Nikko Asset Management Americas Inc. Increases Stock Position in Ibotta, Inc. (NYSE:IBTA)

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. boosted its position in shares of Ibotta, Inc. (NYSE:IBTA - Free Report) by 68.8% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,053,518 shares of the company's stock after purchasing an additional 429,516 shares during the period. Nikko Asset Management Americas Inc. owned about 3.40% of Ibotta worth $44,458,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Rhumbline Advisers increased 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 buying an additional 1,252 shares during the period. New York State Common Retirement Fund grew its stake in Ibotta by 58.1% in the first quarter. New York State Common Retirement Fund now owns 4,900 shares of the company's stock valued at $207,000 after acquiring an additional 1,800 shares during the period. GAMMA Investing LLC increased its stake in Ibotta by 2,859.7% during the 1st quarter. GAMMA Investing LLC now owns 1,983 shares of the company's stock worth $840,000 after purchasing an additional 1,916 shares in the last quarter. AMI Asset Management Corp acquired a new stake in shares of Ibotta during the first quarter worth $488,000. Finally, Victory Capital Management Inc. acquired a new stake in shares of Ibotta during the first quarter worth $1,465,000.

Analysts Set New Price Targets

IBTA has been the subject of a number of recent research reports. JMP Securities restated a "market outperform" rating and set a $58.00 price objective on shares of Ibotta in a research note on Thursday, May 15th. Wells Fargo & Company boosted their price target on Ibotta from $52.00 to $60.00 and gave the company an "overweight" rating in a research note on Thursday, May 15th. Evercore ISI reaffirmed an "outperform" rating on shares of Ibotta in a report on Thursday, May 15th. The Goldman Sachs Group boosted their price target on Ibotta from $50.00 to $65.00 and gave the company a "buy" rating in a research note on Friday, May 16th. Finally, UBS Group raised their target price on Ibotta from $42.00 to $55.00 and gave the company a "neutral" rating in a report on Thursday, May 15th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $61.60.

Ibotta Price Performance

IBTA stock traded up $0.33 during midday trading on Wednesday, reaching $37.50. 56,271 shares of the stock were exchanged, compared to its average volume of 408,254. The company has a fifty day moving average price of $41.70 and a 200 day moving average price of $52.04. Ibotta, Inc. has a 52 week low of $31.40 and a 52 week high of $79.80. The stock has a market capitalization of $949.13 million, a PE ratio of 25.34, a P/E/G ratio of 3.19 and a beta of -1.29.

Ibotta (NYSE:IBTA - Get Free Report) last released its quarterly earnings results on Wednesday, May 14th. The company reported $0.02 EPS for the quarter, beating analysts' consensus estimates of $0.01 by $0.01. The firm 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 business's revenue was up 2.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.33 EPS.

Ibotta announced that its Board of Directors has approved a stock repurchase program on Monday, June 9th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the company to purchase up to 8.5% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's leadership believes its stock is undervalued.

Insider Transactions at Ibotta

In other news, CMO Richard I. Donahue sold 85,289 shares of the business's stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $43.09, for a total value of $3,675,103.01. Following the transaction, the chief marketing officer directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Jermoluk Founders Fund I. Clark sold 1,578,502 shares of the business'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 transaction, the insider directly owned 3,841,308 shares in the company, 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 sold a total of 2,192,224 shares of company stock worth $78,652,577 over the last three months. 16.08% of the stock is owned by company insiders.

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.