Insider Selling: Ibotta, Inc. (NYSE:IBTA) Major Shareholder Sells 23,397 Shares of Stock

Ibotta, Inc. (NYSE:IBTA - Get Free Report) major shareholder Jermoluk Founders Fund I. Clark sold 23,397 shares of Ibotta stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $49.99, for a total value of $1,169,616.03. Following the completion of the transaction, the insider now owns 511,241 shares in the company, valued at $25,556,937.59. The trade was a 4.38% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Large shareholders that own at least 10% of a company's stock are required to disclose their sales and purchases with the SEC.

Ibotta Trading Up 2.2%

IBTA stock traded up $1.08 during mid-day trading on Friday, hitting $49.24. 293,151 shares of the company were exchanged, compared to its average volume of 429,364. The firm has a fifty day simple moving average of $48.65 and a 200 day simple moving average of $58.87. The company has a market capitalization of $1.25 billion, a PE ratio of 33.27 and a beta of -0.84. Ibotta, Inc. has a twelve month low of $31.40 and a twelve month high of $83.45.

Ibotta (NYSE:IBTA - Get Free Report) last posted its quarterly earnings results on Wednesday, May 14th. The company reported $0.02 EPS for the quarter, topping analysts' consensus estimates of $0.01 by $0.01. The firm had revenue of $84.57 million during the quarter, compared to analyst estimates of $81.70 million. During the same quarter last year, the business posted $0.33 earnings per share. The firm's revenue for the quarter was up 2.8% on a year-over-year basis.

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

Wall Street Analyst Weigh In

Several brokerages recently issued reports on IBTA. Wells Fargo & Company increased their price target on Ibotta from $52.00 to $60.00 and gave the company an "overweight" rating in a report on Thursday, May 15th. JMP Securities reiterated a "market outperform" rating and issued a $58.00 target price on shares of Ibotta in a research note on Thursday, May 15th. UBS Group boosted their target price on shares of Ibotta from $42.00 to $55.00 and gave the stock a "neutral" rating in a research report on Thursday, May 15th. Evercore ISI reaffirmed an "outperform" rating on shares of Ibotta in a report on Thursday, May 15th. Finally, The Goldman Sachs Group upped their price objective on shares of Ibotta from $50.00 to $65.00 and gave the company a "buy" rating in a research report on Friday, May 16th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $61.60.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. GAMMA Investing LLC raised its stake in Ibotta by 2,859.7% during the first quarter. GAMMA Investing LLC now owns 1,983 shares of the company's stock worth $840,000 after acquiring an additional 1,916 shares during the period. Rhumbline Advisers lifted its holdings in shares of Ibotta by 6.6% in the 1st quarter. Rhumbline Advisers now owns 20,221 shares of the company's stock worth $853,000 after purchasing an additional 1,252 shares during the last quarter. AMI Asset Management Corp acquired a new position in shares of Ibotta during the first quarter valued at $488,000. Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Ibotta by 67.2% in 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 during the period. Finally, New York State Common Retirement Fund lifted 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 valued at $207,000 after purchasing an additional 1,800 shares during 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.