Ibotta (NYSE:IBTA) Shares Down 6.4% – Time to Sell?

Ibotta, Inc. (NYSE:IBTA)’s stock price fell 6.4% during mid-day trading on Wednesday . The stock traded as low as $30.05 and last traded at $30.10. 49,543 shares changed hands during mid-day trading, a decline of 82% from the average session volume of 269,792 shares. The stock had previously closed at $32.16.

Wall Street Analysts Forecast Growth

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

Ibotta Trading Down 8.5%

The stock has a 50 day simple moving average of $33.60 and a 200-day simple moving average of $26.99. The firm has a market cap of $594.43 million, a PE ratio of -86.56 and a beta of -0.59.

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

Ibotta announced that its board has approved a share repurchase program on Wednesday, March 11th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 21.2% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In other Ibotta news, Director Thomas D. Lehrman sold 30,119 shares of the firm’s stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $30.78, for a total transaction of $927,062.82. Following the completion of the transaction, the director owned 40,744 shares in the company, valued at $1,254,100.32. This trade represents a 42.50% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CTO Luke Roy Swanson sold 5,940 shares of the company’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 value 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. This trade represents a 1.18% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 107,701 shares of company stock valued at $3,419,255. 20.92% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Ibotta

Institutional investors and hedge funds have recently made changes to their positions in the business. Deutsche Bank AG lifted its holdings in shares of Ibotta by 3,449.8% in the 4th quarter. Deutsche Bank AG now owns 369,890 shares of the company’s stock valued at $8,408,000 after acquiring an additional 359,470 shares during the last quarter. Citigroup Inc. lifted its stake in shares of Ibotta by 90.2% in the 3rd quarter. Citigroup Inc. now owns 641,337 shares of the company’s stock valued at $17,861,000 after purchasing an additional 304,183 shares during the last quarter. ARK Investment Management LLC lifted its stake in shares of Ibotta by 39.3% in the 3rd quarter. ARK Investment Management LLC now owns 907,386 shares of the company’s stock valued at $25,271,000 after purchasing an additional 255,899 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Ibotta by 17.3% in the 3rd quarter. Vanguard Group Inc. now owns 1,570,896 shares of the company’s stock worth $43,749,000 after purchasing an additional 232,027 shares during the period. Finally, Marshall Wace LLP bought a new position in shares of Ibotta during the 2nd quarter valued at approximately $8,397,000.

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.