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 business’s stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $41.96, for a total value of $209,800.00. Following the completion of the transaction, the insider now directly owns 470,241 shares of the company’s stock, valued at approximately $19,731,312.36. The trade was a 1.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Major shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

Ibotta Stock Performance

NYSE:IBTA opened at $38.29 on Thursday. The company has a market cap of $969.12 million, a PE ratio of 25.87, a PEG ratio of 3.29 and a beta of -0.84. Ibotta, Inc. has a 52-week low of $31.40 and a 52-week high of $79.80. The stock has a 50-day simple moving average of $48.36 and a 200 day simple moving average of $58.19.

Ibotta (NYSE:IBTA) last posted its quarterly earnings data 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 business had revenue of $84.57 million during the quarter, compared to the consensus estimate of $81.70 million. Ibotta had a return on equity of 15.04% and a net margin of 16.24%. Ibotta’s quarterly revenue was up 2.8% on a year-over-year basis. During the same period last year, the company earned $0.33 earnings per share.

Ibotta declared that its board has initiated a share buyback program on Wednesday, March 12th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to repurchase up to 5.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board believes its shares are undervalued.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of IBTA. GAMMA Investing LLC grew its holdings in shares of Ibotta by 2,859.7% during the first quarter. GAMMA Investing LLC now owns 1,983 shares of the company’s stock worth $840,000 after buying an additional 1,916 shares in the last quarter. Rhumbline Advisers boosted its position in Ibotta by 6.6% during the first quarter. Rhumbline Advisers now owns 20,221 shares of the company’s stock valued at $853,000 after purchasing an additional 1,252 shares during the last quarter. AMI Asset Management Corp acquired a new position in Ibotta during the first quarter valued at approximately $488,000. Sumitomo Mitsui Trust Group Inc. boosted 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 during the last quarter. Finally, New York State Common Retirement Fund boosted its position in Ibotta by 58.1% during the first 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 during the last quarter.

Wall Street Analyst Weigh In

A number of research firms have issued reports on IBTA. Wells Fargo & Company boosted their target price on Ibotta from $52.00 to $60.00 and gave the company an “overweight” rating in a research note on Thursday, May 15th. Needham & Company LLC boosted their target price on Ibotta from $60.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, May 15th. Evercore ISI reissued an “outperform” rating on shares of Ibotta in a research note on Thursday, May 15th. 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. Finally, The Goldman Sachs Group boosted 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. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, 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.