Ibotta, Inc. (NYSE:IBTA) Major Shareholder Sells $300,120.00 in Stock

Ibotta, Inc. (NYSE:IBTA) major shareholder Jermoluk Founders Fund I. Clark sold 6,000 shares of the firm’s stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $50.02, for a total value of $300,120.00. Following the completion of the transaction, the insider now owns 505,241 shares of the company’s stock, valued at $25,272,154.82. The trade was a 1.17% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Large shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

Ibotta Stock Up 2.2%

Shares of IBTA stock opened at $49.24 on Friday. The firm has a 50 day moving average price of $48.65 and a two-hundred day moving average price of $58.87. The company has a market capitalization of $1.25 billion, a PE ratio of 33.27 and a beta of -0.84. Ibotta, Inc. has a 12-month low of $31.40 and a 12-month high of $83.45.

Ibotta (NYSE:IBTA) last issued its quarterly earnings data 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 company had revenue of $84.57 million for the quarter, compared to analyst estimates of $81.70 million. The company’s revenue was up 2.8% on a year-over-year basis. During the same quarter last year, the business earned $0.33 earnings per share.

Ibotta announced that its board has authorized a share repurchase plan on Wednesday, March 12th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to purchase up to 5.3% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Institutional Investors Weigh In On Ibotta

A number of hedge funds and other institutional investors have recently made changes to their positions in IBTA. GAMMA Investing LLC raised its position in shares of Ibotta by 2,859.7% in the first quarter. GAMMA Investing LLC now owns 1,983 shares of the company’s stock valued at $840,000 after buying an additional 1,916 shares in the last quarter. Rhumbline Advisers raised its position in shares of Ibotta by 6.6% in the first quarter. Rhumbline Advisers now owns 20,221 shares of the company’s stock valued at $853,000 after buying an additional 1,252 shares in the last quarter. AMI Asset Management Corp acquired a new stake in shares of Ibotta in the first quarter valued at approximately $488,000. Sumitomo Mitsui Trust Group Inc. raised its position in shares of Ibotta by 67.2% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,043,758 shares of the company’s stock valued at $44,047,000 after buying an additional 419,516 shares in the last quarter. Finally, New York State Common Retirement Fund raised its position in shares of Ibotta by 58.1% in 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 in the last quarter.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. JMP Securities reiterated a “market outperform” rating and set a $58.00 price target on shares of Ibotta in a report on Thursday, May 15th. Evercore ISI reiterated an “outperform” rating on shares of Ibotta in a report on Thursday, May 15th. UBS Group lifted 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. Needham & Company LLC lifted their price target on Ibotta from $60.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, May 15th. Finally, The Goldman Sachs Group lifted their price target on Ibotta from $50.00 to $65.00 and gave the stock a “buy” rating in a report on Friday, May 16th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Ibotta presently has an average rating of “Moderate Buy” and a consensus price target 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.