Ibotta, Inc. (NYSE:IBTA) Major Shareholder Sells $209,800.00 in Stock

Ibotta, Inc. (NYSE:IBTA) major shareholder Jermoluk Founders Fund I. Clark sold 5,000 shares of the firm’s stock in a transaction on Friday, June 13th. The stock was sold at an average price of $41.96, for a total transaction of $209,800.00. Following the completion of the sale, the insider now directly owns 470,241 shares in the company, valued at approximately $19,731,312.36. This trade represents a 1.05% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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

IBTA stock opened at $38.29 on Friday. Ibotta, Inc. has a 1 year low of $31.40 and a 1 year high of $79.80. The firm has a 50-day moving average of $48.21 and a 200 day moving average of $58.08. The company has a market cap of $969.12 million, a P/E ratio of 25.87, a PEG ratio of 3.19 and a beta of -0.84.

Ibotta (NYSE:IBTA) last announced its earnings results on Wednesday, May 14th. The company reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.01. The firm had revenue of $84.57 million during the quarter, compared to analyst estimates of $81.70 million. Ibotta had a return on equity of 15.04% and a net margin of 16.24%. The business’s revenue was up 2.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.33 EPS.

Ibotta declared that its Board of Directors has approved a stock repurchase plan on Wednesday, March 12th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to reacquire up to 5.3% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its stock is undervalued.

Institutional Trading of Ibotta

A number of hedge funds have recently modified their holdings of IBTA. Rhumbline Advisers increased its stake in shares of Ibotta by 6.6% in the 1st quarter. Rhumbline Advisers now owns 20,221 shares of the company’s stock worth $853,000 after acquiring an additional 1,252 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in shares of Ibotta by 16.6% during the first quarter. Goldman Sachs Group Inc. now owns 122,514 shares of the company’s stock valued at $5,170,000 after purchasing an additional 17,421 shares in the last quarter. Jones Financial Companies Lllp purchased a new position in shares of Ibotta during the first quarter valued at approximately $161,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Ibotta by 5.8% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,394 shares of the company’s stock worth $396,000 after purchasing an additional 515 shares in the last quarter. Finally, Southpoint Capital Advisors LP grew its stake in shares of Ibotta by 48.2% in 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.

Analysts Set New Price Targets

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