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

Ibotta, Inc. (NYSE:IBTA) major shareholder Jermoluk Founders Fund I. Clark sold 5,000 shares of Ibotta stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $48.47, for a total value of $242,350.00. Following the completion of the sale, the insider now directly owns 500,241 shares in the company, valued at $24,246,681.27. This trade represents a 0.99% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Large shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

Ibotta Price Performance

Shares of NYSE IBTA opened at $46.18 on Tuesday. The business’s 50 day moving average is $48.68 and its two-hundred day moving average is $58.79. Ibotta, Inc. has a 1-year low of $31.40 and a 1-year high of $83.45. The stock has a market capitalization of $1.17 billion, a P/E ratio of 31.20 and a beta of -0.84.

Ibotta (NYSE:IBTA) last issued its quarterly earnings data 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 company had revenue of $84.57 million for the quarter, compared to the consensus estimate of $81.70 million. During the same period in the previous year, the firm earned $0.33 earnings per share. The company’s revenue was up 2.8% compared to the same quarter last year.

Ibotta declared that its board has approved a share repurchase plan on Wednesday, March 12th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 5.3% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on IBTA shares. 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. Evercore ISI reaffirmed an “outperform” rating on shares of Ibotta in a report on Thursday, May 15th. Wells Fargo & Company lifted their target price on Ibotta from $52.00 to $60.00 and gave the stock an “overweight” rating in a report on Thursday, May 15th. The Goldman Sachs Group boosted their price objective on Ibotta from $50.00 to $65.00 and gave the stock a “buy” rating in a research note on Friday, May 16th. Finally, Needham & Company LLC boosted 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. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $61.60.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of IBTA. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Ibotta during the first quarter valued at approximately $25,000. Jones Financial Companies Lllp bought a new position in shares of Ibotta during the first quarter valued at approximately $161,000. New York State Common Retirement Fund grew its stake in shares of Ibotta by 58.1% during the first quarter. New York State Common Retirement Fund now owns 4,900 shares of the company’s stock valued at $207,000 after buying an additional 1,800 shares during the last quarter. Federated Hermes Inc. grew its stake in shares of Ibotta by 883.9% during the first quarter. Federated Hermes Inc. now owns 6,740 shares of the company’s stock valued at $284,000 after buying an additional 6,055 shares during the last quarter. Finally, Invesco Ltd. grew its stake in shares of Ibotta by 53.6% during the first quarter. Invesco Ltd. now owns 7,962 shares of the company’s stock valued at $336,000 after buying an additional 2,780 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.