Ibotta (NYSE:IBTA) Major Shareholder Sells $15,075,000.00 in Stock

Ibotta, Inc. (NYSE:IBTA) major shareholder Jermoluk Founders Fund Clark sold 500,000 shares of the business’s stock in a transaction dated 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 in the company, valued at approximately $100,740,436.20. This trade represents a 13.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Large shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Ibotta Trading Down 6.0%

Shares of IBTA stock traded down $2.02 on Wednesday, hitting $31.45. 165,100 shares of the stock were exchanged, compared to its average volume of 260,357. The firm has a market capitalization of $635.29 million, a P/E ratio of -92.50 and a beta of -0.59. Ibotta, Inc. has a fifty-two week low of $19.10 and a fifty-two week high of $41.14. The business has a 50-day moving average of $33.22 and a 200 day moving average of $28.04.

Ibotta (NYSE:IBTA) last announced its earnings results on Wednesday, May 6th. The company reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.45. The business 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% compared to the same quarter last year. During the same period in the prior year, the business posted $0.02 EPS. As a group, research analysts forecast that Ibotta, Inc. will post 0.24 EPS for the current fiscal year.

Ibotta announced that its board has initiated a share buyback plan on Wednesday, March 11th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 21.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On Ibotta

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Essential Partners LLC grew its position in shares of Ibotta by 40,800.0% in the first quarter. Essential Partners LLC now owns 818 shares of the company’s stock valued at $25,000 after purchasing an additional 816 shares during the last quarter. Meeder Asset Management Inc. acquired a new stake in Ibotta during the 1st quarter worth approximately $39,000. New York State Teachers Retirement System bought a new stake in Ibotta in the 1st quarter valued at $39,000. Quantbot Technologies LP acquired a new position in Ibotta in the 2nd quarter valued at $66,000. Finally, Caitong International Asset Management Co. Ltd increased its position in Ibotta by 187.5% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,817 shares of the company’s stock worth $41,000 after buying an additional 1,185 shares during the period.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Needham & Company LLC increased their target price on shares of Ibotta from $33.00 to $45.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. Zacks Research upgraded shares of Ibotta from a “strong sell” rating to a “hold” rating in a research note on Monday, June 8th. Weiss Ratings reissued a “sell (d)” rating on shares of Ibotta in a research report on Wednesday, June 24th. The Goldman Sachs Group reduced their price objective on shares of Ibotta from $32.00 to $28.00 and set a “sell” rating for the company in a research note on Wednesday. Finally, Wells Fargo & Company lifted their target price on Ibotta from $34.00 to $38.00 and gave the company an “equal weight” rating in a research report on Thursday, May 7th. One research analyst has rated the stock with a Buy rating, six have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, Ibotta currently has a consensus rating of “Reduce” and a consensus target price of $33.83.

About Ibotta

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.