XTX Topco Ltd Has $1.02 Million Stake in 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 grew its position in Ibotta, Inc. (NYSE:IBTA - Free Report) by 237.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 24,068 shares of the company's stock after purchasing an additional 16,945 shares during the period. XTX Topco Ltd owned approximately 0.08% of Ibotta worth $1,016,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in Ibotta in the 1st quarter valued at approximately $25,000. New York State Common Retirement Fund raised its holdings in shares of Ibotta by 58.1% in the first quarter. New York State Common Retirement Fund now owns 4,900 shares of the company's stock valued at $207,000 after purchasing an additional 1,800 shares during the last quarter. Federated Hermes Inc. lifted its position in shares of Ibotta by 883.9% in the first quarter. Federated Hermes Inc. now owns 6,740 shares of the company's stock worth $284,000 after purchasing an additional 6,055 shares in the last quarter. Meeder Asset Management Inc. acquired a new position in Ibotta during the first quarter worth $388,000. Finally, AMI Asset Management Corp acquired a new position in Ibotta during the first quarter worth $488,000.

Insider Buying and Selling at Ibotta

In other Ibotta news, major shareholder Jermoluk Founders Fund I. Clark sold 1,578,502 shares of the company's stock in a transaction on Thursday, June 26th. The shares were sold at an average price of $35.00, for a total value of $55,247,570.00. Following the transaction, the insider directly owned 3,841,308 shares in the company, valued at $134,445,780. The trade was a 29.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CMO Richard I. Donahue sold 85,289 shares of the 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 completion of the transaction, the chief marketing officer directly owned 199,773 shares in the company, 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 in the last ninety days. Insiders own 16.08% of the company's stock.

Ibotta Stock Performance

Shares of NYSE:IBTA opened at $34.71 on Friday. Ibotta, Inc. has a 52-week low of $31.40 and a 52-week high of $79.80. The company has a market capitalization of $878.51 million, a P/E ratio of 23.45, a price-to-earnings-growth ratio of 2.89 and a beta of -1.28. The company has a 50-day simple moving average of $40.71 and a 200 day simple moving average of $51.19.

Ibotta (NYSE:IBTA - Get Free Report) last released its quarterly earnings data on Wednesday, May 14th. The company reported $0.02 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.01 by $0.01. The company had revenue of $84.57 million during 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 business's revenue was up 2.8% on a year-over-year basis. During the same period last year, the firm posted $0.33 earnings per share.

Ibotta announced that its Board of Directors has initiated a share repurchase program on Monday, June 9th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to buy up to 8.5% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

IBTA has been the topic of several recent research reports. The Goldman Sachs Group lifted their price target on shares of Ibotta from $50.00 to $65.00 and gave the company a "buy" rating in a research note on Friday, May 16th. JMP Securities reaffirmed a "market outperform" rating and issued a $58.00 target price on shares of Ibotta in a research report on Thursday, May 15th. Wells Fargo & Company upped their target price on Ibotta from $52.00 to $60.00 and gave the stock an "overweight" rating in a report on Thursday, May 15th. Needham & Company LLC raised their price target on Ibotta from $60.00 to $70.00 and gave the company a "buy" rating in a research note on Thursday, May 15th. Finally, UBS Group upped their price objective on Ibotta from $42.00 to $55.00 and gave the stock a "neutral" rating in a research note on Thursday, May 15th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $61.60.

About Ibotta

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.

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