 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 data on Wednesday, May 14th. The company reported $0.02 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.01 by $0.01. The firm had revenue of $84.57 million during the quarter, compared to analysts' expectations of $81.70 million. Ibotta had a net margin of 16.24% and a return on equity of 15.04%. The company's revenue for the quarter was up 2.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.33 earnings per share.

Ibotta announced that its board has approved a share repurchase program on Monday, June 9th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 8.5% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's leadership believes its shares are undervalued.

Insider Buying and Selling at Ibotta

In other news, major shareholder Jermoluk Founders Fund I. Clark sold 1,578,502 shares of the firm's stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $35.00, for a total value of $55,247,570.00. Following the completion of the sale, the insider owned 3,841,308 shares in the company, valued at approximately $134,445,780. This trade represents a 29.12% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CMO Richard I. Donahue sold 85,289 shares of Ibotta stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $43.09, for a total transaction of $3,675,103.01. Following the sale, the chief marketing officer owned 199,773 shares of the company's stock, valued at $8,608,218.57. The trade was a 29.92% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,192,224 shares of company stock valued at $78,652,577 in the last quarter. 16.08% of the stock is owned by company insiders.

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.