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

Shares of Ibotta, Inc. (NYSE:IBTA - Get Free Report) were down 4.6% during mid-day trading on Monday after an insider sold shares in the company. The company 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 6,000 shares of Ibotta stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $50.02, for a total value of $300,120.00. Following the completion of the transaction, the insider now owns 505,241 shares of the company's stock, valued at $25,272,154.82. The trade was a 1.17% decrease in their position. The transaction 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 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 transaction of $1,169,616.03. Following the completion of the transaction, the insider now owns 511,241 shares in the company, valued at approximately $25,556,937.59. This represents a 4.38% decrease in their position. The disclosure for this sale can be found here. In related news, insider Marisa Daspit sold 1,243 shares of the firm's stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $49.44, for a total transaction of $61,453.92. Following the completion of the sale, the insider now owns 56,282 shares of the company's stock, valued at $2,782,582.08. This trade represents a 2.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. The Goldman Sachs Group boosted their price target on Ibotta from $50.00 to $65.00 and gave the stock a "buy" rating in a research note on Friday, May 16th. JMP Securities reiterated a "market outperform" rating and issued a $58.00 price objective on shares of Ibotta in a report on Thursday, May 15th. Evercore ISI restated an "outperform" rating on shares of Ibotta in a research note on Thursday, May 15th. Wells Fargo & Company lifted their price target on shares of Ibotta from $52.00 to $60.00 and gave the stock an "overweight" rating in a research note on Thursday, May 15th. Finally, Needham & Company LLC boosted their price objective on shares of Ibotta from $60.00 to $70.00 and gave the company a "buy" rating in a 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 data from MarketBeat, Ibotta has an average rating of "Moderate Buy" and a consensus target price of $61.60.

Ibotta Stock Down 4.6%

The business's fifty day moving average is $48.65 and its 200-day moving average is $58.87. The company has a market cap of $1.19 billion, a PE ratio of 31.82 and a beta of -0.84.

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

Ibotta declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, March 12th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 5.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board of directors believes its shares are undervalued.

Hedge Funds Weigh In On Ibotta

A number of hedge funds have recently modified their holdings of the company. GAMMA Investing LLC raised its position in shares of 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 during the period. Rhumbline Advisers raised its holdings in Ibotta by 6.6% during the first 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. AMI Asset Management Corp bought a new position in shares of Ibotta in the first quarter worth about $488,000. Sumitomo Mitsui Trust Group Inc. raised its stake 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 during the period. Finally, New York State Common Retirement Fund lifted its holdings in Ibotta by 58.1% in the 1st quarter. New York State Common Retirement Fund now owns 4,900 shares of the company's stock worth $207,000 after purchasing an additional 1,800 shares in the last quarter.

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.

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