Insider Selling: Ibotta (NYSE:IBTA) Insider Sells $71,121.36 in Stock

Ibotta, Inc. (NYSE:IBTA) insider Marisa Daspit sold 2,956 shares of the company’s stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $24.06, for a total transaction of $71,121.36. Following the completion of the sale, the insider directly owned 127,597 shares of the company’s stock, valued at $3,069,983.82. This trade represents a 2.26% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Ibotta Stock Down 1.5%

Shares of NYSE:IBTA opened at $21.96 on Thursday. The stock has a market cap of $465.84 million, a PE ratio of 199.65 and a beta of -1.20. The company’s fifty day moving average is $22.23 and its 200 day moving average is $25.22. Ibotta, Inc. has a 52 week low of $19.10 and a 52 week high of $62.74.

Ibotta (NYSE:IBTA) last posted its quarterly earnings results on Wednesday, February 25th. The company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.30. The business had revenue of $88.53 million during the quarter. Ibotta had a net margin of 1.04% and a return on equity of 1.04%. The business’s quarterly revenue was down 10.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.67 earnings per share.

Ibotta announced that its Board of Directors has authorized a stock repurchase plan on Wednesday, March 11th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to purchase up to 21.2% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On Ibotta

Hedge funds and other institutional investors have recently made changes to their positions in the business. CWM LLC increased its position in Ibotta by 50.8% during the 3rd quarter. CWM LLC now owns 1,422 shares of the company’s stock valued at $40,000 after purchasing an additional 479 shares during the period. Quantbot Technologies LP bought a new position in Ibotta in the 2nd quarter worth $66,000. Caitong International Asset Management Co. Ltd lifted its position in shares of Ibotta by 187.5% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,817 shares of the company’s stock worth $41,000 after purchasing an additional 1,185 shares during the period. Farther Finance Advisors LLC boosted its stake in shares of Ibotta by 47,920.0% during the 4th quarter. Farther Finance Advisors LLC now owns 2,401 shares of the company’s stock valued at $55,000 after purchasing an additional 2,396 shares in the last quarter. Finally, Jones Financial Companies Lllp purchased a new position in shares of Ibotta during the first quarter valued at about $161,000.

Analyst Ratings Changes

Several analysts have weighed in on IBTA shares. The Goldman Sachs Group lowered their price objective on Ibotta from $26.00 to $23.00 and set a “sell” rating for the company in a research report on Thursday, November 13th. Wall Street Zen downgraded shares of Ibotta from a “hold” rating to a “sell” rating in a research note on Saturday, February 28th. Evercore lowered their price target on shares of Ibotta from $38.00 to $32.00 and set an “in-line” rating for the company in a report on Thursday, November 13th. Wells Fargo & Company raised their price target on shares of Ibotta from $30.00 to $34.00 and gave the stock an “equal weight” rating in a report on Thursday, February 26th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Ibotta in a research report on Monday, December 29th. One equities research analyst has rated the stock with a Buy rating, five have issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus price target of $33.14.

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.