11,568 Shares in Ibotta, Inc. (NYSE:IBTA) Purchased by AMI Asset Management Corp

AMI Asset Management Corp bought a new position in shares of Ibotta, Inc. (NYSE:IBTA) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund bought 11,568 shares of the company’s stock, valued at approximately $488,000.

Separately, GAMMA Investing LLC boosted its holdings in shares of Ibotta by 2,859.7% during the 1st quarter. GAMMA Investing LLC now owns 1,983 shares of the company’s stock worth $840,000 after buying an additional 1,916 shares during the period.

Insider Activity

In related news, insider Marisa Daspit sold 1,243 shares of the company’s stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $49.44, for a total transaction of $61,453.92. Following the completion of the transaction, the insider now directly owns 56,282 shares in the company, valued at $2,782,582.08. This represents a 2.16% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Jermoluk Founders Fund I. Clark sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $37.69, for a total transaction of $188,450.00. Following the transaction, the insider now 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 disclosure for this sale can be found here. In the last ninety days, insiders sold 184,844 shares of company stock worth $8,368,649. 16.08% of the stock is currently owned by corporate insiders.

Ibotta Trading Down 0.2%

Shares of IBTA stock opened at $38.43 on Thursday. The stock has a market cap of $972.66 million, a P/E ratio of 25.97, a price-to-earnings-growth ratio of 3.21 and a beta of -0.84. The stock has a 50 day simple moving average of $47.61 and a 200 day simple moving average of $57.66. Ibotta, Inc. has a 1 year low of $31.40 and a 1 year high of $79.80.

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 business had revenue of $84.57 million during the quarter, compared to analysts’ expectations of $81.70 million. Ibotta had a return on equity of 15.04% and a net margin of 16.24%. The firm’s revenue for the quarter was up 2.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.33 earnings per share.

Ibotta announced that its board has authorized a share buyback program on Wednesday, March 12th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 5.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

IBTA has been the subject of several research analyst reports. Evercore ISI reaffirmed an “outperform” rating on shares of Ibotta in a report on Thursday, May 15th. Needham & Company LLC lifted their target price on shares of Ibotta from $60.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, May 15th. Wells Fargo & Company lifted their target price on shares of Ibotta from $52.00 to $60.00 and gave the stock an “overweight” rating in a report on Thursday, May 15th. The Goldman Sachs Group lifted their target price on shares of Ibotta from $50.00 to $65.00 and gave the stock a “buy” rating in a report on Friday, May 16th. Finally, UBS Group increased their target price on shares of Ibotta from $42.00 to $55.00 and gave the stock a “neutral” rating in a research report on Thursday, May 15th. One investment 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 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.