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 stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $38.43, for a total transaction of $192,150.00. Following the sale, the insider now directly owns 435,241 shares of the company's stock, valued at $16,726,311.63. This represents a 1.14% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Large shareholders that own more than 10% of a company's stock are required to disclose their sales and purchases with the SEC.

Ibotta Price Performance

Shares of Ibotta stock traded up $0.24 during trading on Thursday, reaching $38.56. 228,628 shares of the company traded hands, compared to its average volume of 319,532. The firm has a market capitalization of $975.95 million, a PE ratio of 26.05, a P/E/G ratio of 3.19 and a beta of -0.84. Ibotta, Inc. has a 1-year low of $31.40 and a 1-year high of $79.80. The company has a 50 day moving average price of $47.42 and a 200-day moving average price of $57.52.

Ibotta (NYSE:IBTA - Get Free Report) last announced its quarterly earnings data 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. The firm 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 business's quarterly revenue was up 2.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.33 earnings per share.

Ibotta declared that its board has authorized a share repurchase program on Wednesday, March 12th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 5.3% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's board believes its shares are undervalued.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. GAMMA Investing LLC increased its holdings in shares of Ibotta by 2,859.7% during the first 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 grew its position in Ibotta by 6.6% in the 1st quarter. Rhumbline Advisers now owns 20,221 shares of the company's stock valued at $853,000 after purchasing an additional 1,252 shares during the period. AMI Asset Management Corp acquired a new stake in Ibotta in the 1st quarter valued at $488,000. Sumitomo Mitsui Trust Group Inc. increased its stake 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 valued at $44,047,000 after purchasing an additional 419,516 shares in the last quarter. Finally, New York State Common Retirement Fund raised its holdings 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 during the last quarter.

Analyst Ratings Changes

A number of equities research analysts have recently commented on IBTA shares. UBS Group upped their price objective on shares of Ibotta from $42.00 to $55.00 and gave the company a "neutral" rating in a research note on Thursday, May 15th. Needham & Company LLC boosted their target price on shares of Ibotta from $60.00 to $70.00 and gave the company a "buy" rating in a report on Thursday, May 15th. JMP Securities reaffirmed a "market outperform" rating and set a $58.00 price target on shares of Ibotta in a research report on Thursday, May 15th. Wells Fargo & Company lifted their price objective on Ibotta from $52.00 to $60.00 and gave the stock an "overweight" rating in a research report on Thursday, May 15th. Finally, The Goldman Sachs Group upped their target price on Ibotta from $50.00 to $65.00 and gave the company 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 given a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.