Insider Selling: Ibotta, Inc. (NYSE:IBTA) Major Shareholder Sells 423,878 Shares of Stock

Ibotta, Inc. (NYSE:IBTA - Get Free Report) major shareholder Jermoluk Founders Fund I. Clark sold 423,878 shares of the stock in a transaction that occurred on Thursday, June 26th. The stock was 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 in the company, valued at $397,932.26. The trade was a 97.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Major shareholders that own at least 10% of a company's stock are required to disclose their transactions with the SEC.

Ibotta Stock Performance

Shares of Ibotta stock traded up $0.71 during trading hours on Thursday, hitting $36.47. The company's stock had a trading volume of 147,496 shares, compared to its average volume of 421,739. The company has a market cap of $923.06 million, a PE ratio of 24.64, a PEG ratio of 3.00 and a beta of -1.29. The business has a 50 day moving average price of $46.59 and a two-hundred day moving average price of $56.66. Ibotta, Inc. has a 12-month low of $31.40 and a 12-month high of $79.80.

Ibotta (NYSE:IBTA - Get Free Report) last issued its earnings results on Wednesday, May 14th. The company reported $0.02 earnings per share (EPS) 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 company had revenue of $84.57 million for the quarter, compared to the consensus estimate of $81.70 million. During the same quarter last year, the company earned $0.33 EPS. The firm's quarterly revenue was up 2.8% on a year-over-year basis.

Ibotta announced that its board has initiated a stock repurchase plan on Wednesday, March 12th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 5.3% of its stock through open market purchases. Stock buyback plans are usually an indication that the company's board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

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

Hedge Funds Weigh In On Ibotta

Hedge funds have recently modified their holdings of the stock. Southpoint Capital Advisors LP increased its holdings 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 last quarter. Nikko Asset Management Americas Inc. grew its position in shares of Ibotta by 68.8% during the first 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 in the last quarter. Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Ibotta by 67.2% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,043,758 shares of the company's stock worth $44,047,000 after purchasing an additional 419,516 shares during the last quarter. ARK Investment Management LLC lifted its position 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 buying an additional 528,147 shares in the last quarter. Finally, Citigroup Inc. boosted its stake in Ibotta by 2,500.8% during the first quarter. Citigroup Inc. now owns 334,460 shares of the company's stock valued at $14,114,000 after buying an additional 321,600 shares during the last quarter.

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.