Jermoluk Founders Fund I. Clark Sells 5,000 Shares of Ibotta, Inc. (NYSE:IBTA) 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 dated Monday, June 23rd. The stock was sold at an average price of $37.69, for a total transaction of $188,450.00. Following the transaction, the insider now owns 445,241 shares of the company's stock, valued at approximately $16,781,133.29. This trade represents a 1.11% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Major shareholders that own more than 10% of a company's shares are required to disclose their transactions with the SEC.

Ibotta Trading Down 4.4%

Shares of IBTA stock opened at $36.83 on Friday. Ibotta, Inc. has a twelve month low of $31.40 and a twelve month high of $79.80. The company's 50-day moving average price is $47.21 and its 200-day moving average price is $57.38. The stock has a market cap of $932.17 million, a price-to-earnings ratio of 24.89, a PEG ratio of 3.21 and a beta of -0.84.

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

Ibotta announced that its Board of Directors has initiated a share repurchase program on Wednesday, March 12th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to purchase up to 5.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's management believes its shares are undervalued.

Institutional Trading of Ibotta

Several institutional investors and hedge funds have recently bought and sold shares of IBTA. Southpoint Capital Advisors LP lifted its holdings in shares of 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 holdings 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 valued at $44,458,000 after purchasing an additional 429,516 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its position in Ibotta by 67.2% in the first 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. ARK Investment Management LLC lifted its stake in Ibotta by 299.8% during 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 in the last quarter. Finally, Citigroup Inc. boosted its position in shares of Ibotta by 2,500.8% during the first quarter. Citigroup Inc. now owns 334,460 shares of the company's stock worth $14,114,000 after buying an additional 321,600 shares during the period.

Analyst Ratings Changes

A number of analysts have recently issued reports on IBTA shares. Evercore ISI reaffirmed an "outperform" rating on shares of Ibotta in a research note on Thursday, May 15th. JMP Securities reaffirmed a "market outperform" rating and set a $58.00 target price on shares of Ibotta in a research note on Thursday, May 15th. UBS Group increased their target price on shares of Ibotta from $42.00 to $55.00 and gave the company a "neutral" rating in a research report on Thursday, May 15th. Needham & Company LLC raised their price target on shares of Ibotta from $60.00 to $70.00 and gave the stock a "buy" rating in a research note on Thursday, May 15th. Finally, Wells Fargo & Company upped their price objective on shares of Ibotta from $52.00 to $60.00 and gave the company an "overweight" rating in a research note on Thursday, May 15th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus 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.