Ibotta, Inc. (NYSE:IBTA) Major Shareholder Jermoluk Founders Fund I. Clark Sells 5,000 Shares

Ibotta, Inc. (NYSE:IBTA - Get Free Report) major shareholder Jermoluk Founders Fund I. Clark sold 5,000 shares of the firm's stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $41.96, for a total transaction of $209,800.00. Following the sale, the insider now owns 470,241 shares of the company's stock, valued at $19,731,312.36. The trade was a 1.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Large shareholders that own more than 10% of a company's shares are required to disclose their transactions with the SEC.

Ibotta Stock Performance

Shares of Ibotta stock traded down $1.49 during midday trading on Wednesday, reaching $37.98. 121,921 shares of the company's stock traded hands, compared to its average volume of 421,819. Ibotta, Inc. has a 52 week low of $31.40 and a 52 week high of $79.80. The company's 50 day simple moving average is $48.53 and its 200 day simple moving average is $58.31. The company has a market cap of $961.27 million, a price-to-earnings ratio of 25.66, a price-to-earnings-growth ratio of 3.44 and a beta of -0.84.

Ibotta (NYSE:IBTA - Get Free Report) last issued its quarterly earnings results on Wednesday, May 14th. The company reported $0.02 earnings per share (EPS) 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 for the quarter, compared to the consensus estimate of $81.70 million. During the same period last year, the business posted $0.33 earnings per share. The firm's revenue was up 2.8% compared to the same quarter last year.

Ibotta announced that its Board of Directors has initiated a share repurchase program on Wednesday, March 12th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to buy up to 5.3% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Wells Fargo & Company raised their price objective on shares of Ibotta from $52.00 to $60.00 and gave the stock an "overweight" rating in a research note on Thursday, May 15th. UBS Group raised 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. Evercore ISI reiterated an "outperform" rating on shares of Ibotta in a 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. Finally, The Goldman Sachs Group increased their target price on shares of Ibotta from $50.00 to $65.00 and gave the stock a "buy" rating in a research report on Friday, May 16th. One investment 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.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $61.60.

Hedge Funds Weigh In On Ibotta

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in Ibotta in the 1st quarter valued at approximately $25,000. Jones Financial Companies Lllp bought a new position in Ibotta during the first quarter worth about $161,000. New York State Common Retirement Fund raised its stake 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 valued at $207,000 after acquiring an additional 1,800 shares during the period. Federated Hermes Inc. boosted its holdings in shares of Ibotta by 883.9% during the 1st quarter. Federated Hermes Inc. now owns 6,740 shares of the company's stock worth $284,000 after buying an additional 6,055 shares during the period. Finally, Invesco Ltd. increased its position in Ibotta by 53.6% during the 1st quarter. Invesco Ltd. now owns 7,962 shares of the company's stock worth $336,000 after buying an additional 2,780 shares during the period.

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.