Ibotta, Inc. (NYSE:IBTA – Get Free Report) CRO Christopher Riedy sold 12,259 shares of Ibotta stock in a transaction that occurred on Thursday, November 5th. The stock was sold at an average price of $60.00, for a total transaction of $735,540.00. Following the completion of the transaction, the executive directly owned 351,128 shares in the company, valued at $21,067,680. This represents a 3.37% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.
Ibotta Trading Up 2.6%
NYSE IBTA opened at $59.61 on Tuesday. The company’s 50 day simple moving average is $44.70 and its 200 day simple moving average is $33.77. Ibotta, Inc. has a 12 month low of $19.10 and a 12 month high of $66.39.
Ibotta (NYSE:IBTA – Get Free Report) last released its earnings results on Monday, November 2nd. The company reported $0.62 EPS for the quarter, beating the consensus estimate of $0.13 by $0.49. The business had revenue of $97.83 million during 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 period in the prior year, the company earned $0.56 earnings per share. On average, sell-side analysts anticipate that Ibotta, Inc. will post 0.25 EPS for the current fiscal year.
Institutional Trading of Ibotta
Hedge funds have recently bought and sold shares of the company. Bank of America Corp DE raised its holdings in shares of Ibotta by 17.8% during the first quarter. Bank of America Corp DE now owns 239,167 shares of the company’s stock valued at $7,168,000 after acquiring an additional 36,223 shares during the period. Renaissance Technologies LLC lifted its position in shares of Ibotta by 17.7% in the 1st quarter. Renaissance Technologies LLC now owns 239,300 shares of the company’s stock valued at $7,172,000 after acquiring an additional 35,992 shares in the last quarter. State of Alaska Department of Revenue boosted its stake in Ibotta by 32.9% in the 3rd quarter. State of Alaska Department of Revenue now owns 1,083 shares of the company’s stock worth $42,000 after purchasing an additional 268 shares during the period. Engineers Gate Manager LP acquired a new position in Ibotta in the 2nd quarter worth approximately $328,000. Finally, Squarepoint Ops LLC acquired a new position in Ibotta in the 2nd quarter worth approximately $290,000.
Analyst Upgrades and Downgrades
IBTA has been the subject of a number of recent research reports. UBS Group increased their price objective on Ibotta from $30.00 to $38.00 and gave the company a “neutral” rating in a research report on Wednesday, August 5th. Weiss Ratings raised Ibotta from a “sell (d)” rating to a “sell (d+)” rating in a research note on Wednesday, November 4th. Citigroup lifted their target price on Ibotta from $34.00 to $60.00 and gave the stock a “neutral” rating in a report on Wednesday, November 4th. The Goldman Sachs Group upgraded Ibotta from a “sell” rating to a “neutral” rating and lifted their target price for the stock from $35.00 to $58.00 in a report on Tuesday, November 3rd. Finally, Evercore set a $58.00 target price on Ibotta in a research report on Tuesday, November 3rd. One research analyst has rated the stock with a Buy rating, six have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Ibotta has an average rating of “Reduce” and an average target price of $50.00.
Read Our Latest Stock Analysis on Ibotta
Ibotta Company Profile
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.
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