Insider Selling: Ibotta, Inc. (NYSE:IBTA) Insider Sells 1,243 Shares of Stock

Ibotta, Inc. (NYSE:IBTA - Get Free Report) insider Marisa Daspit sold 1,243 shares of the stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $49.44, for a total transaction of $61,453.92. Following the completion of the sale, the insider now owns 56,282 shares in the company, valued at $2,782,582.08. The trade was a 2.16% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Ibotta Price Performance

IBTA stock traded up $1.56 during trading on Friday, hitting $49.72. The stock had a trading volume of 131,161 shares, compared to its average volume of 427,803. Ibotta, Inc. has a twelve month low of $31.40 and a twelve month high of $83.45. The company's 50-day moving average price is $48.55 and its two-hundred day moving average price is $58.92. The stock has a market capitalization of $1.26 billion, a P/E ratio of 33.59 and a beta of -0.84.

Ibotta (NYSE:IBTA - Get Free Report) last announced its quarterly earnings data on Wednesday, May 14th. The company reported $0.02 earnings per share for the quarter, beating analysts' consensus estimates 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. During the same quarter in the previous year, the business posted $0.33 EPS. The company's revenue for the quarter was up 2.8% on a year-over-year basis.

Ibotta declared that its board has authorized a share buyback program 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 shares through open market purchases. Shares repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

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

Analysts Set New Price Targets

Several research firms recently commented on IBTA. Wells Fargo & Company raised their price target on shares of Ibotta from $52.00 to $60.00 and gave the company an "overweight" rating in a research report on Thursday, May 15th. 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 research note on Thursday, May 15th. JMP Securities restated a "market outperform" rating and issued a $58.00 price target on shares of Ibotta in a research note on Thursday, May 15th. Evercore ISI reiterated an "outperform" rating on shares of Ibotta in a research report on Thursday, May 15th. Finally, The Goldman Sachs Group raised their price objective on Ibotta from $50.00 to $65.00 and gave the company a "buy" rating in a report on Friday, May 16th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target 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.