Ibotta, Inc. (NYSE:IBTA) Major Shareholder Sells $242,350.00 in Stock

Ibotta, Inc. (NYSE:IBTA - Get Free Report) major shareholder Jermoluk Founders Fund I. Clark sold 5,000 shares of Ibotta stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $48.47, for a total value of $242,350.00. Following the completion of the sale, the insider now directly owns 500,241 shares in the company, valued at $24,246,681.27. This represents a 0.99% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Major shareholders that own more than 10% of a company's shares are required to disclose their sales and purchases with the SEC.

Ibotta Trading Down 6.5%

Shares of NYSE IBTA traded down $3.20 during mid-day trading on Monday, hitting $46.18. The company had a trading volume of 289,624 shares, compared to its average volume of 428,070. The company has a market capitalization of $1.17 billion, a PE ratio of 31.20 and a beta of -0.84. The firm has a 50-day simple moving average of $48.68 and a two-hundred day simple moving average of $58.79. Ibotta, Inc. has a one year low of $31.40 and a one year high of $83.45.

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 company had revenue of $84.57 million during the quarter, compared to the consensus estimate of $81.70 million. Ibotta's revenue was up 2.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.33 EPS.

Ibotta declared that its Board of Directors has authorized 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 buy up to 5.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board of directors believes its shares are undervalued.

Hedge Funds Weigh In On Ibotta

Several hedge funds have recently modified their holdings of IBTA. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in Ibotta during the first quarter worth about $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 grew 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 purchasing an additional 1,800 shares during the period. Federated Hermes Inc. grew its holdings in Ibotta by 883.9% during the first quarter. Federated Hermes Inc. now owns 6,740 shares of the company's stock worth $284,000 after purchasing an additional 6,055 shares during the period. Finally, Invesco Ltd. grew its holdings in Ibotta by 53.6% during the first quarter. Invesco Ltd. now owns 7,962 shares of the company's stock worth $336,000 after purchasing an additional 2,780 shares during the period.

Wall Street Analysts Forecast Growth

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

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.

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.