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 Ibotta stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $49.06, for a total transaction of $245,300.00. Following the sale, the insider now owns 534,638 shares in the company, valued at approximately $26,229,340.28. This represents a 0.93% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Major shareholders that own 10% or more of a company's stock are required to disclose their sales and purchases with the SEC.

Ibotta Trading Up 2.9%

NYSE IBTA traded up $1.41 during midday trading on Friday, hitting $49.57. The company had a trading volume of 139,439 shares, compared to its average volume of 427,854. The company has a market capitalization of $1.25 billion, a PE ratio of 33.49 and a beta of -0.84. Ibotta, Inc. has a twelve month low of $31.40 and a twelve month high of $83.45. The firm has a 50-day moving average price of $48.55 and a 200-day moving average price of $58.92.

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

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

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. UBS Group lifted their price target 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. JMP Securities reaffirmed a "market outperform" rating and set a $58.00 target price on shares of Ibotta in a research report on Thursday, May 15th. Evercore ISI reiterated an "outperform" rating on shares of Ibotta in a research report on Thursday, May 15th. Needham & Company LLC lifted their price target on Ibotta from $60.00 to $70.00 and gave the stock a "buy" rating in a research note on Thursday, May 15th. Finally, Wells Fargo & Company lifted their target price on shares of Ibotta from $52.00 to $60.00 and gave the stock an "overweight" rating in a research report on Thursday, May 15th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $61.60.

Institutional Investors Weigh In On Ibotta

A number of hedge funds have recently made changes to their positions in IBTA. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of Ibotta in the first quarter worth about $25,000. Jones Financial Companies Lllp bought a new position in Ibotta in the 1st quarter worth approximately $161,000. New York State Common Retirement Fund raised its holdings in Ibotta by 58.1% during the 1st 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 during the period. Federated Hermes Inc. lifted its position in shares of 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 acquiring an additional 6,055 shares in the last quarter. Finally, Invesco Ltd. boosted its holdings in shares of Ibotta by 53.6% in the first quarter. Invesco Ltd. now owns 7,962 shares of the company's stock worth $336,000 after acquiring an additional 2,780 shares during the period.

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.