Ibotta, Inc. (NYSE:IBTA - Get Free Report) major shareholder Jermoluk Founders Fund Clark sold 500,000 shares of the stock in a transaction on Monday, July 6th. The shares were sold at an average price of $30.15, for a total value of $15,075,000.00. Following the completion of the sale, the insider owned 3,341,308 shares of the company's stock, valued at $100,740,436.20. The trade was a 13.02% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Major shareholders that own at least 10% of a company's shares are required to disclose their sales and purchases with the SEC.
Ibotta Stock Down 6.0%
Shares of Ibotta stock opened at $31.45 on Thursday. Ibotta, Inc. has a 12 month low of $19.10 and a 12 month high of $41.14. The stock has a market cap of $635.29 million, a PE ratio of -92.50 and a beta of -0.59. The business has a fifty day simple moving average of $33.14 and a 200-day simple moving average of $28.10.
Ibotta (NYSE:IBTA - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $0.24 earnings per share for the quarter, beating the consensus estimate of ($0.21) by $0.45. The firm had revenue of $82.48 million for the quarter. Ibotta had a negative return on equity of 2.39% and a negative net margin of 2.15%.The firm's quarterly revenue was down 2.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.02 earnings per share. Analysts expect that Ibotta, Inc. will post 0.24 EPS for the current fiscal year.
Ibotta declared that its board has authorized a stock buyback plan on Wednesday, March 11th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 21.1% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's board of directors believes its stock is undervalued.
Analysts Set New Price Targets
A number of research firms have recently issued reports on IBTA. Evercore set a $40.00 price target on shares of Ibotta in a research report on Thursday, May 7th. Weiss Ratings reiterated a "sell (d)" rating on shares of Ibotta in a research note on Wednesday, June 24th. Wall Street Zen upgraded shares of Ibotta from a "sell" rating to a "hold" rating in a research report on Saturday, May 9th. Wells Fargo & Company increased their target price on shares of Ibotta from $34.00 to $38.00 and gave the stock an "equal weight" rating in a research report on Thursday, May 7th. Finally, Needham & Company LLC boosted their price target on shares of Ibotta from $33.00 to $45.00 and gave the company a "buy" rating in a report on Thursday, May 7th. One equities research analyst has rated the stock with a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Reduce" and a consensus price target of $33.83.
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Institutional Investors Weigh In On Ibotta
Several institutional investors and hedge funds have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Ibotta by 5.8% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,394 shares of the company's stock worth $396,000 after purchasing an additional 515 shares in the last quarter. Quantbot Technologies LP increased its position in Ibotta by 34.6% during the third quarter. Quantbot Technologies LP now owns 2,420 shares of the company's stock worth $67,000 after buying an additional 622 shares during the last quarter. Essential Partners LLC raised its holdings in Ibotta by 40,800.0% during the first quarter. Essential Partners LLC now owns 818 shares of the company's stock valued at $25,000 after buying an additional 816 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Ibotta by 5.1% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 17,769 shares of the company's stock worth $404,000 after buying an additional 855 shares during the last quarter. Finally, Legal & General Group Plc lifted its position in shares of Ibotta by 9.0% in the third quarter. Legal & General Group Plc now owns 13,461 shares of the company's stock worth $375,000 after buying an additional 1,112 shares during the last quarter.
About Ibotta
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Ibotta (NYSE: IBTA) is a Denver‐based mobile commerce platform that connects consumers, retailers and brands through a unified cash-back rewards experience. Users access the Ibotta mobile app or browser extension to unlock rebates on everyday purchases, redeemable on groceries, retail goods, travel bookings and digital services. The platform integrates with major supermarket chains, big‐box retailers and online merchants, enabling shoppers to earn automatic cash-back both in physical stores and across e-commerce channels.
Founded in 2012 by co‐founder and CEO Bryan Leach, Ibotta has evolved from a simple rebate app into a comprehensive performance marketing partner for consumer goods companies.
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