Ibotta, Inc. (NYSE:IBTA) Major Shareholder Sells $14,844,207.56 in Stock

Ibotta, Inc. (NYSE:IBTA - Get Free Report) major shareholder Jermoluk Founders Fund I. Clark sold 423,878 shares of Ibotta stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $35.02, for a total transaction of $14,844,207.56. Following the completion of the transaction, the insider owned 11,363 shares of the company's stock, valued at $397,932.26. This trade represents a 97.39% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Large shareholders that own at least 10% of a company's shares are required to disclose their sales and purchases with the SEC.

Ibotta Stock Performance

NYSE IBTA traded down $0.14 during trading on Wednesday, reaching $35.82. 751,616 shares of the company's stock were exchanged, compared to its average volume of 333,852. The company has a 50 day moving average price of $46.59 and a two-hundred day moving average price of $56.66. The stock has a market cap of $906.60 million, a P/E ratio of 24.20, a price-to-earnings-growth ratio of 3.00 and a beta of -1.29. Ibotta, Inc. has a 1 year low of $31.40 and a 1 year high of $79.80.

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

Ibotta announced that its Board of Directors has approved a stock buyback program on Wednesday, March 12th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 5.3% of its stock through open market purchases. Stock buyback programs are often a sign that the company's board of directors believes its shares are undervalued.

Analysts Set New Price Targets

Several research firms have commented on IBTA. Wells Fargo & Company boosted 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. Needham & Company LLC boosted their target price on Ibotta from $60.00 to $70.00 and gave the stock a "buy" rating in a research note on Thursday, May 15th. Evercore ISI restated an "outperform" rating on shares of Ibotta in a report on Thursday, May 15th. UBS Group lifted their price objective on Ibotta from $42.00 to $55.00 and gave the company a "neutral" rating in a research note on Thursday, May 15th. Finally, JMP Securities reaffirmed a "market outperform" rating and issued a $58.00 target price on shares of Ibotta in a report on Thursday, May 15th. One analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, Ibotta currently has a consensus rating of "Moderate Buy" and an average target price of $61.60.

Institutional Investors Weigh In On Ibotta

Institutional investors and hedge funds have recently bought and sold shares of the stock. Goldman Sachs Group Inc. grew its position in Ibotta by 16.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 122,514 shares of the company's stock worth $5,170,000 after purchasing an additional 17,421 shares during the last quarter. Rhumbline Advisers boosted its stake in shares of Ibotta by 6.6% during the first quarter. Rhumbline Advisers now owns 20,221 shares of the company's stock worth $853,000 after buying an additional 1,252 shares during the period. Jones Financial Companies Lllp purchased a new position in shares of Ibotta during the first quarter worth about $161,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Ibotta by 5.8% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,394 shares of the company's stock valued at $396,000 after acquiring an additional 515 shares during the period. Finally, Southpoint Capital Advisors LP increased its position in Ibotta by 48.2% in the 1st quarter. Southpoint Capital Advisors LP now owns 1,536,500 shares of the company's stock valued at $64,840,000 after acquiring an additional 499,556 shares during the period.

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.