Ibotta, Inc. (NYSE:IBTA) Shares Bought 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. raised its position in shares of Ibotta, Inc. (NYSE:IBTA - Free Report) by 1,608.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 63,727 shares of the company's stock after purchasing an additional 59,997 shares during the quarter. Wilkins Investment Counsel Inc. owned 0.21% of Ibotta worth $2,689,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. GAMMA Investing LLC increased its position in Ibotta by 2,859.7% in 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 last quarter. New York State Common Retirement Fund increased its position 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 valued at $207,000 after acquiring an additional 1,800 shares during the last quarter. AMI Asset Management Corp bought a new position in Ibotta during the first quarter valued at $488,000. Rhumbline Advisers increased its position in Ibotta by 6.6% during the first quarter. Rhumbline Advisers now owns 20,221 shares of the company's stock valued at $853,000 after acquiring an additional 1,252 shares during the last quarter. Finally, Victory Capital Management Inc. bought a new position in Ibotta during the first quarter valued at $1,465,000.

Insider Activity

In other news, CMO Richard I. Donahue sold 85,289 shares of the company's stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $43.09, for a total transaction of $3,675,103.01. Following the transaction, the chief marketing officer owned 199,773 shares in the company, valued at $8,608,218.57. This represents a 29.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, major shareholder Jermoluk Founders Fund I. Clark sold 1,578,502 shares of the company's stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $35.00, for a total transaction of $55,247,570.00. Following 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. Over the last three months, insiders have sold 2,192,224 shares of company stock valued at $78,652,577. Insiders own 16.08% of the company's stock.

Ibotta Stock Down 3.3%

NYSE:IBTA traded down $1.27 during mid-day trading on Tuesday, reaching $37.01. The company's stock had a trading volume of 100,081 shares, compared to its average volume of 409,509. The firm has a market capitalization of $936.72 million, a PE ratio of 25.01, a price-to-earnings-growth ratio of 3.34 and a beta of -1.29. The stock has a fifty day moving average of $42.07 and a 200-day moving average of $52.26. Ibotta, Inc. has a 1 year low of $31.40 and a 1 year high of $79.80.

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 the consensus estimate of $0.01 by $0.01. The business had revenue of $84.57 million during the quarter, compared to analyst estimates of $81.70 million. Ibotta had a net margin of 16.24% and a return on equity of 15.04%. The company's quarterly 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 authorized 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 buy up to 8.5% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's management believes its shares are undervalued.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Evercore ISI restated an "outperform" rating on shares of Ibotta in a report on Thursday, May 15th. Wells Fargo & Company upped their price target on shares of Ibotta from $52.00 to $60.00 and gave the stock an "overweight" rating in a report on Thursday, May 15th. The Goldman Sachs Group upped their price target on shares of Ibotta from $50.00 to $65.00 and gave the stock a "buy" rating in a report on Friday, May 16th. Needham & Company LLC upped their price target on shares of Ibotta from $60.00 to $70.00 and gave the stock a "buy" rating in a report on Thursday, May 15th. Finally, UBS Group upped their price objective on shares of Ibotta from $42.00 to $55.00 and gave the stock a "neutral" rating in a research note 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. According to MarketBeat.com, Ibotta has a consensus rating of "Moderate Buy" and a consensus 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.