American Century Companies Inc. Buys 11,385 Shares of Ibotta, Inc. $IBTA

Key Points

• American Century Companies Inc. increased its stake in Ibotta, Inc. by 26.5% in Q1, now holding approximately 0.18% of the company valued at $2.29 million.
• Several institutional investors, including GAMMA Investing LLC and Sumitomo Mitsui Trust Group Inc., also significantly increased their holdings in Ibotta during the same quarter.
• Ibotta's stock was affected by recent downgrades from analysts, with a consensus rating of "Hold" and a target price drop to $34.71.

American Century Companies Inc. raised its holdings in Ibotta, Inc. (NYSE:IBTA - Free Report) by 26.5% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 54,326 shares of the company's stock after buying an additional 11,385 shares during the quarter. American Century Companies Inc. owned 0.18% of Ibotta worth $2,293,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of IBTA. Nikko Asset Management Americas Inc. grew its holdings in Ibotta by 68.8% during the first quarter. Nikko Asset Management Americas Inc. now owns 1,053,518 shares of the company's stock worth $44,458,000 after buying an additional 429,516 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its stake in Ibotta by 67.2% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,043,758 shares of the company's stock valued at $44,047,000 after purchasing an additional 419,516 shares during the period. ARK Investment Management LLC lifted its position in shares of Ibotta by 299.8% during the 1st quarter. ARK Investment Management LLC now owns 704,308 shares of the company's stock valued at $29,722,000 after buying an additional 528,147 shares during the last quarter. Citigroup Inc. lifted its position in shares of Ibotta by 2,500.8% during the 1st quarter. Citigroup Inc. now owns 334,460 shares of the company's stock valued at $14,114,000 after buying an additional 321,600 shares during the last quarter. Finally, Pacer Advisors Inc. purchased a new position in shares of Ibotta during the 1st quarter valued at $3,539,000.

Ibotta Price Performance

Shares of NYSE:IBTA traded down $0.13 on Thursday, hitting $25.97. The company's stock had a trading volume of 152,807 shares, compared to its average volume of 462,781. The company has a 50-day simple moving average of $33.42 and a 200 day simple moving average of $44.15. Ibotta, Inc. has a 1 year low of $22.50 and a 1 year high of $79.80. The company has a market capitalization of $656.03 million, a PE ratio of 9.02, a PEG ratio of 21.55 and a beta of -1.31.

Ibotta declared that its board has initiated a stock repurchase program on Monday, June 9th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 8.5% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board of directors believes its shares are undervalued.

Insider Activity

In other news, CMO Richard I. Donahue sold 85,289 shares of the stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $43.09, for a total transaction of $3,675,103.01. Following the transaction, the chief marketing officer directly owned 199,773 shares in the company, valued at approximately $8,608,218.57. This represents a 29.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Jermoluk Founders Fund I. Clark sold 1,578,502 shares of the stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $35.00, for a total value of $55,247,570.00. Following the transaction, the insider owned 3,841,308 shares in the company, valued at $134,445,780. This trade represents a 29.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,122,669 shares of company stock worth $75,183,931 over the last quarter. Corporate insiders own 16.08% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on IBTA. JMP Securities reissued a "market perform" rating on shares of Ibotta in a report on Thursday, August 14th. Citizens Jmp cut Ibotta from an "outperform" rating to a "market perform" rating in a report on Thursday, August 14th. Citigroup cut Ibotta from a "buy" rating to a "market perform" rating in a report on Thursday, August 14th. The Goldman Sachs Group cut Ibotta from a "buy" rating to a "neutral" rating and dropped their price objective for the stock from $58.00 to $30.00 in a report on Thursday, August 14th. Finally, Needham & Company LLC dropped their price objective on Ibotta from $70.00 to $33.00 and set a "buy" rating on the stock in a report on Thursday, August 14th. One analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $34.71.

About Ibotta

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.