Walleye Capital LLC Makes New Investment in Ibotta, Inc. $IBTA

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 acquired a new position in Ibotta, Inc. (NYSE:IBTA - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 10,321 shares of the company's stock, valued at approximately $436,000.

Several other hedge funds have also recently bought and sold shares of IBTA. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in shares of Ibotta during the 1st quarter worth about $25,000. Deutsche Bank AG raised its stake in shares of Ibotta by 6.9% during the 1st quarter. Deutsche Bank AG now owns 11,030 shares of the company's stock worth $465,000 after purchasing an additional 713 shares in the last quarter. Rhumbline Advisers raised its stake in shares of Ibotta by 6.6% during the 1st quarter. Rhumbline Advisers now owns 20,221 shares of the company's stock worth $853,000 after purchasing an additional 1,252 shares in the last quarter. New York State Common Retirement Fund raised its stake in shares of Ibotta by 58.1% during the 1st quarter. New York State Common Retirement Fund now owns 4,900 shares of the company's stock worth $207,000 after purchasing an additional 1,800 shares in the last quarter. Finally, GAMMA Investing LLC raised its stake in shares of Ibotta by 2,859.7% during the 1st quarter. GAMMA Investing LLC now owns 1,983 shares of the company's stock worth $840,000 after purchasing an additional 1,916 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on IBTA. Needham & Company LLC cut their price target on Ibotta from $70.00 to $33.00 and set a "buy" rating for the company in a research note on Thursday, August 14th. Evercore ISI reaffirmed an "in-line" rating and set a $38.00 price target (down from $65.00) on shares of Ibotta in a research note on Thursday, August 14th. Citizens Jmp downgraded Ibotta from an "outperform" rating to a "market perform" rating in a research note on Thursday, August 14th. Bank of America reissued an "underperform" rating and set a $24.00 price objective (down previously from $57.00) on shares of Ibotta in a report on Thursday, August 14th. Finally, Citigroup lowered Ibotta from a "buy" rating to a "market perform" rating in a report on Thursday, August 14th. One analyst has rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $34.71.

Ibotta Trading Up 4.4%

IBTA traded up $1.16 during midday trading on Friday, reaching $27.61. The company's stock had a trading volume of 394,126 shares, compared to its average volume of 872,010. The stock has a market cap of $697.43 million, a P/E ratio of 9.59, a PEG ratio of 22.01 and a beta of -1.30. The company has a fifty day simple moving average of $33.00 and a 200 day simple moving average of $43.21. Ibotta, Inc. has a twelve month low of $22.50 and a twelve month high of $79.80.

Ibotta announced that its board has initiated a share buyback plan on Monday, June 9th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 8.5% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's leadership believes its stock is undervalued.

Insider Buying and Selling

In other Ibotta news, CMO Richard I. Donahue sold 85,289 shares of the firm'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 sale, the chief marketing officer owned 199,773 shares of the company's stock, valued at $8,608,218.57. This trade represents a 29.92% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, major shareholder Jermoluk Founders Fund I. Clark sold 423,878 shares of the firm'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 directly owned 11,363 shares in the company, valued at $397,932.26. This trade represents a 97.39% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,122,669 shares of company stock worth $75,183,931 in the last ninety days. Insiders own 16.08% of the company's stock.

Ibotta 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.