ARK Investment Management LLC Has $29.72 Million Stake in Ibotta, Inc. (NYSE:IBTA)

Key Points

• ARK Investment Management LLC significantly increased its stake in Ibotta, Inc. by 299.8%, now holding $29.72 million worth of shares.
• Ibotta's board has initiated a stock repurchase program allowing the company to buy back up to $100 million in shares, reflecting confidence in the company's valuation.
• Brokerages have raised their target prices for Ibotta stock, with Needham & Company projecting a rise to $70.00 and Goldman Sachs adjusting their target to $65.00.

ARK Investment Management LLC raised its holdings in Ibotta, Inc. (NYSE:IBTA - Free Report) by 299.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 704,308 shares of the company's stock after buying an additional 528,147 shares during the quarter. ARK Investment Management LLC owned 2.27% of Ibotta worth $29,722,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of IBTA. GAMMA Investing LLC raised its stake in Ibotta by 2,859.7% during the first quarter. GAMMA Investing LLC now owns 1,983 shares of the company's stock worth $840,000 after acquiring an additional 1,916 shares in the last quarter. New York State Common Retirement Fund raised its position 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 purchasing an additional 1,800 shares during the last quarter. AMI Asset Management Corp acquired a new position in Ibotta during the 1st quarter worth $488,000. Rhumbline Advisers lifted its position in Ibotta by 6.6% during 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. Finally, Victory Capital Management Inc. acquired a new stake in Ibotta during the 1st quarter worth $1,465,000.

Ibotta Price Performance

Ibotta stock traded down $1.89 during mid-day trading on Monday, hitting $38.17. 217,099 shares of the company's stock traded hands, compared to its average volume of 336,323. The stock has a market cap of $966.08 million, a price-to-earnings ratio of 27.07, a P/E/G ratio of 3.34 and a beta of -1.29. The firm has a 50 day simple moving average of $42.40 and a two-hundred day simple moving average of $52.47. Ibotta, Inc. has a fifty-two week low of $31.40 and a fifty-two week high of $79.80.

Ibotta (NYSE:IBTA - Get Free Report) last posted 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 company 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 firm's revenue for the quarter was up 2.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.33 earnings per share.

Ibotta announced that its board has authorized a stock buyback program on Monday, June 9th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to buy up to 8.5% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's leadership believes its stock is undervalued.

Insider Transactions at Ibotta

In other Ibotta news, major shareholder Jermoluk Founders Fund I. Clark sold 423,878 shares of the business's stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $35.02, for a total value of $14,844,207.56. Following the completion of the sale, the insider owned 11,363 shares of the company's stock, valued at $397,932.26. The trade was a 97.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CMO Richard I. Donahue sold 85,289 shares of the business's stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $43.09, for a total value of $3,675,103.01. Following the completion of the sale, the chief marketing officer owned 199,773 shares of the company's stock, valued at approximately $8,608,218.57. This trade represents a 29.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 2,192,224 shares of company stock valued at $78,652,577. 16.08% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

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

Ibotta Company 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.