Meeder Asset Management Inc. Invests $388,000 in Ibotta, Inc. (NYSE:IBTA)

Meeder Asset Management Inc. acquired a new stake in shares of Ibotta, Inc. (NYSE:IBTA - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 9,189 shares of the company's stock, valued at approximately $388,000.

Other large investors have also made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Ibotta in the 1st quarter worth about $25,000. New York State Common Retirement Fund boosted its stake in Ibotta by 58.1% in the 1st quarter. New York State Common Retirement Fund now owns 4,900 shares of the company's stock worth $207,000 after buying an additional 1,800 shares during the last quarter. AMI Asset Management Corp acquired a new stake in Ibotta in the 1st quarter worth about $488,000. GAMMA Investing LLC boosted its stake in Ibotta by 2,859.7% in the 1st quarter. GAMMA Investing LLC now owns 1,983 shares of the company's stock worth $840,000 after buying an additional 1,916 shares during the last quarter. Finally, Rhumbline Advisers boosted its stake in Ibotta by 6.6% in the 1st quarter. Rhumbline Advisers now owns 20,221 shares of the company's stock worth $853,000 after buying an additional 1,252 shares during the last quarter.

Insider Activity

In related news, CMO Richard I. Donahue sold 85,289 shares of the firm's stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $43.09, for a total transaction of $3,675,103.01. Following the sale, the chief marketing officer directly owned 199,773 shares in the company, valued at approximately $8,608,218.57. This trade represents a 29.92% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, 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 sale, the insider owned 3,841,308 shares in the company, valued at approximately $134,445,780. The trade was a 29.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,192,224 shares of company stock worth $78,652,577. Company insiders own 16.08% of the company's stock.

Ibotta Trading Down 4.5%

Shares of Ibotta stock traded down $1.64 during trading hours on Friday, reaching $34.71. The stock had a trading volume of 449,502 shares, compared to its average volume of 306,230. The firm has a 50 day simple moving average of $40.71 and a two-hundred day simple moving average of $51.33. The firm has a market capitalization of $878.51 million, a price-to-earnings ratio of 23.45, a P/E/G ratio of 3.03 and a beta of -1.28. Ibotta, Inc. has a 1 year low of $31.40 and a 1 year high of $79.80.

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

Ibotta announced that its Board of Directors has authorized a share repurchase plan on Monday, June 9th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to reacquire up to 8.5% of its stock through open market purchases. Stock buyback plans are often an indication that the company's leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on IBTA. Needham & Company LLC raised their price target on Ibotta from $60.00 to $70.00 and gave the stock a "buy" rating in a research note on Thursday, May 15th. UBS Group raised their price target on Ibotta from $42.00 to $55.00 and gave the stock a "neutral" rating in a research note on Thursday, May 15th. JMP Securities restated a "market outperform" rating and issued a $58.00 price objective on shares of Ibotta in a report on Thursday, May 15th. The Goldman Sachs Group raised their price objective on Ibotta from $50.00 to $65.00 and gave the stock a "buy" rating in a report on Friday, May 16th. Finally, Evercore ISI restated an "outperform" rating on shares of Ibotta in a report on Thursday, May 15th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Ibotta presently has a consensus rating of "Moderate Buy" and an average target price of $61.60.

Ibotta Profile

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.