Ibotta, Inc. (NYSE:IBTA) Stock Holdings Increased by Wilkins Investment Counsel Inc.

Key Points

• Wilkins Investment Counsel Inc. significantly increased its stake in Ibotta, acquiring 59,997 additional shares, lifting its ownership by 1,608.5% to a total of 63,727 shares valued at $2,689,000.
• Ibotta announced a $100 million share buyback plan aimed at repurchasing up to 8.5% of its stock, indicating confidence that its shares are undervalued.
• Analysts have raised their price targets for Ibotta, with UBS Group setting a target of $55 and Goldman Sachs increasing theirs to $65, while maintaining mixed ratings overall.

Wilkins Investment Counsel Inc. lifted its position in Ibotta, Inc. (NYSE:IBTA - Free Report) by 1,608.5% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 63,727 shares of the company's stock after purchasing an additional 59,997 shares during the quarter. Wilkins Investment Counsel Inc. owned approximately 0.21% of Ibotta worth $2,689,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Pacer Advisors Inc. acquired a new stake in shares of Ibotta in the 1st quarter valued at approximately $3,539,000. Victory Capital Management Inc. acquired a new stake in shares of Ibotta in the 1st quarter valued at approximately $1,465,000. New York State Common Retirement Fund raised its holdings in Ibotta by 58.1% during the first 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. Sumitomo Mitsui Trust Group Inc. raised 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 purchasing an additional 419,516 shares during the last quarter. Finally, AMI Asset Management Corp acquired a new position in Ibotta during the first quarter worth $488,000.

Ibotta Stock Performance

Ibotta stock traded down $1.82 during midday trading on Monday, reaching $38.24. The stock had a trading volume of 121,041 shares, compared to its average volume of 411,009. Ibotta, Inc. has a twelve month low of $31.40 and a twelve month high of $79.80. The stock has a market capitalization of $967.85 million, a PE ratio of 25.84, a price-to-earnings-growth ratio of 3.34 and a beta of -1.29. The stock's 50-day simple moving average is $42.40 and its 200 day simple moving average is $52.47.

Ibotta (NYSE:IBTA - Get Free Report) last issued its quarterly earnings data on Wednesday, May 14th. The company reported $0.02 EPS for the quarter, topping analysts' consensus estimates of $0.01 by $0.01. The company had revenue of $84.57 million for the quarter, compared to analysts' expectations of $81.70 million. Ibotta had a return on equity of 15.04% and a net margin of 16.24%. The firm's quarterly revenue was up 2.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.33 earnings per share.

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

Insider Transactions at Ibotta

In related 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 owned 199,773 shares in the company, valued at approximately $8,608,218.57. The trade was a 29.92% decrease in their ownership of the stock. The transaction 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 the business's stock in a transaction dated 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 completion of the transaction, the insider owned 3,841,308 shares in the company, valued at approximately $134,445,780. This trade represents a 29.12% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,192,224 shares of company stock worth $78,652,577. 16.08% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on IBTA. The Goldman Sachs Group lifted their price objective on Ibotta from $50.00 to $65.00 and gave the stock a "buy" rating in a report on Friday, May 16th. Wells Fargo & Company raised their price target on Ibotta from $52.00 to $60.00 and gave the stock an "overweight" rating in a research report on Thursday, May 15th. UBS Group raised their price target on Ibotta from $42.00 to $55.00 and gave the stock a "neutral" rating in a research report on Thursday, May 15th. JMP Securities reaffirmed a "market outperform" rating and issued a $58.00 price objective on shares of Ibotta in a research report on Thursday, May 15th. Finally, Needham & Company LLC lifted 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. One analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Ibotta currently has an average rating of "Moderate Buy" and an average target price 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.