Insider Selling: Ibotta (NYSE:IBTA) CTO Sells 5,940 Shares of Stock

Ibotta, Inc. (NYSE:IBTA) CTO Luke Roy Swanson sold 5,940 shares of the business’s stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $32.98, for a total transaction of $195,901.20. Following the sale, the chief technology officer directly owned 495,844 shares in the company, valued at $16,352,935.12. The trade was a 1.18% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Ibotta Trading Down 2.0%

IBTA traded down $0.65 during trading on Monday, reaching $32.20. 141,631 shares of the company’s stock were exchanged, compared to its average volume of 276,762. Ibotta, Inc. has a one year low of $19.10 and a one year high of $50.01. The stock has a market capitalization of $650.38 million, a PE ratio of -94.71 and a beta of -0.59. The firm has a fifty day moving average price of $33.37 and a two-hundred day moving average price of $26.56.

Ibotta (NYSE:IBTA) last posted its earnings results on Wednesday, May 6th. The company reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.45. Ibotta had a negative net margin of 2.15% and a negative return on equity of 2.39%. The firm had revenue of $82.48 million for the quarter. During the same period in the previous year, the firm earned $0.02 earnings per share. The company’s revenue was down 2.5% compared to the same quarter last year. Sell-side analysts expect that Ibotta, Inc. will post 0.24 earnings per share for the current year.

Ibotta announced that its board has authorized a share buyback program on Wednesday, March 11th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 21.2% 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.

Analyst Ratings Changes

A number of research firms have weighed in on IBTA. Evercore set a $40.00 target price on shares of Ibotta in a report on Thursday, May 7th. Weiss Ratings reissued a “sell (d)” rating on shares of Ibotta in a report on Friday, March 27th. Wells Fargo & Company upped their price objective on shares of Ibotta from $34.00 to $38.00 and gave the company an “equal weight” rating in a research note on Thursday, May 7th. Needham & Company LLC upped their price objective on shares of Ibotta from $33.00 to $45.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Finally, Wall Street Zen raised shares of Ibotta from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. One analyst has rated the stock with a Buy rating, five have issued a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Reduce” and an average target price of $33.00.

Institutional Investors Weigh In On Ibotta

A number of institutional investors have recently modified their holdings of IBTA. Citigroup Inc. boosted its stake in Ibotta by 90.2% during the third quarter. Citigroup Inc. now owns 641,337 shares of the company’s stock worth $17,861,000 after acquiring an additional 304,183 shares in the last quarter. ARK Investment Management LLC boosted its stake in Ibotta by 39.3% during the third quarter. ARK Investment Management LLC now owns 907,386 shares of the company’s stock worth $25,271,000 after acquiring an additional 255,899 shares in the last quarter. Amova Asset Management Americas Inc. boosted its stake in Ibotta by 15.6% during the third quarter. Amova Asset Management Americas Inc. now owns 1,279,652 shares of the company’s stock worth $35,600,000 after acquiring an additional 172,314 shares in the last quarter. Primecap Management Co. CA boosted its stake in Ibotta by 25.2% during the third quarter. Primecap Management Co. CA now owns 150,165 shares of the company’s stock worth $4,182,000 after acquiring an additional 30,190 shares in the last quarter. Finally, FourThought Financial Partners LLC bought a new position in Ibotta during the fourth quarter worth $526,000.

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.