Insider Selling: Ibotta, Inc. (NYSE:IBTA) Major Shareholder Sells 5,000 Shares of Stock

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 Wednesday, June 18th. The shares were sold at an average price of $38.43, for a total transaction of $192,150.00. Following the completion of the sale, the insider now directly owns 455,241 shares in the company, valued at $17,494,911.63. This represents a 1.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Major shareholders that own more than 10% of a company's shares are required to disclose their transactions with the SEC.

Ibotta Stock Performance

IBTA stock traded down $0.55 during trading on Monday, hitting $37.79. 365,247 shares of the company traded hands, compared to its average volume of 424,466. The company has a 50-day moving average of $48.05 and a 200-day moving average of $57.97. Ibotta, Inc. has a 1 year low of $31.40 and a 1 year high of $79.80. The firm has a market capitalization of $956.46 million, a PE ratio of 25.53, a P/E/G ratio of 3.20 and a beta of -0.85.

Ibotta (NYSE:IBTA - Get Free Report) last released its quarterly earnings data on Wednesday, May 14th. The company reported $0.02 earnings per share for the quarter, beating analysts' consensus estimates of $0.01 by $0.01. Ibotta had a return on equity of 15.04% and a net margin of 16.24%. The firm had revenue of $84.57 million during the quarter, compared to analyst estimates of $81.70 million. During the same quarter in the prior year, the firm posted $0.33 earnings per share. The business's quarterly 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 repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 5.3% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's leadership believes its shares are undervalued.

Analyst Ratings Changes

IBTA has been the subject of several research analyst reports. JMP Securities reaffirmed a "market outperform" rating and set a $58.00 price target on shares of Ibotta in a research note on Thursday, May 15th. Needham & Company LLC boosted their target price on Ibotta from $60.00 to $70.00 and gave the stock a "buy" rating in a research report on Thursday, May 15th. Evercore ISI reaffirmed an "outperform" rating on shares of Ibotta in a research note on Thursday, May 15th. The Goldman Sachs Group increased their price target 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. Finally, Wells Fargo & Company boosted their price objective on shares of Ibotta from $52.00 to $60.00 and gave the stock an "overweight" rating in a report on Thursday, May 15th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $61.60.

Hedge Funds Weigh In On Ibotta

A number of hedge funds have recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Ibotta by 5.8% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,394 shares of the company's stock valued at $396,000 after purchasing an additional 515 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of Ibotta in the 1st quarter worth approximately $25,000. Deutsche Bank AG increased its stake in shares of Ibotta by 6.9% during the first quarter. Deutsche Bank AG now owns 11,030 shares of the company's stock valued at $465,000 after buying an additional 713 shares during the period. Rhumbline Advisers increased its stake in shares of Ibotta by 6.6% during the first quarter. Rhumbline Advisers now owns 20,221 shares of the company's stock valued at $853,000 after buying an additional 1,252 shares during the period. Finally, New York State Common Retirement Fund raised its holdings in shares of Ibotta by 58.1% during the first 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 in the last quarter.

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.