Ibotta, Inc. (NYSE:IBTA) Major Shareholder Jermoluk Founders Fund I. Clark Sells 1,578,502 Shares

Ibotta, Inc. (NYSE:IBTA - Get Free Report) major shareholder Jermoluk Founders Fund I. Clark sold 1,578,502 shares of the firm's 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 transaction, the insider owned 3,841,308 shares of the company's stock, valued at approximately $134,445,780. The trade was a 29.12% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Large shareholders that own more than 10% of a company's stock are required to disclose their transactions with the SEC.

Ibotta Stock Up 2.0%

IBTA traded up $0.71 during trading on Thursday, hitting $36.47. 147,496 shares of the company's stock were exchanged, compared to its average volume of 421,739. Ibotta, Inc. has a fifty-two week low of $31.40 and a fifty-two week high of $79.80. The stock has a market cap of $923.06 million, a P/E ratio of 24.64, a PEG ratio of 3.00 and a beta of -1.29. The business's 50 day moving average is $46.59 and its two-hundred day moving average is $56.66.

Ibotta (NYSE:IBTA - Get Free Report) last posted its earnings results on Wednesday, May 14th. The company reported $0.02 earnings per share 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 analyst estimates of $81.70 million. Ibotta had a net margin of 16.24% and a return on equity of 15.04%. The firm's revenue was up 2.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.33 EPS.

Ibotta declared that its Board of Directors has initiated a stock buyback plan on Wednesday, March 12th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 5.3% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's leadership believes its shares are undervalued.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. 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 research report on Friday, May 16th. UBS Group boosted their target price on shares of Ibotta from $42.00 to $55.00 and gave the company a "neutral" rating in a research report on Thursday, May 15th. Needham & Company LLC raised 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. Evercore ISI reiterated an "outperform" rating on shares of Ibotta in a report on Thursday, May 15th. Finally, Wells Fargo & Company increased their price objective on shares of Ibotta from $52.00 to $60.00 and gave the stock an "overweight" rating in a research report on Thursday, May 15th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, Ibotta presently has a consensus rating of "Moderate Buy" and a consensus price target of $61.60.

Institutional Investors Weigh In On Ibotta

Several institutional investors have recently bought and sold shares of IBTA. GAMMA Investing LLC lifted its stake in Ibotta by 2,859.7% during the 1st 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. Rhumbline Advisers lifted its position in shares of 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 purchasing an additional 1,252 shares in the last quarter. AMI Asset Management Corp bought a new position in shares of Ibotta during the first quarter valued at about $488,000. Sumitomo Mitsui Trust Group Inc. boosted 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, New York State Common Retirement Fund grew its position in Ibotta by 58.1% in the 1st 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 in the last quarter.

Ibotta Company 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.