Insider Selling: Ibotta, Inc. (NYSE:IBTA) Major Shareholder Sells $242,350.00 in Stock

Ibotta, Inc. (NYSE:IBTA) major shareholder Jermoluk Founders Fund I. Clark sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $48.47, for a total value of $242,350.00. Following the sale, the insider now owns 500,241 shares of the company’s stock, valued at approximately $24,246,681.27. This represents a 0.99% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Major shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Ibotta Stock Performance

Shares of IBTA stock traded down $3.20 during trading on Monday, hitting $46.18. The company had a trading volume of 289,624 shares, compared to its average volume of 428,070. The firm has a market capitalization of $1.17 billion, a P/E ratio of 31.20 and a beta of -0.84. The stock’s 50-day moving average price is $48.68 and its 200 day moving average price is $58.79. Ibotta, Inc. has a one year low of $31.40 and a one year high of $83.45.

Ibotta (NYSE:IBTA) last issued its quarterly earnings results on Wednesday, May 14th. The company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.01. The company had revenue of $84.57 million during the quarter, compared to the consensus estimate of $81.70 million. The company’s quarterly revenue was up 2.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.33 earnings per share.

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

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in IBTA. ARK Investment Management LLC raised its position in Ibotta by 299.8% during the first quarter. ARK Investment Management LLC now owns 704,308 shares of the company’s stock valued at $29,722,000 after purchasing an additional 528,147 shares in the last quarter. Southpoint Capital Advisors LP raised its position in Ibotta by 48.2% during the first quarter. Southpoint Capital Advisors LP now owns 1,536,500 shares of the company’s stock valued at $64,840,000 after purchasing an additional 499,556 shares in the last quarter. Nikko Asset Management Americas Inc. raised its position in Ibotta by 68.8% during the first quarter. Nikko Asset Management Americas Inc. now owns 1,053,518 shares of the company’s stock valued at $44,458,000 after purchasing an additional 429,516 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its position in Ibotta by 67.2% during 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 purchasing an additional 419,516 shares in the last quarter. Finally, Citigroup Inc. raised its position in Ibotta by 2,500.8% during the first quarter. Citigroup Inc. now owns 334,460 shares of the company’s stock valued at $14,114,000 after purchasing an additional 321,600 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on IBTA. Wells Fargo & Company boosted their price objective on Ibotta from $52.00 to $60.00 and gave the stock an “overweight” rating in a report on Thursday, May 15th. Evercore ISI restated an “outperform” rating on shares of Ibotta 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 report on Friday, May 16th. Needham & Company LLC boosted their price objective on Ibotta from $60.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, May 15th. Finally, UBS Group boosted their price objective on Ibotta from $42.00 to $55.00 and gave the stock a “neutral” rating in a report on Thursday, May 15th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Ibotta currently has a consensus rating of “Moderate Buy” and an average target price 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.