Ibotta, Inc. (NYSE:IBTA) Shares Bought by Nikko Asset Management Americas Inc.

Key Points

• Nikko Asset Management Americas Inc. increased its stake in Ibotta, Inc. by 68.8% during the first quarter, owning over 1 million shares valued at approximately $44.5 million.
• Wall Street analysts have set a consensus price target of $61.60 for Ibotta, with ratings ranging from "hold" to "buy" from various research firms.
• Ibotta's board approved a stock buyback plan allowing the company to repurchase up to $100 million in shares, indicating management's belief that the stock is undervalued.

Nikko Asset Management Americas Inc. increased its stake in Ibotta, Inc. (NYSE:IBTA - Free Report) by 68.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,053,518 shares of the company's stock after acquiring an additional 429,516 shares during the period. Nikko Asset Management Americas Inc. owned approximately 3.40% of Ibotta worth $44,458,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. Sumitomo Mitsui Trust Group Inc. raised its stake in shares of Ibotta by 67.2% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,043,758 shares of the company's stock valued at $44,047,000 after acquiring an additional 419,516 shares in the last quarter. Pacer Advisors Inc. purchased a new stake in Ibotta during the 1st quarter worth about $3,539,000. Wilkins Investment Counsel Inc. lifted its holdings in Ibotta by 1,608.5% during the 1st quarter. Wilkins Investment Counsel Inc. now owns 63,727 shares of the company's stock worth $2,689,000 after buying an additional 59,997 shares during the last quarter. Victory Capital Management Inc. purchased a new stake in Ibotta during the 1st quarter worth about $1,465,000. Finally, Rhumbline Advisers lifted its holdings in Ibotta by 6.6% during 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.

Ibotta Trading Down 4.7%

Shares of NYSE:IBTA traded down $1.89 during trading on Monday, hitting $38.17. 217,099 shares of the stock were exchanged, compared to its average volume of 336,323. The company has a fifty day moving average price of $42.40 and a two-hundred day moving average price of $52.47. The company has a market cap of $966.08 million, a PE ratio of 27.07, a P/E/G ratio of 3.34 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 results on Wednesday, May 14th. The company reported $0.02 EPS for the quarter, topping the consensus estimate of $0.01 by $0.01. The business had revenue of $84.57 million for the quarter, compared to analyst estimates of $81.70 million. Ibotta had a return on equity of 15.04% and a net margin of 16.24%. The company's quarterly revenue was up 2.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.33 EPS.

Ibotta declared that its Board of Directors has initiated a stock buyback program on Monday, June 9th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to purchase up to 8.5% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's board of directors believes its stock is undervalued.

Insider Activity at Ibotta

In related news, CMO Richard I. Donahue sold 85,289 shares of Ibotta stock in a transaction that occurred on 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 completion of the transaction, the chief marketing officer directly owned 199,773 shares in the company, valued at $8,608,218.57. The trade was a 29.92% 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 1,578,502 shares of Ibotta stock in a transaction that occurred on Thursday, June 26th. The stock was sold at an average price of $35.00, for a total value of $55,247,570.00. Following the transaction, the insider owned 3,841,308 shares of the company's stock, valued at $134,445,780. This represents a 29.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,192,224 shares of company stock worth $78,652,577 in the last three months. Corporate insiders own 16.08% of the company's stock.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Wells Fargo & Company lifted their price target on Ibotta from $52.00 to $60.00 and gave the stock an "overweight" rating in a report on Thursday, May 15th. Needham & Company LLC lifted their target price on Ibotta from $60.00 to $70.00 and gave the stock a "buy" rating in a research report on Thursday, May 15th. JMP Securities reiterated a "market outperform" rating and set a $58.00 target price on shares of Ibotta in a research report on Thursday, May 15th. The Goldman Sachs Group lifted their target price on Ibotta from $50.00 to $65.00 and gave the stock a "buy" rating in a research report on Friday, May 16th. Finally, UBS Group lifted their target price on Ibotta from $42.00 to $55.00 and gave the stock a "neutral" rating in a research report on Thursday, May 15th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target 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.