Saybrook Capital NC Trims Stock Holdings in Ibotta, Inc. (NYSE:IBTA)

Saybrook Capital NC trimmed its position in shares of Ibotta, Inc. (NYSE:IBTA - Free Report) by 15.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 69,364 shares of the company's stock after selling 12,700 shares during the quarter. Ibotta makes up 0.8% of Saybrook Capital NC's portfolio, making the stock its 20th biggest holding. Saybrook Capital NC owned 0.26% of Ibotta worth $2,927,000 at the end of the most recent quarter.

Separately, GAMMA Investing LLC lifted its position in shares of Ibotta by 2,859.7% in the first quarter. GAMMA Investing LLC now owns 1,983 shares of the company's stock valued at $840,000 after acquiring an additional 1,916 shares in the last quarter.

Analyst Ratings Changes

IBTA has been the topic of several recent research reports. Needham & Company LLC upped their price objective on Ibotta from $60.00 to $70.00 and gave the company 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 increased 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. Wells Fargo & Company increased their target price on Ibotta from $52.00 to $60.00 and gave the stock an "overweight" rating in a research report on Thursday, May 15th. Finally, UBS Group increased 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 investment analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Ibotta has a consensus rating of "Moderate Buy" and an average price target of $61.60.

Insiders Place Their Bets

In other news, CMO Richard I. Donahue sold 85,289 shares of the 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 completion of the sale, the chief marketing officer now owns 199,773 shares in the company, valued at approximately $8,608,218.57. This trade represents a 29.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Jermoluk Founders Fund I. Clark sold 18,543 shares of the stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $50.13, for a total value of $929,560.59. Following the completion of the transaction, the insider now directly owns 544,638 shares of the company's stock, valued at $27,302,702.94. This represents a 3.29% decrease in their position. The disclosure for this sale can be found here. Insiders sold 189,844 shares of company stock worth $8,560,799 over the last three months. 16.08% of the stock is owned by insiders.

Ibotta Trading Down 4.4%

NYSE:IBTA traded down $1.70 on Friday, hitting $36.83. 675,080 shares of the stock were exchanged, compared to its average volume of 314,976. The stock has a market cap of $932.17 million, a PE ratio of 24.89, a PEG ratio of 3.21 and a beta of -0.84. The stock has a fifty day moving average of $47.21 and a 200-day moving average of $57.38. 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 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 company had revenue of $84.57 million during 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 firm's revenue was up 2.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.33 earnings per share.

Ibotta declared that its Board of Directors has approved a share repurchase plan on Wednesday, March 12th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to reacquire up to 5.3% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's board believes its stock is undervalued.

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.