Jermoluk Founders Fund I. Clark Sells 6,000 Shares of Ibotta, Inc. (NYSE:IBTA) Stock

Ibotta, Inc. (NYSE:IBTA - Get Free Report) major shareholder Jermoluk Founders Fund I. Clark sold 6,000 shares of the firm's 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 directly owns 505,241 shares in the company, valued at $25,272,154.82. The trade was a 1.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Major shareholders that own at least 10% of a company's stock are required to disclose their transactions with the SEC.

Ibotta Stock Up 2.2%

NYSE:IBTA traded up $1.08 during trading hours on Friday, hitting $49.24. 293,151 shares of the stock traded hands, compared to its average volume of 429,364. The company has a market cap of $1.25 billion, a price-to-earnings ratio of 33.27 and a beta of -0.84. Ibotta, Inc. has a 1 year low of $31.40 and a 1 year high of $83.45. The stock has a 50 day moving average price of $48.65 and a 200 day moving average price of $58.87.

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 firm had revenue of $84.57 million for the quarter, compared to the consensus estimate of $81.70 million. The firm's revenue for the quarter was up 2.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.33 earnings per share.

Ibotta declared that its Board of Directors has approved a stock buyback plan 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 plans are usually a sign that the company's leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

IBTA has been the topic of several recent research reports. UBS Group increased their price objective 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. JMP Securities reiterated a "market outperform" rating and issued a $58.00 price target on shares of Ibotta in a research report on Thursday, May 15th. The Goldman Sachs Group lifted their price target on shares of Ibotta from $50.00 to $65.00 and gave the stock a "buy" rating in a research note on Friday, May 16th. Evercore ISI restated an "outperform" rating on shares of Ibotta in a research note on Thursday, May 15th. Finally, Wells Fargo & Company lifted their target price on Ibotta from $52.00 to $60.00 and gave the company an "overweight" rating in a research report on Thursday, May 15th. One investment 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, Ibotta presently has a consensus rating of "Moderate Buy" and an average target price of $61.60.

Hedge Funds Weigh In On Ibotta

A number of hedge funds have recently made changes to their positions in the business. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Ibotta in the 1st quarter worth approximately $25,000. Jones Financial Companies Lllp bought a new stake in shares of Ibotta during the first quarter valued at approximately $161,000. New York State Common Retirement Fund lifted its holdings in shares of Ibotta by 58.1% in 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 position in shares of Ibotta by 883.9% during the first quarter. Federated Hermes Inc. now owns 6,740 shares of the company's stock worth $284,000 after acquiring an additional 6,055 shares during the last quarter. Finally, Invesco Ltd. grew its stake in Ibotta by 53.6% during the first quarter. Invesco Ltd. now owns 7,962 shares of the company's stock valued at $336,000 after acquiring an additional 2,780 shares in 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.