Ibotta (NYSE:IBTA) Shares Climb 3.3% – Still a Buy?

Ibotta, Inc. (NYSE:IBTA) was up 3.3% during trading on Wednesday. The stock traded as high as $42.29 and last traded at $41.99. 39,303 shares were traded during trading, a decline of 84% from the average daily volume of 251,975 shares. The stock had previously closed at $40.64.

Analyst Ratings Changes

Several research analysts have weighed in on IBTA shares. UBS Group boosted their price target on Ibotta from $30.00 to $38.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 5th. Weiss Ratings reissued a “sell (d)” rating on shares of Ibotta in a research note on Monday. Needham & Company LLC restated a “buy” rating and set a $45.00 target price on shares of Ibotta in a report on Tuesday, August 4th. Evercore set a $42.00 price target on shares of Ibotta in a research note on Tuesday, August 4th. Finally, Wells Fargo & Company boosted their price objective on shares of Ibotta from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Tuesday, August 4th. One investment analyst has rated the stock with a Buy rating, four have issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, Ibotta presently has an average rating of “Reduce” and an average target price of $36.50.

Ibotta Stock Up 1.3%

The stock has a market capitalization of $843.35 million, a price-to-earnings ratio of -88.83 and a beta of -0.25. The company’s fifty day simple moving average is $35.85 and its 200 day simple moving average is $33.28.

Insider Activity at Ibotta

In other news, Director Thomas D. Lehrman sold 19,561 shares of the company’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $36.22, for a total value of $708,499.42. Following the transaction, the director owned 25,312 shares of the company’s stock, valued at approximately $916,800.64. This represents a 43.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Jermoluk Founders Fund I. Clark sold 500,000 shares of Ibotta stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $30.15, for a total value of $15,075,000.00. Following the sale, the insider directly owned 3,341,308 shares of the company’s stock, valued at approximately $100,740,436.20. The trade was a 13.02% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 616,068 shares of company stock worth $19,319,255. Insiders own 20.92% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in IBTA. Essential Partners LLC boosted 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 acquiring an additional 816 shares during the period. Meeder Asset Management Inc. bought a new position in Ibotta during the first quarter worth about $39,000. New York State Teachers Retirement System acquired a new stake in Ibotta in the 1st quarter worth about $39,000. Caitong International Asset Management Co. Ltd boosted its holdings in Ibotta by 335.8% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,754 shares of the company’s stock valued at $63,000 after purchasing an additional 2,122 shares during the period. Finally, Aristides Capital LLC acquired a new position in shares of Ibotta during the 4th quarter worth approximately $220,000.

About Ibotta

Ibotta, Inc is a technology company that operates a digital promotions and rewards platform. Its services connect consumers with cash-back offers on groceries, household products, apparel, electronics and other categories, while helping brands and retailers deliver targeted promotions and measure consumer engagement.

Consumers can access Ibotta offers through the company’s mobile application and website, as well as through integrations with participating retailers and loyalty programs.