Bank of America Corp DE Boosts Holdings in Ibotta, Inc. $IBTA

Key Points

• Bank of America increased its Ibotta stake by 17.8% in the first quarter, bringing its holdings to 239,167 shares valued at approximately $7.17 million. Other institutions, including HSBC and Renaissance Technologies, also added to their positions.
• Ibotta shares opened at $38.58, near their 52-week high of $40.49, but analysts remain cautious: the stock has an average “Reduce” rating and a consensus price target of $36.50.
• Insiders sold 591,300 shares worth approximately $18.3 million over the last quarter, including sizable sales by the company’s CTO and a director. Corporate insiders still own 20.92% of the stock.

Bank of America Corp DE lifted its holdings in Ibotta, Inc. (NYSE:IBTA - Free Report) by 17.8% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 239,167 shares of the company's stock after purchasing an additional 36,223 shares during the period. Bank of America Corp DE owned approximately 1.18% of Ibotta worth $7,168,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the business. Hsbc Holdings PLC increased its position in shares of Ibotta by 29.4% during the fourth quarter. Hsbc Holdings PLC now owns 993,977 shares of the company's stock worth $22,210,000 after acquiring an additional 226,021 shares during the period. Renaissance Technologies LLC raised its stake in shares of Ibotta by 17.7% in the first 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. FourThought Financial Partners LLC purchased a new position in Ibotta in the fourth quarter valued at $526,000. Caitong International Asset Management Co. Ltd boosted its holdings in Ibotta by 335.8% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,754 shares of the company's stock valued at $63,000 after purchasing an additional 2,122 shares during the period. Finally, Nano Cap New Millennium Growth Fund L P acquired a new position in Ibotta during the 4th quarter worth $227,000.

Ibotta Stock Up 0.4%

IBTA stock opened at $38.58 on Wednesday. The business has a 50 day moving average price of $32.62 and a 200 day moving average price of $30.58. The stock has a market cap of $779.32 million, a price-to-earnings ratio of -82.08 and a beta of -0.44. Ibotta, Inc. has a fifty-two week low of $19.10 and a fifty-two week high of $40.49.

Insiders Place Their Bets

In other news, CTO Luke Roy Swanson sold 5,940 shares of the business's stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $24.47, for a total transaction of $145,351.80. Following the completion of the sale, the chief technology officer owned 483,964 shares in the company, valued at approximately $11,842,599.08. The trade was a 1.21% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Thomas D. Lehrman sold 14,347 shares of the business's stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $37.28, for a total transaction of $534,856.16. Following the sale, the director owned 16,490 shares of the company's stock, valued at $614,747.20. This represents a 46.53% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 591,300 shares of company stock valued at $18,316,717. 20.92% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. The Goldman Sachs Group lifted their price objective on Ibotta from $28.00 to $32.00 and gave the company a "sell" rating in a research note on Tuesday, August 4th. Needham & Company LLC reaffirmed a "buy" rating and issued a $45.00 target price on shares of Ibotta in a report on Tuesday, August 4th. Evercore set a $42.00 price target on shares of Ibotta in a research note on Tuesday, August 4th. Wall Street Zen upgraded shares of Ibotta from a "sell" rating to a "hold" rating in a report on Saturday, May 9th. Finally, Wells Fargo & Company increased their price objective on shares of Ibotta from $38.00 to $40.00 and gave the company an "equal weight" rating in a research report on Tuesday, August 4th. One analyst has rated the stock with a Buy rating, four have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat, Ibotta currently has an average rating of "Reduce" and a consensus price target of $36.50.

Ibotta Company Profile

Ibotta NYSE: IBTA is a Denver‐based mobile commerce platform that connects consumers, retailers and brands through a unified cash-back rewards experience. Users access the Ibotta mobile app or browser extension to unlock rebates on everyday purchases, redeemable on groceries, retail goods, travel bookings and digital services. The platform integrates with major supermarket chains, big‐box retailers and online merchants, enabling shoppers to earn automatic cash-back both in physical stores and across e-commerce channels.

Founded in 2012 by co‐founder and CEO Bryan Leach, Ibotta has evolved from a simple rebate app into a comprehensive performance marketing partner for consumer goods companies.

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