Ibotta, Inc. (NYSE:IBTA) Major Shareholder Sells $192,150.00 in Stock

Ibotta, Inc. (NYSE:IBTA - Get Free Report) major shareholder Jermoluk Founders Fund I. Clark sold 5,000 shares of the stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $38.43, for a total transaction of $192,150.00. Following the sale, the insider now owns 455,241 shares of the company's stock, valued at approximately $17,494,911.63. This represents a 1.09% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Large shareholders that own at least 10% of a company's stock are required to disclose their transactions with the SEC.

Ibotta Price Performance

Shares of IBTA stock traded up $0.13 during mid-day trading on Friday, hitting $38.36. The stock had a trading volume of 514,942 shares, compared to its average volume of 286,710. Ibotta, Inc. has a fifty-two week low of $31.40 and a fifty-two week high of $79.80. The firm has a market cap of $970.89 million, a PE ratio of 25.83, a PEG ratio of 3.19 and a beta of -0.84. The company's 50-day simple moving average is $48.05 and its 200-day simple moving average is $57.97.

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

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

Institutional Trading of Ibotta

Several hedge funds and other institutional investors have recently made changes to their positions in IBTA. GAMMA Investing LLC lifted its stake in shares of Ibotta by 2,859.7% in the first quarter. GAMMA Investing LLC now owns 1,983 shares of the company's stock valued at $840,000 after purchasing an additional 1,916 shares during the period. Rhumbline Advisers lifted its stake in shares of Ibotta by 6.6% in 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 during the period. AMI Asset Management Corp acquired a new stake in shares of Ibotta in the first quarter valued at about $488,000. Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of Ibotta by 67.2% in the first 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 during the period. Finally, New York State Common Retirement Fund lifted its stake in shares of Ibotta by 58.1% in the first 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 period.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on IBTA. JMP Securities reiterated a "market outperform" rating and set a $58.00 price target on shares of Ibotta in a research note on Thursday, May 15th. Evercore ISI reiterated an "outperform" rating on shares of Ibotta in a research note on Thursday, May 15th. UBS Group increased their price target on shares of Ibotta from $42.00 to $55.00 and gave the stock a "neutral" rating in a research note on Thursday, May 15th. Needham & Company LLC increased their price target on shares of Ibotta from $60.00 to $70.00 and gave the stock a "buy" rating in a research note on Thursday, May 15th. Finally, The Goldman Sachs Group raised their target price on shares of Ibotta from $50.00 to $65.00 and gave the stock a "buy" rating in a research note on Friday, May 16th. One analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average 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.

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