Ibotta (NYSE:IBTA) Trading Down 3.4% After Insider Selling

Ibotta, Inc. (NYSE:IBTA - Get Free Report)'s share price fell 3.4% during trading on Wednesday following insider selling activity. The stock traded as low as $38.04 and last traded at $38.12. 70,643 shares changed hands during mid-day trading, a decline of 83% from the average session volume of 421,409 shares. The stock had previously closed at $39.47.

Specifically, major shareholder Jermoluk Founders Fund I. Clark sold 5,000 shares of the firm's stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $41.51, for a total transaction of $207,550.00. Following the completion of the transaction, the insider now owns 465,241 shares in the company, valued at $19,312,153.91. This trade represents a 1.06% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, major shareholder Jermoluk Founders Fund I. Clark sold 5,000 shares of the firm's stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $41.96, for a total value of $209,800.00. Following the transaction, the insider now owns 470,241 shares of the company's stock, valued at $19,731,312.36. This represents a 1.05% decrease in their position. The disclosure for this sale can be found here. In other Ibotta news, CMO Richard I. Donahue sold 85,289 shares of the firm's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $43.09, for a total transaction of $3,675,103.01. Following the completion of the transaction, the chief marketing officer now owns 199,773 shares in the company, valued at $8,608,218.57. This trade represents a 29.92% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link.

Wall Street Analyst Weigh In

IBTA has been the subject of a number of recent research reports. Evercore ISI reiterated an "outperform" rating on shares of Ibotta in a report on Thursday, May 15th. The Goldman Sachs Group lifted their target price on Ibotta from $50.00 to $65.00 and gave the stock a "buy" rating in a report on Friday, May 16th. UBS Group lifted their target price on Ibotta from $42.00 to $55.00 and gave the stock a "neutral" rating in a report on Thursday, May 15th. Needham & Company LLC lifted their target price on Ibotta from $60.00 to $70.00 and gave the stock a "buy" rating in a report on Thursday, May 15th. Finally, Wells Fargo & Company lifted their target price on Ibotta from $52.00 to $60.00 and gave the stock an "overweight" rating in a report on Thursday, May 15th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $61.60.

Ibotta Trading Up 0.3%

The stock has a market capitalization of $970.89 million, a P/E ratio of 25.92, a price-to-earnings-growth ratio of 3.19 and a beta of -0.84. The stock has a 50 day moving average of $48.05 and a 200-day moving average of $57.97.

Ibotta (NYSE:IBTA - Get Free Report) last issued its quarterly earnings results on Wednesday, May 14th. The company reported $0.02 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.01 by $0.01. Ibotta had a return on equity of 15.04% and a net margin of 16.24%. The firm had revenue of $84.57 million during the quarter, compared to analyst estimates of $81.70 million. During the same period last year, the company earned $0.33 EPS. Ibotta's quarterly revenue was up 2.8% compared to the same quarter last year.

Ibotta announced that its Board of Directors has authorized a share buyback plan on Wednesday, March 12th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to purchase up to 5.3% of its shares through open market purchases. Shares buyback plans are often an indication that the company's leadership believes its stock is undervalued.

Institutional Investors Weigh In On Ibotta

A number of institutional investors and hedge funds have recently bought and sold shares of IBTA. GAMMA Investing LLC raised its position in Ibotta by 2,859.7% during the 1st quarter. GAMMA Investing LLC now owns 1,983 shares of the company's stock valued at $840,000 after purchasing an additional 1,916 shares in the last quarter. Rhumbline Advisers raised its position in Ibotta by 6.6% during the 1st quarter. Rhumbline Advisers now owns 20,221 shares of the company's stock valued at $853,000 after purchasing an additional 1,252 shares in the last quarter. AMI Asset Management Corp bought a new stake in Ibotta during the 1st quarter valued at $488,000. Sumitomo Mitsui Trust Group Inc. raised 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 in the last quarter. Finally, New York State Common Retirement Fund raised its position 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 purchasing an additional 1,800 shares in the last quarter.

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.