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

Ibotta, Inc. (NYSE:IBTA) dropped 5.7% during mid-day trading on Monday following insider selling activity. 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 firm’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 transaction of $208,731.60. Following the completion of the sale, the chief technology officer owned 489,904 shares of the company’s stock, valued at $17,215,226.56. This trade represents a 1.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Wall Street Zen raised Ibotta from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. 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 note on Thursday, May 7th. The Goldman Sachs Group reduced their price target on shares of Ibotta from $32.00 to $28.00 and set a “sell” rating for the company in a report on Wednesday. Evercore set a $40.00 price objective on shares of Ibotta in a report on Thursday, May 7th. Finally, Zacks Research raised shares of Ibotta from a “strong sell” rating to a “hold” rating in a research report on Monday, June 8th. One investment analyst has rated the stock with a Buy rating, six have issued a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Reduce” and an average target price of $33.83.

Ibotta Trading Down 0.9%

The firm has a market cap of $660.34 million, a price-to-earnings ratio of -96.15 and a beta of -0.59. The firm’s 50-day moving average is $33.22 and its 200-day moving average is $28.04.

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

Ibotta declared that its Board of Directors has authorized a stock 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 buy up to 21.1% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board believes its shares are undervalued.

Hedge Funds Weigh In On Ibotta

A number of hedge funds have recently added to or reduced their stakes in IBTA. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Ibotta by 5.8% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,394 shares of the company’s stock valued at $396,000 after purchasing an additional 515 shares in the last quarter. Quantbot Technologies LP raised its position in Ibotta by 34.6% in the 3rd quarter. Quantbot Technologies LP now owns 2,420 shares of the company’s stock valued at $67,000 after buying an additional 622 shares during the last quarter. Essential Partners LLC raised its position in Ibotta by 40,800.0% in the 1st quarter. Essential Partners LLC now owns 818 shares of the company’s stock valued at $25,000 after buying an additional 816 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Ibotta by 5.1% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 17,769 shares of the company’s stock valued at $404,000 after acquiring an additional 855 shares in the last quarter. Finally, Legal & General Group Plc boosted its holdings in Ibotta by 9.0% during the 3rd quarter. Legal & General Group Plc now owns 13,461 shares of the company’s stock worth $375,000 after acquiring an additional 1,112 shares during the last quarter.

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.