Ibotta, Inc. (NYSE:IBTA) CMO Richard I. Donahue Sells 85,289 Shares

Ibotta, Inc. (NYSE:IBTA - Get Free Report) CMO Richard I. Donahue sold 85,289 shares of Ibotta stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $43.09, for a total value of $3,675,103.01. Following the transaction, the chief marketing officer now owns 199,773 shares of the company's stock, valued at $8,608,218.57. The trade was a 29.92% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Ibotta Trading Down 3.0%

IBTA traded down $1.18 during midday trading on Thursday, hitting $38.29. 378,971 shares of the company traded hands, compared to its average volume of 298,655. The business has a 50 day simple moving average of $48.36 and a two-hundred day simple moving average of $58.19. Ibotta, Inc. has a 52-week low of $31.40 and a 52-week high of $79.80. The company has a market capitalization of $969.12 million, a price-to-earnings ratio of 25.87, a PEG ratio of 3.29 and a beta of -0.84.

Ibotta (NYSE:IBTA - Get Free Report) last issued its quarterly earnings results 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. Ibotta had a net margin of 16.24% and a return on equity of 15.04%. The firm had revenue of $84.57 million for the quarter, compared to analyst estimates of $81.70 million. During the same period last year, the company posted $0.33 EPS. Ibotta's quarterly revenue was up 2.8% compared to the same quarter last year.

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

Institutional Trading of Ibotta

Several large investors have recently made changes to their positions in IBTA. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Ibotta during the 1st quarter worth $25,000. GAMMA Investing LLC boosted its position in Ibotta by 2,859.7% during the first quarter. GAMMA Investing LLC now owns 1,983 shares of the company's stock worth $840,000 after acquiring an additional 1,916 shares during the last quarter. Jones Financial Companies Lllp acquired a new position in Ibotta during the first quarter worth about $161,000. New York State Common Retirement Fund grew its stake in Ibotta by 58.1% during the 1st quarter. New York State Common Retirement Fund now owns 4,900 shares of the company's stock valued at $207,000 after acquiring an additional 1,800 shares in the last quarter. Finally, Federated Hermes Inc. raised its holdings in Ibotta by 883.9% in 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.

Wall Street Analyst Weigh In

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

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.