Insider Selling: Ibotta, Inc. (NYSE:IBTA) Major Shareholder Sells 1,578,502 Shares of Stock

Ibotta, Inc. (NYSE:IBTA - Get Free Report) major shareholder Jermoluk Founders Fund I. Clark sold 1,578,502 shares of the stock in a transaction on 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 directly owned 3,841,308 shares in the company, valued at $134,445,780. This trade represents a 29.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Major shareholders that own 10% or more of a company's stock are required to disclose their transactions with the SEC.

Ibotta Stock Up 0.6%

Shares of NYSE IBTA traded up $0.22 during trading on Wednesday, reaching $36.18. 120,421 shares of the stock were exchanged, compared to its average volume of 418,824. The company has a market capitalization of $915.72 million, a price-to-earnings ratio of 24.45, a price-to-earnings-growth ratio of 3.05 and a beta of -1.28. The business's 50-day moving average price is $46.81 and its 200 day moving average price is $56.90. Ibotta, Inc. has a twelve month low of $31.40 and a twelve month high of $79.80.

Ibotta (NYSE:IBTA - Get Free Report) last announced its earnings results on Wednesday, May 14th. The company reported $0.02 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.01. Ibotta had a return on equity of 15.04% and a net margin of 16.24%. The company had revenue of $84.57 million during the quarter, compared to the consensus estimate of $81.70 million. During the same period last year, the firm earned $0.33 earnings per share. The company's revenue was up 2.8% on a year-over-year basis.

Ibotta announced that its Board of Directors has authorized a share repurchase plan on Wednesday, March 12th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to reacquire up to 5.3% of its stock through open market purchases. Stock buyback plans are often an indication that the company's leadership believes its shares are undervalued.

Institutional Investors Weigh In On Ibotta

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Southpoint Capital Advisors LP boosted its stake in shares of Ibotta by 48.2% during the 1st quarter. Southpoint Capital Advisors LP now owns 1,536,500 shares of the company's stock valued at $64,840,000 after buying an additional 499,556 shares during the last quarter. Nikko Asset Management Americas Inc. grew its holdings in Ibotta by 68.8% during the 1st quarter. Nikko Asset Management Americas Inc. now owns 1,053,518 shares of the company's stock worth $44,458,000 after acquiring an additional 429,516 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its holdings in Ibotta by 67.2% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,043,758 shares of the company's stock worth $44,047,000 after acquiring an additional 419,516 shares in the last quarter. ARK Investment Management LLC increased its position in shares of Ibotta by 299.8% in the 1st quarter. ARK Investment Management LLC now owns 704,308 shares of the company's stock worth $29,722,000 after purchasing an additional 528,147 shares during the last quarter. Finally, Citigroup Inc. raised its stake in shares of Ibotta by 2,500.8% in the 1st quarter. Citigroup Inc. now owns 334,460 shares of the company's stock valued at $14,114,000 after purchasing an additional 321,600 shares in the last quarter.

Analyst Upgrades and Downgrades

IBTA has been the subject of a number of research analyst reports. Wells Fargo & Company increased their target price 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. Needham & Company LLC increased their price objective on shares of Ibotta from $60.00 to $70.00 and gave the stock a "buy" rating in a research report on Thursday, May 15th. The Goldman Sachs Group lifted their target price on shares of Ibotta from $50.00 to $65.00 and gave the company a "buy" rating in a report on Friday, May 16th. JMP Securities reiterated a "market outperform" rating and issued a $58.00 price target on shares of Ibotta in a report on Thursday, May 15th. Finally, Evercore ISI restated an "outperform" rating on shares of Ibotta in a research note on Thursday, May 15th. One investment 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 presently has a consensus rating of "Moderate Buy" and an average price target of $61.60.

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.