ARK Investment Management LLC Sells 52,821 Shares of Ibotta, Inc. $IBTA

Key Points

• ARK Investment Management LLC reduced its stake in Ibotta, Inc. by 7.5%, selling 52,821 shares, and now owns approximately 2.57% of the company valued at $23.84 million.
• Several hedge funds are modifying their holdings in Ibotta, with notable increases from firms like Sumitomo Mitsui Trust Group Inc., which raised its stake by 67.2% during the same quarter.
• Analysts have downgraded Ibotta's stock ratings recently, with Goldman Sachs lowering its price target from $30.00 to $26.00 and Weiss Ratings reiterating a "sell" rating.

ARK Investment Management LLC cut its position in Ibotta, Inc. (NYSE:IBTA - Free Report) by 7.5% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 651,487 shares of the company's stock after selling 52,821 shares during the quarter. ARK Investment Management LLC owned approximately 2.57% of Ibotta worth $23,844,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of IBTA. AMI Asset Management Corp acquired a new position in shares of Ibotta during the first quarter valued at about $488,000. Sumitomo Mitsui Trust Group Inc. increased 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 valued at $44,047,000 after acquiring an additional 419,516 shares in the last quarter. New York State Common Retirement Fund increased its holdings in shares of Ibotta by 58.1% during the first quarter. New York State Common Retirement Fund now owns 4,900 shares of the company's stock valued at $207,000 after acquiring an additional 1,800 shares in the last quarter. Victory Capital Management Inc. acquired a new position in shares of Ibotta during the first quarter valued at about $1,465,000. Finally, Pacer Advisors Inc. acquired a new position in shares of Ibotta during the first quarter valued at about $3,539,000.

Analyst Ratings Changes

IBTA has been the topic of several research reports. Weiss Ratings reiterated a "sell (d)" rating on shares of Ibotta in a report on Wednesday, October 8th. Citigroup downgraded shares of Ibotta from a "buy" rating to a "market perform" rating in a report on Thursday, August 14th. The Goldman Sachs Group downgraded shares of Ibotta from a "neutral" rating to a "sell" rating and cut their price target for the stock from $30.00 to $26.00 in a report on Tuesday, October 14th. JMP Securities restated a "market perform" rating on shares of Ibotta in a research report on Thursday, August 14th. Finally, Needham & Company LLC lowered their price objective on Ibotta from $70.00 to $33.00 and set a "buy" rating on the stock in a research report on Thursday, August 14th. One analyst has rated the stock with a Buy rating, six have given a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Reduce" and a consensus target price of $34.14.

Ibotta Price Performance

Shares of NYSE:IBTA opened at $32.62 on Wednesday. Ibotta, Inc. has a 1 year low of $22.50 and a 1 year high of $79.80. The firm has a market capitalization of $823.98 million, a price-to-earnings ratio of 11.33, a price-to-earnings-growth ratio of 25.77 and a beta of -1.19. The business's 50 day moving average price is $27.98 and its 200-day moving average price is $38.02.

Ibotta (NYSE:IBTA - Get Free Report) last announced its earnings results on Thursday, May 30th. The company reported ($0.10) earnings per share (EPS) for the quarter. Ibotta had a net margin of 26.24% and a return on equity of 24.26%. The business had revenue of $56.52 million for the quarter.

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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