Ibotta (NYSE:IBTA) Stock Price Down 6.8% After Analyst Downgrade

Ibotta, Inc. (NYSE:IBTA)’s stock price traded down 6.8% during trading on Monday after Zacks Research downgraded the stock from a hold rating to a strong sell rating. The stock traded as low as $32.54 and last traded at $33.08. 35,854 shares were traded during trading, a decline of 87% from the average session volume of 284,628 shares. The stock had previously closed at $35.50.

IBTA has been the subject of several other reports. Needham & Company LLC boosted 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. Evercore set a $40.00 price objective on Ibotta in a research note on Thursday, May 7th. Wells Fargo & Company boosted their price objective on Ibotta from $34.00 to $38.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 7th. Wall Street Zen upgraded Ibotta from a “sell” rating to a “hold” rating in a research note on Saturday. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Ibotta in a research note on Friday, March 27th. One equities research analyst has rated the stock with a Buy rating, five have given a Hold rating and four have given a Sell rating to the stock. According to MarketBeat.com, Ibotta currently has an average rating of “Reduce” and an average price target of $36.57.

Insider Activity at Ibotta

In related news, insider Marisa Daspit sold 2,956 shares of the stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $24.06, for a total value of $71,121.36. Following the completion of the transaction, the insider directly owned 127,597 shares in the company, valued at approximately $3,069,983.82. This represents a 2.26% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Thomas D. Lehrman sold 10,992 shares of the stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $32.91, for a total value of $361,746.72. Following the completion of the transaction, the director owned 60,289 shares of the company’s stock, valued at $1,984,110.99. The trade was a 15.42% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 28,810 shares of company stock valued at $931,480 over the last quarter. 20.92% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in IBTA. Deutsche Bank AG lifted its stake in Ibotta by 3,449.8% during the fourth quarter. Deutsche Bank AG now owns 369,890 shares of the company’s stock worth $8,408,000 after purchasing an additional 359,470 shares in the last quarter. Citigroup Inc. lifted its stake in Ibotta by 90.2% during the third quarter. Citigroup Inc. now owns 641,337 shares of the company’s stock worth $17,861,000 after purchasing an additional 304,183 shares in the last quarter. ARK Investment Management LLC lifted its stake in Ibotta by 39.3% during the third quarter. ARK Investment Management LLC now owns 907,386 shares of the company’s stock worth $25,271,000 after purchasing an additional 255,899 shares in the last quarter. Vanguard Group Inc. lifted its stake in Ibotta by 17.3% during the third 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 in the last quarter. Finally, Marshall Wace LLP acquired a new position in Ibotta during the second quarter worth $8,397,000.

Ibotta Price Performance

The business has a 50 day simple moving average of $30.73 and a 200 day simple moving average of $26.27. The company has a market capitalization of $653.07 million, a price-to-earnings ratio of -95.09 and a beta of -0.61.

Ibotta (NYSE:IBTA) last released its quarterly earnings results on Wednesday, May 6th. The company reported $0.24 EPS for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.45. Ibotta had a negative return on equity of 2.39% and a negative net margin of 2.15%.The company had revenue of $82.48 million for the quarter. During the same quarter last year, the company earned $0.02 earnings per share. The firm’s revenue for the quarter was down 2.5% on a year-over-year basis. On average, equities research analysts predict that Ibotta, Inc. will post -0.62 EPS for the current year.

Ibotta declared that its board has approved a stock buyback program on Wednesday, March 11th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to repurchase up to 21.2% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

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.