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

Ibotta, Inc. (NYSE:IBTA)’s stock price was down 3.4% during mid-day trading on Wednesday after an insider sold shares in the company. The stock traded as low as $38.04 and last traded at $38.12. Approximately 70,643 shares changed hands during mid-day trading, a decline of 83% from the average daily 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 company’s stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $41.51, for a total transaction of $207,550.00. Following the completion of the sale, the insider now owns 465,241 shares of the company’s stock, valued at approximately $19,312,153.91. This represents a 1.06% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Jermoluk Founders Fund I. Clark sold 5,000 shares of the company’s stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $41.96, for a total transaction of $209,800.00. Following the sale, the insider now directly owns 470,241 shares of the company’s stock, valued at approximately $19,731,312.36. This represents a 1.05% decrease in their position. The disclosure for this sale can be found here. In related news, CMO Richard I. Donahue sold 85,289 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at approximately $8,608,218.57. This represents a 29.92% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on IBTA shares. The Goldman Sachs Group upped their price objective on shares of Ibotta from $50.00 to $65.00 and gave the company a “buy” rating in a research note on Friday, May 16th. Needham & Company LLC upped their price objective on shares of Ibotta from $60.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, May 15th. UBS Group upped their price objective on shares of Ibotta from $42.00 to $55.00 and gave the company a “neutral” rating in a research note on Thursday, May 15th. JMP Securities reiterated a “market outperform” rating and issued a $58.00 target price on shares of Ibotta in a report on Thursday, May 15th. Finally, Wells Fargo & Company boosted their target price on shares of Ibotta from $52.00 to $60.00 and gave the company an “overweight” rating in a report on Thursday, May 15th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $61.60.

Ibotta Trading Down 3.0%

The company has a market capitalization of $969.12 million, a price-to-earnings ratio of 25.87, a price-to-earnings-growth ratio of 3.29 and a beta of -0.84. The firm’s fifty day simple moving average is $48.36 and its two-hundred day simple moving average is $58.19.

Ibotta (NYSE:IBTA) last issued its quarterly earnings data on Wednesday, May 14th. The company reported $0.02 EPS 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 analyst estimates of $81.70 million. During the same period in the prior year, the business posted $0.33 EPS. The business’s revenue for the quarter was up 2.8% compared to the same quarter last year.

Ibotta declared that its Board of Directors has approved a stock repurchase program on Wednesday, March 12th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 5.3% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On Ibotta

Large investors have recently made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of Ibotta in the 1st quarter worth approximately $25,000. Jones Financial Companies Lllp acquired a new position in shares of Ibotta in the 1st quarter worth approximately $161,000. New York State Common Retirement Fund lifted its holdings in shares of Ibotta by 58.1% in the 1st quarter. New York State Common Retirement Fund now owns 4,900 shares of the company’s stock worth $207,000 after acquiring an additional 1,800 shares during the last quarter. Federated Hermes Inc. lifted its holdings in Ibotta by 883.9% during the 1st quarter. Federated Hermes Inc. now owns 6,740 shares of the company’s stock worth $284,000 after buying an additional 6,055 shares in the last quarter. Finally, Invesco Ltd. lifted its holdings in Ibotta by 53.6% during the 1st quarter. Invesco Ltd. now owns 7,962 shares of the company’s stock worth $336,000 after buying an additional 2,780 shares in 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.