XTX Topco Ltd Purchases 16,945 Shares of Ibotta, Inc. (NYSE:IBTA)

Key Points

• XTX Topco Ltd has significantly increased its stake in Ibotta, Inc. by 237.9% during the first quarter, now owning 24,068 shares valued at approximately $1.02 million.
• Major shareholder Jermoluk Founders Fund I. Clark sold over 1.5 million shares at an average price of $35.00, marking a 29.12% decrease in their ownership.
• Ibotta reported a revenue of $84.57 million for the last quarter, surpassing expectations, and announced a $100 million share repurchase program, indicating confidence in its stock value.

XTX Topco Ltd raised its position in Ibotta, Inc. (NYSE:IBTA - Free Report) by 237.9% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,068 shares of the company's stock after buying an additional 16,945 shares during the quarter. XTX Topco Ltd owned 0.08% of Ibotta worth $1,016,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in Ibotta in the 1st quarter valued at $25,000. Rhumbline Advisers grew its position in Ibotta by 6.6% during the first quarter. Rhumbline Advisers now owns 20,221 shares of the company's stock worth $853,000 after buying an additional 1,252 shares in the last quarter. New York State Common Retirement Fund grew 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 worth $207,000 after buying an additional 1,800 shares in the last quarter. GAMMA Investing LLC grew its position in 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 buying an additional 1,916 shares in the last quarter. Finally, Federated Hermes Inc. grew its position in Ibotta by 883.9% during the first quarter. Federated Hermes Inc. now owns 6,740 shares of the company's stock worth $284,000 after buying an additional 6,055 shares in the last quarter.

Ibotta Stock Down 6.9%

NYSE:IBTA traded down $2.51 on Thursday, hitting $33.65. The stock had a trading volume of 458,239 shares, compared to its average volume of 405,730. The business's fifty day moving average is $39.83 and its 200 day moving average is $50.36. The company has a market cap of $851.68 million, a PE ratio of 22.74, a P/E/G ratio of 2.95 and a beta of -1.27. Ibotta, Inc. has a 52 week low of $31.40 and a 52 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 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.01. The business 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 company's quarterly revenue was up 2.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.33 earnings per share.

Ibotta announced that its Board of Directors has approved a share buyback plan 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 shares through open market purchases. Shares buyback plans are typically a sign that the company's management believes its stock is undervalued.

Analysts Set New Price Targets

Several brokerages recently weighed in on IBTA. UBS Group upped their price objective on Ibotta from $42.00 to $55.00 and gave the stock a "neutral" rating in a research report on Thursday, May 15th. Wells Fargo & Company raised their price objective on Ibotta from $52.00 to $60.00 and gave the company an "overweight" rating in a report on Thursday, May 15th. JMP Securities reissued a "market outperform" rating and set a $58.00 price objective on shares of Ibotta in a report on Thursday, May 15th. The Goldman Sachs Group raised their price objective on Ibotta from $50.00 to $65.00 and gave the company a "buy" rating in a report on Friday, May 16th. Finally, Evercore ISI reissued an "outperform" rating on shares of Ibotta in a report on Thursday, May 15th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $61.60.

Insider Buying and Selling

In related news, major shareholder Jermoluk Founders Fund I. Clark sold 1,578,502 shares of the stock in a transaction that occurred on Thursday, June 26th. The stock was sold at an average price of $35.00, for a total transaction of $55,247,570.00. Following the completion of the sale, the insider directly owned 3,841,308 shares of the company's stock, valued at approximately $134,445,780. This trade represents a 29.12% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CMO Richard I. Donahue sold 85,289 shares of the stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $43.09, for a total value of $3,675,103.01. Following the sale, 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 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 valued at $78,652,577 over the last three months. Corporate insiders own 16.08% of the company's stock.

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.