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

Ibotta, Inc. (NYSE:IBTA - Get Free Report) dropped 3.4% during mid-day trading on Wednesday following insider selling activity. The company traded as low as $38.04 and last traded at $38.12. Approximately 70,643 shares changed hands during mid-day trading, a decline of 83% from the average daily 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 company's stock in a transaction 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 transaction, the insider now owns 465,241 shares of the company's stock, valued at approximately $19,312,153.91. This represents a 1.06% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Jermoluk Founders Fund I. Clark sold 5,000 shares of the firm's stock in a transaction on Friday, June 13th. The stock was sold at an average price of $41.96, for a total transaction of $209,800.00. Following the sale, the insider now owns 470,241 shares in the company, valued at approximately $19,731,312.36. The trade was a 1.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. In related news, CMO Richard I. Donahue sold 85,289 shares of the 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 directly owns 199,773 shares of the company's stock, valued at approximately $8,608,218.57. This represents a 29.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on IBTA shares. JMP Securities reiterated a "market outperform" rating and issued a $58.00 price target on shares of Ibotta 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. Needham & Company LLC increased their price objective 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. Evercore ISI reissued an "outperform" rating on shares of Ibotta in a research report on Thursday, May 15th. Finally, Wells Fargo & Company lifted their price objective on shares of Ibotta from $52.00 to $60.00 and gave the stock an "overweight" rating in a research report on Thursday, May 15th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, Ibotta currently has a consensus rating of "Moderate Buy" and an average price target of $61.60.

Ibotta Trading Down 4.0%

The firm has a market capitalization of $959.25 million, a P/E ratio of 25.61, a P/E/G ratio of 3.44 and a beta of -0.84. The company has a 50 day simple moving average of $48.53 and a two-hundred day simple moving average of $58.31.

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

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

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Ibotta during the first quarter valued at $25,000. Jones Financial Companies Lllp purchased a new position in shares of Ibotta during the 1st quarter worth $161,000. New York State Common Retirement Fund raised its stake in shares of Ibotta by 58.1% in the 1st quarter. New York State Common Retirement Fund now owns 4,900 shares of the company's stock valued at $207,000 after acquiring an additional 1,800 shares during the period. Federated Hermes Inc. raised its position in Ibotta by 883.9% in the first quarter. Federated Hermes Inc. now owns 6,740 shares of the company's stock valued at $284,000 after purchasing an additional 6,055 shares during the period. Finally, Invesco Ltd. grew its position in Ibotta by 53.6% in the 1st quarter. Invesco Ltd. now owns 7,962 shares of the company's stock valued at $336,000 after acquiring an additional 2,780 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.

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