Rhumbline Advisers Acquires 1,252 Shares of Ibotta, Inc. (NYSE:IBTA)

Rhumbline Advisers grew its position in Ibotta, Inc. (NYSE:IBTA) by 6.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 20,221 shares of the company’s stock after buying an additional 1,252 shares during the quarter. Rhumbline Advisers owned 0.07% of Ibotta worth $853,000 as of its most recent SEC filing.

Separately, GAMMA Investing LLC raised its position 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 valued at $840,000 after buying an additional 1,916 shares in the last quarter.

Insider Buying and Selling

In other Ibotta news, CMO Richard I. Donahue sold 85,289 shares of the business’s stock in a transaction that occurred 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 sale, the chief marketing officer now directly owns 199,773 shares of the company’s stock, valued at $8,608,218.57. The trade was a 29.92% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Jermoluk Founders Fund I. Clark sold 18,543 shares of the business’s stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $50.13, for a total transaction of $929,560.59. Following the sale, the insider now directly owns 544,638 shares in the company, valued at $27,302,702.94. The trade was a 3.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 174,844 shares of company stock worth $7,987,749 in the last three months. 16.08% of the stock is owned by corporate insiders.

Ibotta Price Performance

IBTA stock opened at $38.36 on Friday. The company has a 50 day simple moving average of $48.05 and a 200 day simple moving average of $57.97. The stock has a market cap of $970.89 million, a price-to-earnings ratio of 25.92, a P/E/G ratio of 3.19 and a beta of -0.84. Ibotta, Inc. has a 1 year low of $31.40 and a 1 year high of $79.80.

Ibotta (NYSE:IBTA) last released its quarterly earnings data 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 business had revenue of $84.57 million during the quarter, compared to analysts’ expectations of $81.70 million. Ibotta had a net margin of 16.24% and a return on equity of 15.04%. The firm’s quarterly revenue was up 2.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.33 EPS.

Ibotta announced that its board has authorized a share buyback program on Wednesday, March 12th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 5.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

Several brokerages have recently commented on IBTA. UBS Group boosted their target price 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. 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 research report on Thursday, May 15th. Needham & Company LLC boosted their target price 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. Evercore ISI restated an “outperform” rating on shares of Ibotta in a research report on Thursday, May 15th. Finally, The Goldman Sachs Group boosted their target price on shares of Ibotta from $50.00 to $65.00 and gave the company a “buy” rating in a research report on Friday, May 16th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $61.60.

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.