Ibotta, Inc. (NYSE:IBTA) Major Shareholder Sells $245,300.00 in Stock

Ibotta, Inc. (NYSE:IBTA) major shareholder Jermoluk Founders Fund I. Clark sold 5,000 shares of the firm’s stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $49.06, for a total transaction of $245,300.00. Following the sale, the insider now owns 534,638 shares of the company’s stock, valued at approximately $26,229,340.28. The trade was a 0.93% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Large shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

Ibotta Price Performance

Shares of NYSE:IBTA opened at $48.40 on Thursday. The firm has a market capitalization of $1.23 billion, a PE ratio of 32.70 and a beta of -0.84. The firm’s 50-day moving average is $48.42 and its two-hundred day moving average is $58.95. Ibotta, Inc. has a 1 year low of $31.40 and a 1 year high of $84.93.

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, topping analysts’ consensus estimates of $0.01 by $0.01. The business had revenue of $84.57 million for the quarter, compared to analysts’ expectations of $81.70 million. During the same quarter last year, the company earned $0.33 earnings per share. The firm’s revenue for the quarter was up 2.8% on a year-over-year basis.

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

Analysts Set New Price Targets

IBTA has been the subject of several analyst reports. Wells Fargo & Company increased their price target on shares of Ibotta from $52.00 to $60.00 and gave the company an “overweight” rating in a research note on Thursday, May 15th. UBS Group upped their price objective on Ibotta from $42.00 to $55.00 and gave the company a “neutral” rating in a report on Thursday, May 15th. Needham & Company LLC increased their price objective on Ibotta from $60.00 to $70.00 and gave the stock a “buy” 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. Finally, The Goldman Sachs Group upped their price target on Ibotta from $50.00 to $65.00 and gave the company a “buy” rating in a research note on Friday, May 16th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $61.60.

Institutional Trading of Ibotta

Large investors have recently made changes to their positions in the company. Federated Hermes Inc. increased its stake in shares of Ibotta by 883.9% during the first quarter. Federated Hermes Inc. now owns 6,740 shares of the company’s stock worth $284,000 after buying an additional 6,055 shares during the period. XTX Topco Ltd increased its stake in shares of Ibotta by 237.9% during the first quarter. XTX Topco Ltd now owns 24,068 shares of the company’s stock worth $1,016,000 after buying an additional 16,945 shares during the period. Victory Capital Management Inc. purchased a new stake in shares of Ibotta during the first quarter worth approximately $1,465,000. Meeder Asset Management Inc. purchased a new stake in shares of Ibotta during the first quarter worth approximately $388,000. Finally, Pacer Advisors Inc. purchased a new stake in shares of Ibotta during the first quarter worth approximately $3,539,000.

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.