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.
View Our Latest Report on IBTA
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
(
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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.
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