Insider Selling: Ibotta, Inc. (NYSE:IBTA) Major Shareholder Sells 5,000 Shares of Stock

Ibotta, Inc. (NYSE:IBTA - Get Free Report) major shareholder Jermoluk Founders Fund I. Clark sold 5,000 shares of the 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 directly owns 445,241 shares in the company, valued at $16,781,133.29. The trade was a 1.11% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Large shareholders that own 10% or more of a company's shares are required to disclose their transactions with the SEC.

Ibotta Price Performance

IBTA traded up $0.70 on Tuesday, hitting $38.53. The company had a trading volume of 322,112 shares, compared to its average volume of 423,530. Ibotta, Inc. has a 1-year low of $31.40 and a 1-year high of $79.80. The stock has a market cap of $975.19 million, a price-to-earnings ratio of 26.03, a price-to-earnings-growth ratio of 3.20 and a beta of -0.84. The company's fifty day moving average price is $47.89 and its 200 day moving average price is $57.86.

Ibotta (NYSE:IBTA - Get Free Report) last announced its 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. Ibotta had a return on equity of 15.04% and a net margin of 16.24%. The firm had revenue of $84.57 million during the quarter, compared to the consensus estimate of $81.70 million. During the same quarter in the prior year, the company earned $0.33 EPS. The firm's revenue for the quarter was up 2.8% compared to the same quarter last year.

Ibotta declared that its Board of Directors has initiated a share repurchase plan on Wednesday, March 12th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to reacquire up to 5.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board believes its stock is undervalued.

Institutional Trading of Ibotta

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Ibotta in the 1st quarter valued at $25,000. Jones Financial Companies Lllp acquired a new stake in shares of Ibotta during the first quarter worth approximately $161,000. New York State Common Retirement Fund increased its holdings in shares of Ibotta by 58.1% during the first quarter. New York State Common Retirement Fund now owns 4,900 shares of the company's stock worth $207,000 after buying an additional 1,800 shares in the last quarter. Federated Hermes Inc. boosted its holdings in shares of Ibotta by 883.9% in the 1st quarter. Federated Hermes Inc. now owns 6,740 shares of the company's stock worth $284,000 after acquiring an additional 6,055 shares in the last quarter. Finally, Invesco Ltd. grew its position in Ibotta by 53.6% during the 1st quarter. Invesco Ltd. now owns 7,962 shares of the company's stock worth $336,000 after acquiring an additional 2,780 shares during the last quarter.

Wall Street Analysts Forecast Growth

IBTA has been the topic of a number of research reports. Needham & Company LLC increased their target price on shares of Ibotta from $60.00 to $70.00 and gave the stock a "buy" rating in a report on Thursday, May 15th. The Goldman Sachs Group upped their target price on Ibotta from $50.00 to $65.00 and gave the company a "buy" rating in a report on Friday, May 16th. UBS Group boosted their price objective on Ibotta from $42.00 to $55.00 and gave the company a "neutral" rating in a research report on Thursday, May 15th. Evercore ISI reaffirmed an "outperform" rating on shares of Ibotta in a report on Thursday, May 15th. Finally, Wells Fargo & Company boosted their price target on Ibotta from $52.00 to $60.00 and gave the stock an "overweight" rating in a research report on Thursday, May 15th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $61.60.

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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