Ibotta, Inc. (NYSE:IBTA) Major Shareholder Sells $207,550.00 in Stock

Ibotta, Inc. (NYSE:IBTA - Get Free Report) 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 in the company, valued at approximately $19,312,153.91. The trade was a 1.06% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Major shareholders that own 10% or more of a company's shares are required to disclose their transactions with the SEC.

Ibotta Stock Down 3.8%

Shares of IBTA stock traded down $1.49 during trading hours on Wednesday, hitting $37.98. 121,921 shares of the company's stock traded hands, compared to its average volume of 421,819. The stock's fifty day simple moving average is $48.53 and its two-hundred day simple moving average is $58.31. Ibotta, Inc. has a 12-month low of $31.40 and a 12-month high of $79.80. The stock has a market cap of $961.27 million, a price-to-earnings ratio of 25.66, a PEG ratio of 3.44 and a beta of -0.84.

Ibotta (NYSE:IBTA - Get Free Report) last announced its quarterly earnings data on Wednesday, May 14th. The company reported $0.02 EPS 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 the consensus estimate of $81.70 million. Ibotta had a net margin of 16.24% and a return on equity of 15.04%. Ibotta's revenue for the quarter was up 2.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.33 EPS.

Ibotta declared that its board has authorized a stock 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 purchase up to 5.3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's management believes its shares are undervalued.

Institutional Trading of Ibotta

Hedge funds have recently bought and sold shares of the stock. ARK Investment Management LLC increased its holdings in shares of Ibotta by 299.8% in the first quarter. ARK Investment Management LLC now owns 704,308 shares of the company's stock worth $29,722,000 after purchasing an additional 528,147 shares during the last quarter. Southpoint Capital Advisors LP increased its stake in Ibotta by 48.2% in the 1st quarter. Southpoint Capital Advisors LP now owns 1,536,500 shares of the company's stock worth $64,840,000 after acquiring an additional 499,556 shares during the last quarter. Nikko Asset Management Americas Inc. increased its stake in Ibotta by 68.8% in the 1st quarter. Nikko Asset Management Americas Inc. now owns 1,053,518 shares of the company's stock worth $44,458,000 after acquiring an additional 429,516 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of Ibotta by 67.2% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,043,758 shares of the company's stock worth $44,047,000 after acquiring an additional 419,516 shares in the last quarter. Finally, Citigroup Inc. boosted its position in shares of Ibotta by 2,500.8% during the 1st quarter. Citigroup Inc. now owns 334,460 shares of the company's stock valued at $14,114,000 after acquiring an additional 321,600 shares during the last quarter.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on IBTA shares. JMP Securities reissued a "market outperform" rating and issued a $58.00 price objective on shares of Ibotta in a report on Thursday, May 15th. UBS Group lifted their target price on shares of Ibotta from $42.00 to $55.00 and gave the stock a "neutral" rating in a research note on Thursday, May 15th. Evercore ISI reiterated an "outperform" rating on shares of Ibotta in a research note on Thursday, May 15th. Needham & Company LLC increased their target price on Ibotta from $60.00 to $70.00 and gave the stock a "buy" rating in a research report on Thursday, May 15th. Finally, The Goldman Sachs Group lifted 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. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $61.60.

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.