Insider Selling: Ibotta, Inc. (NYSE:IBTA) Major Shareholder Sells 5,000 Shares of Stock

Ibotta, Inc. (NYSE:IBTA) major shareholder Jermoluk Founders Fund I. Clark sold 5,000 shares of Ibotta stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $38.43, for a total transaction of $192,150.00. Following the transaction, the insider now owns 435,241 shares of the company’s stock, valued at $16,726,311.63. The trade was a 1.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Major shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

Ibotta Stock Down 4.4%

Shares of IBTA opened at $36.83 on Friday. The company has a market capitalization of $932.17 million, a P/E ratio of 24.89, a price-to-earnings-growth ratio of 3.21 and a beta of -0.84. The firm has a 50 day moving average of $47.21 and a 200 day moving average of $57.38. Ibotta, Inc. has a twelve month low of $31.40 and a twelve month high of $79.80.

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

Ibotta announced that its board has approved a share repurchase program on Wednesday, March 12th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the company to buy up to 5.3% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

Institutional Investors Weigh In On Ibotta

A number of large investors have recently added to or reduced their stakes in the stock. Southpoint Capital Advisors LP grew its position in Ibotta by 48.2% in the 1st quarter. Southpoint Capital Advisors LP now owns 1,536,500 shares of the company’s stock worth $64,840,000 after purchasing an additional 499,556 shares during the period. Nikko Asset Management Americas Inc. grew its position in Ibotta by 68.8% in the 1st quarter. Nikko Asset Management Americas Inc. now owns 1,053,518 shares of the company’s stock worth $44,458,000 after purchasing an additional 429,516 shares during the period. Sumitomo Mitsui Trust Group Inc. grew its position in Ibotta by 67.2% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,043,758 shares of the company’s stock worth $44,047,000 after purchasing an additional 419,516 shares during the period. ARK Investment Management LLC grew its position in Ibotta by 299.8% in the 1st quarter. ARK Investment Management LLC now owns 704,308 shares of the company’s stock worth $29,722,000 after purchasing an additional 528,147 shares during the period. Finally, Citigroup Inc. grew its position in Ibotta by 2,500.8% in the 1st quarter. Citigroup Inc. now owns 334,460 shares of the company’s stock worth $14,114,000 after purchasing an additional 321,600 shares during the period.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on IBTA shares. 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 report on Friday, May 16th. Evercore ISI reissued an “outperform” rating on shares of Ibotta in a research report on Thursday, May 15th. JMP Securities reissued a “market outperform” rating and set a $58.00 price target on shares of Ibotta in a research report on Thursday, May 15th. UBS Group raised their price target on shares of Ibotta from $42.00 to $55.00 and gave the company a “neutral” rating in a research report on Thursday, May 15th. Finally, Needham & Company LLC raised their price target on shares of Ibotta from $60.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, May 15th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Ibotta currently has a consensus rating of “Moderate Buy” and a consensus price target 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.