Ibotta (NYSE:IBTA) Trading Down 3.4% Following Insider Selling

Shares of Ibotta, Inc. (NYSE:IBTAGet Free Report) traded down 3.4% on Wednesday following insider selling activity. The stock traded as low as $38.04 and last traded at $38.12. 70,643 shares were traded during trading, a decline of 83% from the average session volume of 421,409 shares. The stock had previously closed at $39.47.

Specifically, major shareholder Jermoluk Founders Fund I. Clark sold 5,000 shares of the stock in a transaction on Monday, June 16th. The shares were sold at an average price of $41.51, for a total value of $207,550.00. Following the transaction, the insider now directly owns 465,241 shares of the company’s stock, valued at $19,312,153.91. This trade represents a 1.06% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Jermoluk Founders Fund I. Clark sold 5,000 shares of the stock in a transaction on Friday, June 13th. The shares were sold at an average price of $41.96, for a total transaction of $209,800.00. Following the completion of the transaction, the insider now directly owns 470,241 shares in the company, valued at $19,731,312.36. This trade represents a 1.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. In related news, CMO Richard I. Donahue sold 85,289 shares of the stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $43.09, for a total transaction 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Wall Street Analyst Weigh In

IBTA has been the subject of a number of recent research reports. Wells Fargo & Company increased their price target 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. JMP Securities reiterated a “market outperform” rating and set a $58.00 price target on shares of Ibotta in a research note on Thursday, May 15th. Evercore ISI reiterated an “outperform” rating on shares of Ibotta in a research note on Thursday, May 15th. The Goldman Sachs Group increased their price target on shares of Ibotta from $50.00 to $65.00 and gave the stock a “buy” rating in a research note on Friday, May 16th. Finally, UBS Group raised 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 given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $61.60.

Check Out Our Latest Analysis on IBTA

Ibotta Stock Performance

The stock’s fifty day moving average price is $48.21 and its 200-day moving average price is $58.08. The firm has a market cap of $969.12 million, a PE ratio of 25.87, a P/E/G ratio of 3.19 and a beta of -0.84.

Ibotta (NYSE:IBTAGet Free Report) last announced its quarterly earnings results on Wednesday, May 14th. The company reported $0.02 earnings per share (EPS) for the quarter, beating 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 last year, the firm posted $0.33 EPS. The business’s revenue was up 2.8% compared to the same quarter last year.

Ibotta declared that its board has authorized a stock buyback plan on Wednesday, March 12th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to repurchase up to 5.3% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Hedge Funds Weigh In On Ibotta

Several hedge funds have recently added to or reduced their stakes in the business. Rhumbline Advisers increased its holdings in Ibotta by 6.6% during the 1st quarter. Rhumbline Advisers now owns 20,221 shares of the company’s stock valued at $853,000 after acquiring an additional 1,252 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in Ibotta by 16.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 122,514 shares of the company’s stock valued at $5,170,000 after acquiring an additional 17,421 shares in the last quarter. Jones Financial Companies Lllp purchased a new position in Ibotta during the 1st quarter valued at about $161,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Ibotta by 5.8% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,394 shares of the company’s stock valued at $396,000 after acquiring an additional 515 shares in the last quarter. Finally, Southpoint Capital Advisors LP increased its holdings in Ibotta by 48.2% during the 1st quarter. Southpoint Capital Advisors LP now owns 1,536,500 shares of the company’s stock valued at $64,840,000 after acquiring an additional 499,556 shares in the last quarter.

About Ibotta

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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.

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