Pacer Advisors Inc. Takes $3.54 Million Position in Ibotta, Inc. (NYSE:IBTA)

Key Points

• Pacer Advisors Inc. purchased a new stake in Ibotta, Inc., acquiring 83,860 shares valued at approximately $3.54 million, increasing its ownership to 0.27% of the company.
• Major shareholder Jermoluk Founders Fund I. Clark sold over 1.5 million shares, resulting in a 29.12% decrease in their position, while company insiders sold a total of 2.19 million shares valued at $78.65 million in the last three months.
• Wall Street analysts have optimistic projections for Ibotta, with several firms such as Needham & Company and Goldman Sachs raising their price targets, indicating a consensus "Moderate Buy" rating with a target price of $61.60.

Pacer Advisors Inc. bought a new position in shares of Ibotta, Inc. (NYSE:IBTA - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 83,860 shares of the company's stock, valued at approximately $3,539,000. Pacer Advisors Inc. owned about 0.27% of Ibotta at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Sumitomo Mitsui Trust Group Inc. boosted its holdings in Ibotta by 67.2% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,043,758 shares of the company's stock worth $44,047,000 after buying an additional 419,516 shares during the last quarter. AMI Asset Management Corp acquired a new stake in shares of Ibotta during the first quarter worth about $488,000. GAMMA Investing LLC raised its position in shares of 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 purchasing an additional 1,916 shares during the period. Victory Capital Management Inc. acquired a new stake in shares of Ibotta during the first quarter worth about $1,465,000. Finally, Rhumbline Advisers raised its position in shares of Ibotta by 6.6% during the first quarter. Rhumbline Advisers now owns 20,221 shares of the company's stock worth $853,000 after purchasing an additional 1,252 shares during the period.

Analyst Ratings Changes

IBTA has been the topic of a number of research analyst reports. 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 report on Thursday, May 15th. Evercore ISI reissued an "outperform" rating on shares of Ibotta in a research report on Thursday, May 15th. UBS Group lifted their target price on Ibotta from $42.00 to $55.00 and gave the company a "neutral" rating in a research report on Thursday, May 15th. JMP Securities reissued a "market outperform" rating and issued a $58.00 target price on shares of Ibotta in a research report on Thursday, May 15th. Finally, The Goldman Sachs Group lifted their target price on Ibotta from $50.00 to $65.00 and gave the company a "buy" rating in a research report on Friday, May 16th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $61.60.

Insider Activity at Ibotta

In other 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 approximately $8,608,218.57. The trade was a 29.92% decrease in their position. The sale was disclosed in a legal 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 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 ninety days. Insiders own 16.08% of the company's stock.

Ibotta Stock Performance

Ibotta stock traded down $1.20 during midday trading on Friday, reaching $35.15. The stock had a trading volume of 186,145 shares, compared to its average volume of 406,908. The stock has a market capitalization of $889.65 million, a P/E ratio of 23.75, a price-to-earnings-growth ratio of 3.08 and a beta of -1.29. Ibotta, Inc. has a 1-year low of $31.40 and a 1-year high of $79.80. The firm's fifty day simple moving average is $41.37 and its 200-day simple moving average is $51.80.

Ibotta (NYSE:IBTA - Get Free Report) last posted its quarterly earnings results on Wednesday, May 14th. The company reported $0.02 earnings per share for the quarter, topping the consensus estimate 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 quarterly revenue was up 2.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.33 EPS.

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

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.