Ibotta (NYSE:IBTA) Stock Price Down 4.6% on Insider Selling

Shares of Ibotta, Inc. (NYSE:IBTA - Get Free Report) dropped 4.6% during mid-day trading on Monday following insider selling activity. The stock traded as low as $47.07 and last traded at $47.10. Approximately 74,069 shares were traded during trading, a decline of 83% from the average daily volume of 425,965 shares. The stock had previously closed at $49.38.

Specifically, major shareholder Jermoluk Founders Fund I. Clark sold 5,000 shares of the business's stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $48.47, for a total transaction of $242,350.00. Following the completion of the transaction, the insider now directly owns 500,241 shares in the company, valued at $24,246,681.27. The trade was a 0.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Jermoluk Founders Fund I. Clark sold 6,000 shares of the stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $50.02, for a total transaction of $300,120.00. Following the completion of the transaction, the insider now directly owns 505,241 shares of the company's stock, valued at approximately $25,272,154.82. The trade was a 1.17% decrease in their position. The disclosure for this sale can be found here. In other news, major shareholder Jermoluk Founders Fund I. Clark sold 23,397 shares of the company's stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $49.99, for a total value of $1,169,616.03. Following the completion of the transaction, the insider now owns 511,241 shares of the company's stock, valued at $25,556,937.59. This represents a 4.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

Analyst Ratings Changes

IBTA has been the topic of a number of analyst reports. 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 upped their price target on shares of Ibotta from $60.00 to $70.00 and gave the company a "buy" rating in a research report on Thursday, May 15th. Wells Fargo & Company lifted their price objective on Ibotta from $52.00 to $60.00 and gave the stock an "overweight" rating in a research report on Thursday, May 15th. JMP Securities restated a "market outperform" rating and set a $58.00 target price on shares of Ibotta in a research report on Thursday, May 15th. Finally, 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. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $61.60.

Ibotta Trading Down 4.9%

The stock's 50-day moving average price is $48.73 and its 200-day moving average price is $58.62. The company has a market cap of $1.09 billion, a P/E ratio of 29.00 and a beta of -0.84.

Ibotta (NYSE:IBTA - Get Free Report) last issued its earnings results on Wednesday, May 14th. The company reported $0.02 earnings per share for the quarter, topping analysts' consensus estimates 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 in the previous year, the company earned $0.33 earnings per share. Ibotta's revenue for the quarter was up 2.8% compared to the same quarter last year.

Ibotta announced that its board has authorized a share buyback program on Wednesday, March 12th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 5.3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of IBTA. Rhumbline Advisers grew its position in shares of 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 acquiring an additional 1,252 shares during the period. Goldman Sachs Group Inc. raised its position in shares of Ibotta by 16.6% in the first quarter. Goldman Sachs Group Inc. now owns 122,514 shares of the company's stock worth $5,170,000 after buying an additional 17,421 shares in the last quarter. Jones Financial Companies Lllp bought a new stake in shares of Ibotta during the 1st quarter valued at about $161,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Ibotta by 5.8% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,394 shares of the company's stock valued at $396,000 after purchasing an additional 515 shares in the last quarter. Finally, Southpoint Capital Advisors LP lifted its position in Ibotta by 48.2% during the first quarter. Southpoint Capital Advisors LP now owns 1,536,500 shares of the company's stock valued at $64,840,000 after purchasing an additional 499,556 shares during 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.