Ibotta, Inc. (NYSE:IBTA) Major Shareholder Jermoluk Founders Fund I. Clark Sells 5,000 Shares

Ibotta, Inc. (NYSE:IBTA - Get Free Report) major shareholder Jermoluk Founders Fund I. Clark sold 5,000 shares of the stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $49.79, for a total transaction of $248,950.00. Following the completion of the transaction, the insider now owns 539,638 shares in the company, valued at $26,868,576.02. The trade was a 0.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Major shareholders that own at least 10% of a company's stock are required to disclose their transactions with the SEC.

Ibotta Trading Up 2.2%

Shares of IBTA traded up $1.08 during midday trading on Friday, hitting $49.24. The stock had a trading volume of 293,151 shares, compared to its average volume of 429,364. Ibotta, Inc. has a fifty-two week low of $31.40 and a fifty-two week high of $83.45. The business has a 50-day simple moving average of $48.65 and a two-hundred day simple moving average of $58.87. The firm has a market cap of $1.25 billion, a P/E ratio of 33.27 and a beta of -0.84.

Ibotta (NYSE:IBTA - Get Free Report) last posted its quarterly earnings data 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. During the same period in the prior year, the company posted $0.33 earnings per share. Ibotta's quarterly revenue was up 2.8% on a year-over-year basis.

Ibotta declared that its Board of Directors has authorized a share buyback plan on Wednesday, March 12th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 5.3% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Evercore ISI restated an "outperform" rating on shares of Ibotta in a research note on Thursday, May 15th. 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 note on Thursday, May 15th. The Goldman Sachs Group lifted their price objective on shares of Ibotta from $50.00 to $65.00 and gave the company a "buy" rating in a report on Friday, May 16th. Needham & Company LLC lifted their price objective on shares of Ibotta from $60.00 to $70.00 and gave the company a "buy" rating in a report on Thursday, May 15th. Finally, UBS Group boosted their price target on shares of Ibotta from $42.00 to $55.00 and gave the stock a "neutral" 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 company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $61.60.

Institutional Trading of Ibotta

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. GAMMA Investing LLC increased its holdings in Ibotta by 2,859.7% in the 1st quarter. GAMMA Investing LLC now owns 1,983 shares of the company's stock valued at $840,000 after buying an additional 1,916 shares during the period. Rhumbline Advisers increased 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 buying an additional 1,252 shares during the period. AMI Asset Management Corp acquired a new stake in Ibotta during the 1st quarter valued at approximately $488,000. Sumitomo Mitsui Trust Group Inc. increased its position in Ibotta by 67.2% during the 1st 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 grew its position in shares of Ibotta by 58.1% during the 1st quarter. New York State Common Retirement Fund now owns 4,900 shares of the company's stock worth $207,000 after buying an additional 1,800 shares during the period.

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.