AMI Asset Management Corp Makes New Investment in Ibotta, Inc. (NYSE:IBTA)

AMI Asset Management Corp bought a new position in shares of Ibotta, Inc. (NYSE:IBTA) during the first quarter, Holdings Channel reports. The fund bought 11,568 shares of the company’s stock, valued at approximately $488,000.

Separately, GAMMA Investing LLC grew its holdings in 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 acquiring an additional 1,916 shares during the last quarter.

Analysts Set New Price Targets

A number of research firms have weighed in on IBTA. Evercore ISI reissued an “outperform” rating on shares of Ibotta in a report on Thursday, May 15th. JMP Securities reissued a “market outperform” rating and set a $58.00 target price on shares of Ibotta in a research note on Thursday, May 15th. Wells Fargo & Company increased their target price on shares of Ibotta from $52.00 to $60.00 and gave the stock an “overweight” rating in a research note on Thursday, May 15th. Needham & Company LLC increased their target price on shares of Ibotta from $60.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, May 15th. 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 note on Thursday, May 15th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $61.60.

Ibotta Trading Down 0.2%

IBTA opened at $38.43 on Thursday. The company’s fifty day moving average price is $47.61 and its two-hundred day moving average price is $57.66. Ibotta, Inc. has a 1-year low of $31.40 and a 1-year high of $79.80. The company has a market cap of $972.66 million, a price-to-earnings ratio of 25.97, a PEG ratio of 3.21 and a beta of -0.84.

Ibotta (NYSE:IBTA) last released its quarterly earnings data on Wednesday, May 14th. The company reported $0.02 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.01. Ibotta had a net margin of 16.24% and a return on equity of 15.04%. The firm had revenue of $84.57 million for the quarter, compared to the consensus estimate of $81.70 million. During the same quarter in the prior year, the company posted $0.33 earnings per share. The business’s revenue was up 2.8% on a year-over-year basis.

Ibotta announced that its Board of Directors has approved a stock buyback plan on Wednesday, March 12th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the company to buy up to 5.3% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other news, CMO Richard I. Donahue sold 85,289 shares of the stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $43.09, for a total value of $3,675,103.01. Following the completion of the sale, the chief marketing officer now owns 199,773 shares in the company, valued at $8,608,218.57. This represents a 29.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Jermoluk Founders Fund I. Clark sold 18,543 shares of the stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $50.13, for a total transaction of $929,560.59. Following the completion of the sale, the insider now owns 544,638 shares of the company’s stock, valued at approximately $27,302,702.94. This represents a 3.29% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 184,844 shares of company stock worth $8,368,649. Insiders own 16.08% of the company’s stock.

Ibotta Profile

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.