Ibotta (NYSE:IBTA) Shares Down 4.6% After Insider Selling

Ibotta, Inc. (NYSE:IBTA) traded down 4.6% during trading on Monday following insider selling activity. The company traded as low as $47.07 and last traded at $47.10. 74,069 shares traded hands during trading, a decline of 83% from the average session volume of 425,965 shares. The stock had previously closed at $49.38.

Specifically, major shareholder Jermoluk Founders Fund I. Clark sold 5,000 shares of the stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $48.47, for a total value of $242,350.00. Following the transaction, the insider now owns 500,241 shares in the company, valued at approximately $24,246,681.27. This represents a 0.99% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Jermoluk Founders Fund I. Clark sold 6,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $50.02, for a total value of $300,120.00. Following the completion of the sale, the insider now owns 505,241 shares in the company, valued at approximately $25,272,154.82. This represents a 1.17% decrease in their position. The disclosure for this sale can be found here. In other Ibotta news, major shareholder Jermoluk Founders Fund I. Clark sold 23,397 shares of the company’s stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $49.99, for a total value of $1,169,616.03. Following the sale, the insider now owns 511,241 shares in the company, valued at approximately $25,556,937.59. This represents a 4.38% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. UBS Group increased their target price on Ibotta from $42.00 to $55.00 and gave the company a “neutral” rating in a research report on Thursday, May 15th. The Goldman Sachs Group increased their target price on Ibotta from $50.00 to $65.00 and gave the company a “buy” rating in a research report on Friday, May 16th. Wells Fargo & Company increased their target price on Ibotta from $52.00 to $60.00 and gave the company an “overweight” rating in a research report on Thursday, May 15th. Evercore ISI reiterated an “outperform” rating on shares of Ibotta in a research report on Thursday, May 15th. Finally, JMP Securities reissued a “market outperform” rating and issued a $58.00 price objective on shares of Ibotta in a research note 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 data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $61.60.

Ibotta Stock Performance

The company has a 50 day moving average of $48.68 and a 200 day moving average of $58.79. The stock has a market capitalization of $1.17 billion, a price-to-earnings ratio of 31.20 and a beta of -0.84.

Ibotta (NYSE:IBTA) last issued its 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 company had revenue of $84.57 million during the quarter, compared to analyst estimates of $81.70 million. During the same period last year, the business earned $0.33 earnings per share. The firm’s revenue was up 2.8% compared to the same quarter last year.

Ibotta announced that its Board of Directors has initiated 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 repurchase up to 5.3% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Institutional Trading of Ibotta

A number of hedge funds and other institutional investors have recently modified their holdings of IBTA. GAMMA Investing LLC increased its stake in shares of Ibotta by 2,859.7% in 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. Rhumbline Advisers increased its position in shares of Ibotta by 6.6% during the 1st quarter. Rhumbline Advisers now owns 20,221 shares of the company’s stock worth $853,000 after purchasing an additional 1,252 shares during the last quarter. AMI Asset Management Corp acquired a new stake in shares of Ibotta during the 1st quarter worth about $488,000. Sumitomo Mitsui Trust Group Inc. increased its position in shares of Ibotta by 67.2% during 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 last quarter. Finally, New York State Common Retirement Fund increased its position in shares of Ibotta by 58.1% during the 1st quarter. New York State Common Retirement Fund now owns 4,900 shares of the company’s stock worth $207,000 after purchasing an additional 1,800 shares during the last quarter.

Ibotta Company 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.