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

Ibotta, Inc. (NYSE:IBTA) major shareholder Jermoluk Founders Fund I. Clark sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $46.90, for a total transaction of $234,500.00. Following the completion of the transaction, the insider now owns 490,241 shares of the company’s stock, valued at approximately $22,992,302.90. The trade was a 1.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Major shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

Ibotta Stock Performance

NYSE IBTA opened at $45.27 on Thursday. The stock has a 50 day moving average price of $48.75 and a 200-day moving average price of $58.64. Ibotta, Inc. has a one year low of $31.40 and a one year high of $81.75. The company has a market capitalization of $1.15 billion, a P/E ratio of 30.59 and a beta of -0.84.

Ibotta (NYSE:IBTA) last issued its quarterly earnings data on Wednesday, May 14th. The company reported $0.02 EPS for the quarter, topping analysts’ consensus estimates of $0.01 by $0.01. The business had revenue of $84.57 million during the quarter, compared to analysts’ expectations of $81.70 million. The business’s quarterly revenue was up 2.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.33 earnings per share.

Ibotta announced that its board 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 shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

IBTA has been the topic of a number of analyst reports. The Goldman Sachs Group lifted their target price on shares of Ibotta from $50.00 to $65.00 and gave the company a “buy” rating in a research note on Friday, May 16th. Wells Fargo & Company boosted their price objective on Ibotta from $52.00 to $60.00 and gave the company an “overweight” rating in a research report on Thursday, May 15th. Evercore ISI reissued an “outperform” rating on shares of Ibotta in a research note on Thursday, May 15th. UBS Group upped their price target on Ibotta from $42.00 to $55.00 and gave the stock a “neutral” rating in a research note on Thursday, May 15th. Finally, JMP Securities reissued a “market outperform” rating and issued a $58.00 target price on shares of Ibotta in a report on Thursday, May 15th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $61.60.

Hedge Funds Weigh In On Ibotta

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

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.