Insider Selling: Ibotta, Inc. (NYSE:IBTA) Major Shareholder Sells 5,000 Shares of Stock

Ibotta, Inc. (NYSE:IBTA) major shareholder Jermoluk Founders Fund I. Clark sold 5,000 shares of Ibotta stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $37.69, for a total value of $188,450.00. Following the transaction, the insider now directly owns 445,241 shares of the company’s stock, valued at approximately $16,781,133.29. This represents a 1.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Major shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Ibotta Price Performance

Ibotta stock opened at $38.53 on Wednesday. The stock has a market capitalization of $975.19 million, a P/E ratio of 26.03, a P/E/G ratio of 3.15 and a beta of -0.84. Ibotta, Inc. has a 12-month low of $31.40 and a 12-month high of $79.80. The firm’s 50-day moving average is $47.74 and its two-hundred day moving average is $57.79.

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 analysts’ consensus estimates of $0.01 by $0.01. The firm had revenue of $84.57 million for the quarter, compared to analyst estimates of $81.70 million. Ibotta had a net margin of 16.24% and a return on equity of 15.04%. Ibotta’s revenue was up 2.8% compared to the same quarter last year. During the same quarter last year, the business earned $0.33 earnings per share.

Ibotta announced that its Board of Directors has approved a share buyback plan on Wednesday, March 12th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to buy up to 5.3% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On Ibotta

Several institutional investors have recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Ibotta by 5.8% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,394 shares of the company’s stock valued at $396,000 after acquiring an additional 515 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of Ibotta in the 1st quarter valued at $25,000. Deutsche Bank AG grew its stake in shares of Ibotta by 6.9% during the 1st quarter. Deutsche Bank AG now owns 11,030 shares of the company’s stock valued at $465,000 after buying an additional 713 shares during the period. Rhumbline Advisers raised its position 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 buying an additional 1,252 shares during the period. Finally, New York State Common Retirement Fund lifted its stake in shares of Ibotta by 58.1% in the 1st quarter. New York State Common Retirement Fund now owns 4,900 shares of the company’s stock valued at $207,000 after purchasing an additional 1,800 shares in the last quarter.

Wall Street Analysts Forecast Growth

IBTA has been the topic of several recent research reports. JMP Securities reiterated a “market outperform” rating and issued a $58.00 price objective on shares of Ibotta in a research report on Thursday, May 15th. Needham & Company LLC upped their price target on shares of Ibotta from $60.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, May 15th. UBS Group raised their price objective on shares of Ibotta from $42.00 to $55.00 and gave the stock a “neutral” rating in a research note on Thursday, May 15th. The Goldman Sachs Group upped their target price on Ibotta from $50.00 to $65.00 and gave the company a “buy” rating in a research note on Friday, May 16th. Finally, Wells Fargo & Company raised their price target on Ibotta from $52.00 to $60.00 and gave the stock an “overweight” rating in a research report on Thursday, May 15th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus 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.