Insider Selling: Ibotta (NYSE:IBTA) CRO Sells $735,540.00 in Stock

Ibotta, Inc. (NYSE:IBTA) CRO Christopher Riedy sold 12,259 shares of the company’s stock in a transaction dated Thursday, November 5th. The stock was sold at an average price of $60.00, for a total value of $735,540.00. Following the completion of the transaction, the executive owned 351,128 shares in the company, valued at $21,067,680. This represents a 3.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Ibotta Trading Up 2.6%

Shares of IBTA traded up $1.50 during trading hours on Monday, reaching $59.61. 737,611 shares of the company’s stock traded hands, compared to its average volume of 272,784. Ibotta, Inc. has a 12 month low of $19.10 and a 12 month high of $66.39. The stock has a market cap of $1.22 billion, a PE ratio of -88.97 and a beta of -0.46. The firm’s 50 day simple moving average is $44.25 and its 200-day simple moving average is $33.59.

Ibotta (NYSE:IBTA) last posted its quarterly earnings data on Monday, November 2nd. The company reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.49. The company had revenue of $97.83 million for the quarter. Ibotta had a negative net margin of 4.49% and a negative return on equity of 5.51%. The firm’s revenue for the quarter was up 17.4% on a year-over-year basis. During the same quarter last year, the company posted $0.56 earnings per share. As a group, analysts expect that Ibotta, Inc. will post 0.25 earnings per share for the current fiscal year.

Institutional Trading of Ibotta

Several hedge funds and other institutional investors have recently bought and sold shares of IBTA. State of Alaska Department of Revenue boosted its holdings in Ibotta by 32.9% in the third quarter. State of Alaska Department of Revenue now owns 1,083 shares of the company’s stock valued at $42,000 after acquiring an additional 268 shares in the last quarter. Engineers Gate Manager LP bought a new position in Ibotta in the 2nd quarter worth $328,000. Squarepoint Ops LLC bought a new position in Ibotta in the 2nd quarter worth $290,000. Essential Partners LLC raised its holdings in Ibotta by 40,800.0% in the 1st quarter. Essential Partners LLC now owns 818 shares of the company’s stock worth $25,000 after purchasing an additional 816 shares in the last quarter. Finally, Bank of America Corp DE lifted its position in shares of Ibotta by 17.8% in the 1st quarter. Bank of America Corp DE now owns 239,167 shares of the company’s stock worth $7,168,000 after purchasing an additional 36,223 shares during the period.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on IBTA shares. Wells Fargo & Company raised their price objective on shares of Ibotta from $40.00 to $49.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 3rd. Needham & Company LLC lifted their price objective on shares of Ibotta from $45.00 to $65.00 and gave the stock a “buy” rating in a report on Tuesday, November 3rd. UBS Group upped their target price on shares of Ibotta from $30.00 to $38.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 5th. Evercore set a $58.00 price target on Ibotta in a research report on Tuesday, November 3rd. Finally, Citigroup raised their price target on Ibotta from $34.00 to $60.00 and gave the company a “neutral” rating in a research report on Wednesday, November 4th. One research analyst has rated the stock with a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus target price of $50.00.

About Ibotta

Ibotta, Inc is a technology company that operates a digital promotions and rewards platform. Through its Ibotta app and website, consumers can earn cash back and other rewards by purchasing eligible products from participating retailers. The company’s offerings are designed to help brands and retailers deliver targeted promotions, measure consumer engagement and encourage purchases.

Ibotta also provides its technology to retailers, publishers and other business partners through the Ibotta Performance Network.