Ibotta, Inc. (NYSE:IBTA) Major Shareholder Jermoluk Founders Fund I. Clark Sells 5,000 Shares

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 Wednesday, May 28th. The stock was sold at an average price of $50.15, for a total value of $250,750.00. Following the transaction, the insider now directly owns 563,181 shares in the company, valued at approximately $28,243,527.15. The trade was a 0.88% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Major shareholders that own at least 10% of a company's stock are required to disclose their sales and purchases with the SEC.

Ibotta Price Performance

Shares of IBTA traded up $0.33 during mid-day trading on Friday, reaching $50.09. The company's stock had a trading volume of 393,637 shares, compared to its average volume of 434,047. Ibotta, Inc. has a 12-month low of $31.40 and a 12-month high of $107.89. The stock has a market cap of $1.27 billion and a PE ratio of 33.84. The company's 50 day moving average is $48.08 and its 200 day moving average is $59.13.

Ibotta (NYSE:IBTA - Get Free Report) last released its quarterly earnings data on Wednesday, May 14th. The company reported $0.02 EPS for the quarter, beating analysts' consensus estimates of $0.01 by $0.01. The business had revenue of $84.57 million during the quarter, compared to analysts' expectations of $81.70 million. The company's revenue was up 2.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.33 EPS.

Ibotta declared that its board has initiated a share repurchase program on Wednesday, March 12th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the company to buy up to 5.3% of its stock through open market purchases. Stock buyback programs are often a sign that the company's leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Wells Fargo & Company lifted their price objective on Ibotta from $52.00 to $60.00 and gave the company an "overweight" rating in a research note on Thursday, May 15th. Evercore ISI reiterated an "outperform" rating on shares of Ibotta in a research note 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. 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 note on Friday, May 16th. Finally, JMP Securities reiterated a "market outperform" rating and issued a $58.00 price objective on shares of Ibotta in a research note on Thursday, May 15th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $61.60.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in IBTA. ARK Investment Management LLC grew its stake in Ibotta by 299.8% during the 1st 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 during the last quarter. Southpoint Capital Advisors LP grew its stake in Ibotta by 48.2% during the 1st quarter. Southpoint Capital Advisors LP now owns 1,536,500 shares of the company's stock worth $64,840,000 after buying an additional 499,556 shares during the last quarter. Nikko Asset Management Americas Inc. grew its stake in Ibotta by 68.8% during the 1st quarter. Nikko Asset Management Americas Inc. now owns 1,053,518 shares of the company's stock worth $44,458,000 after buying an additional 429,516 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. grew its stake in Ibotta by 67.2% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,043,758 shares of the company's stock worth $44,047,000 after buying an additional 419,516 shares during the last quarter. Finally, Citigroup Inc. grew its stake in Ibotta by 2,500.8% during the 1st 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 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.