10,321 Shares in Ibotta, Inc. $IBTA Purchased by Walleye Capital LLC

Key Points

• Walleye Capital LLC purchased 10,321 shares of Ibotta, Inc. for approximately $436,000, marking a significant investment in the company.
• Insider trading activity included CMO Richard I. Donahue selling 85,289 shares totaling over $3.6 million, which represents a substantial decrease in their ownership of the stock.
• Ibotta's Board approved a $100 million stock buyback program, allowing the company to repurchase up to 8.5% of its shares, indicating confidence in the company's valuation.

Walleye Capital LLC bought a new position in shares of Ibotta, Inc. (NYSE:IBTA - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 10,321 shares of the company's stock, valued at approximately $436,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. ARK Investment Management LLC lifted its holdings in shares of Ibotta by 299.8% during the first quarter. ARK Investment Management LLC now owns 704,308 shares of the company's stock worth $29,722,000 after purchasing an additional 528,147 shares during the period. Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of Ibotta by 67.2% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,043,758 shares of the company's stock worth $44,047,000 after purchasing an additional 419,516 shares during the period. XTX Topco Ltd lifted its holdings in shares of Ibotta by 237.9% during the first quarter. XTX Topco Ltd now owns 24,068 shares of the company's stock worth $1,016,000 after purchasing an additional 16,945 shares during the period. AMI Asset Management Corp acquired a new stake in shares of Ibotta during the first quarter worth about $488,000. Finally, Pacer Advisors Inc. acquired a new position in Ibotta in the first quarter valued at approximately $3,539,000.

Ibotta Price Performance

Ibotta stock opened at $27.16 on Wednesday. The stock has a market capitalization of $686.06 million, a PE ratio of 9.43, a price-to-earnings-growth ratio of 21.55 and a beta of -1.31. Ibotta, Inc. has a 12 month low of $22.50 and a 12 month high of $79.80. The business has a 50 day simple moving average of $33.67 and a 200-day simple moving average of $44.47.

Ibotta announced that its Board of Directors has approved a stock buyback program on Monday, June 9th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to purchase up to 8.5% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board believes its shares are undervalued.

Insider Buying and Selling

In other news, CMO Richard I. Donahue sold 85,289 shares of the business's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $43.09, for a total value of $3,675,103.01. Following the completion of the sale, the chief marketing officer directly owned 199,773 shares in the company, valued at $8,608,218.57. The trade was a 29.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Jermoluk Founders Fund I. Clark sold 423,878 shares of the business's stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $35.02, for a total value of $14,844,207.56. Following the completion of the sale, the insider owned 11,363 shares of the company's stock, valued at $397,932.26. This trade represents a 97.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,127,669 shares of company stock valued at $75,426,281 over the last 90 days. Company insiders own 16.08% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on IBTA. Wells Fargo & Company reissued an "equal weight" rating and issued a $30.00 price target (down from $60.00) on shares of Ibotta in a report on Thursday, August 14th. JMP Securities reissued a "market perform" rating on shares of Ibotta in a report on Thursday, August 14th. UBS Group decreased their price target on Ibotta from $55.00 to $30.00 and set a "neutral" rating for the company in a report on Thursday, August 14th. Citizens Jmp downgraded Ibotta from an "outperform" rating to a "market perform" rating in a report on Thursday, August 14th. Finally, Bank of America reissued an "underperform" rating and issued a $24.00 price target (down from $57.00) on shares of Ibotta in a report on Thursday, August 14th. One equities research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $34.71.

Ibotta Company Profile

Ibotta's mission is to Make Every Purchase Rewarding. Our technology allows CPG brands to deliver digital promotions to over 200 million consumers through a single, convenient network called the Ibotta Performance Network (IPN). We are pioneers in success-based marketing: we only get paid when our client's promotion results in a sale, not when a consumer merely views or clicks on the promotion.

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