Ibotta (NYSE:IBTA) Shares Down 5.7% After Insider Selling

Ibotta, Inc. (NYSE:IBTA) shares fell 5.7% during trading on Monday after an insider sold shares in the company. The stock traded as low as $32.11 and last traded at $33.54. Approximately 37,607 shares changed hands during trading, a decline of 86% from the average daily volume of 260,506 shares. The stock had previously closed at $35.57.

Specifically, CTO Luke Roy Swanson sold 5,940 shares of the business’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $35.14, for a total value of $208,731.60. Following the transaction, the chief technology officer directly owned 489,904 shares of the company’s stock, valued at approximately $17,215,226.56. The trade was a 1.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Analyst Upgrades and Downgrades

IBTA has been the topic of several recent analyst reports. Needham & Company LLC lifted their price objective on shares of Ibotta from $33.00 to $45.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. Wall Street Zen raised shares of Ibotta from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. The Goldman Sachs Group reduced their price target on shares of Ibotta from $32.00 to $28.00 and set a “sell” rating on the stock in a report on Wednesday. Zacks Research raised shares of Ibotta from a “strong sell” rating to a “hold” rating in a report on Monday, June 8th. Finally, Evercore set a $40.00 target price on Ibotta in a 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 issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Reduce” and an average target price of $33.83.

Ibotta Trading Down 3.2%

The company has a 50-day moving average price of $33.22 and a two-hundred day moving average price of $28.04. The stock has a market cap of $654.48 million, a P/E ratio of -95.29 and a beta of -0.59.

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

Ibotta declared that its Board of Directors has approved a stock repurchase plan on Wednesday, March 11th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 21.1% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Institutional Trading of Ibotta

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Ibotta by 5.8% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,394 shares of the company’s stock valued at $396,000 after buying an additional 515 shares during the period. Jones Financial Companies Lllp bought a new stake in shares of Ibotta during the 1st quarter worth approximately $161,000. Goldman Sachs Group Inc. lifted its stake in shares of Ibotta by 16.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 122,514 shares of the company’s stock worth $5,170,000 after acquiring an additional 17,421 shares during the last quarter. Legal & General Group Plc boosted its holdings in Ibotta by 43.5% during the 2nd quarter. Legal & General Group Plc now owns 12,349 shares of the company’s stock valued at $452,000 after acquiring an additional 3,746 shares during the period. Finally, Norges Bank bought a new position in Ibotta in the 2nd quarter valued at $781,000.

Ibotta Company Profile

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.