Ibotta, Inc. (NYSE:IBTA) Major Shareholder Jermoluk Founders Fund I. Clark Sells 18,543 Shares

Ibotta, Inc. (NYSE:IBTA - Get Free Report) major shareholder Jermoluk Founders Fund I. Clark sold 18,543 shares of Ibotta stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $50.13, for a total transaction of $929,560.59. Following the sale, the insider now owns 544,638 shares of the company's stock, valued at approximately $27,302,702.94. This represents a 3.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Major shareholders that own more than 10% of a company's stock are required to disclose their sales and purchases with the SEC.

Ibotta Price Performance

IBTA traded up $0.33 during trading on Friday, reaching $50.09. The company had a trading volume of 393,637 shares, compared to its average volume of 434,047. Ibotta, Inc. has a 12 month low of $31.40 and a 12 month high of $107.89. The business's fifty day moving average price is $48.08 and its 200 day moving average price is $59.13. The company has a market cap of $1.27 billion and a P/E ratio of 33.84.

Ibotta (NYSE:IBTA - Get Free Report) last announced its quarterly earnings results 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. The company had revenue of $84.57 million during the quarter, compared to the consensus estimate of $81.70 million. During the same period in the previous year, the firm posted $0.33 EPS. The business's quarterly revenue was up 2.8% compared to the same quarter last year.

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.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on IBTA shares. Needham & Company LLC lifted their price target on shares of Ibotta from $60.00 to $70.00 and gave the stock a "buy" rating in a research report on Thursday, May 15th. UBS Group boosted their price objective on shares of Ibotta from $42.00 to $55.00 and gave the company a "neutral" rating in a report on Thursday, May 15th. The Goldman Sachs Group boosted 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. JMP Securities restated a "market outperform" rating and set a $58.00 price objective on shares of Ibotta in a report on Thursday, May 15th. Finally, Evercore ISI restated an "outperform" rating on shares of Ibotta in a report on Thursday, May 15th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Ibotta has a consensus rating of "Moderate Buy" and a consensus target price of $61.60.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. Southpoint Capital Advisors LP lifted its stake in Ibotta by 48.2% in the first quarter. Southpoint Capital Advisors LP now owns 1,536,500 shares of the company's stock valued at $64,840,000 after buying an additional 499,556 shares in the last quarter. Nikko Asset Management Americas Inc. lifted its position in shares of Ibotta by 68.8% in the first quarter. Nikko Asset Management Americas Inc. now owns 1,053,518 shares of the company's stock worth $44,458,000 after purchasing an additional 429,516 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its position 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 worth $44,047,000 after purchasing an additional 419,516 shares in the last quarter. ARK Investment Management LLC lifted its position in shares of Ibotta by 299.8% in the first quarter. ARK Investment Management LLC now owns 704,308 shares of the company's stock worth $29,722,000 after purchasing an additional 528,147 shares in the last quarter. Finally, Citigroup Inc. lifted its position in shares of Ibotta by 2,500.8% in the first quarter. Citigroup Inc. now owns 334,460 shares of the company's stock worth $14,114,000 after purchasing an additional 321,600 shares in the last quarter.

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.