Stock Repurchase Plan Initiated by Ibotta (NYSE:IBTA) Board

Ibotta (NYSE:IBTA - Get Free Report) announced that its Board of Directors has initiated a share repurchase plan on Monday, June 9th, RTT News reports. The company plans to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 8.5% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board believes its stock is undervalued.

Ibotta Trading Down 1.5%

IBTA traded down $0.70 during trading on Wednesday, reaching $45.74. 174,546 shares of the company were exchanged, compared to its average volume of 425,469. Ibotta has a 52 week low of $31.40 and a 52 week high of $81.75. The firm has a 50 day moving average of $48.73 and a 200 day moving average of $58.72. The stock has a market cap of $1.16 billion, a P/E ratio of 30.91 and a beta of -0.84.

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

Analyst Ratings Changes

A number of equities analysts recently commented on IBTA shares. UBS Group lifted their price target on Ibotta from $42.00 to $55.00 and gave the stock a "neutral" rating in a research note on Thursday, May 15th. Wells Fargo & Company lifted their target price on Ibotta from $52.00 to $60.00 and gave the stock an "overweight" rating in a research report on Thursday, May 15th. The Goldman Sachs Group upped their price target on Ibotta from $50.00 to $65.00 and gave the company a "buy" rating in a research report on Friday, May 16th. JMP Securities reaffirmed a "market outperform" rating and issued a $58.00 price objective on shares of Ibotta in a report on Thursday, May 15th. Finally, Evercore ISI reissued an "outperform" rating on shares of Ibotta in a 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's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $61.60.

Insiders Place Their Bets

In related news, insider Marisa Daspit sold 1,243 shares of Ibotta stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $49.44, for a total transaction of $61,453.92. Following the sale, the insider now directly owns 56,282 shares in the company, valued at $2,782,582.08. The trade was a 2.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Jermoluk Founders Fund I. Clark sold 5,000 shares of the company's stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $50.15, for a total transaction of $250,750.00. Following the completion of the sale, the insider now directly owns 563,181 shares of the company's stock, valued at $28,243,527.15. The trade was a 0.88% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 69,555 shares of company stock worth $3,468,646. Insiders own 16.08% of the company's stock.

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.