Ibotta, Inc. $IBTA Shares Purchased by Citigroup Inc.

Key Points

• Citigroup Inc. significantly increased its stake in Ibotta, Inc. by over 2,500%, owning 334,460 shares valued at about $14 million by the end of Q1.
• Several investment firms, including Deutsche Bank and Goldman Sachs, have downgraded their ratings and target prices for Ibotta, reflecting a trend of reduced confidence among analysts.
• Ibotta approved a $100 million share repurchase program, indicating that the board believes the company's stock may be undervalued.

Citigroup Inc. increased its stake in Ibotta, Inc. (NYSE:IBTA - Free Report) by 2,500.8% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 334,460 shares of the company's stock after purchasing an additional 321,600 shares during the period. Citigroup Inc. owned 1.08% of Ibotta worth $14,114,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of the stock. Nikko Asset Management Americas Inc. raised its position in Ibotta by 68.8% during the 1st 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 during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its position in Ibotta by 67.2% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,043,758 shares of the company's stock worth $44,047,000 after buying an additional 419,516 shares during the last quarter. ARK Investment Management LLC raised its position in Ibotta by 299.8% during the 1st quarter. ARK Investment Management LLC now owns 704,308 shares of the company's stock worth $29,722,000 after buying an additional 528,147 shares during the last quarter. Pacer Advisors Inc. purchased a new position in Ibotta during the 1st quarter worth approximately $3,539,000. Finally, Wilkins Investment Counsel Inc. raised its position in Ibotta by 1,608.5% during the 1st quarter. Wilkins Investment Counsel Inc. now owns 63,727 shares of the company's stock worth $2,689,000 after buying an additional 59,997 shares during the last quarter.

Insider Buying and Selling at Ibotta

In related news, CMO Richard I. Donahue sold 85,289 shares of the business's stock in a transaction on Thursday, June 12th. The shares were 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 owned 199,773 shares of the company's stock, valued at approximately $8,608,218.57. The trade was a 29.92% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Jermoluk Founders Fund I. Clark sold 1,578,502 shares of the business's stock in a transaction on Thursday, June 26th. The stock was sold at an average price of $35.00, for a total transaction of $55,247,570.00. Following the completion of the sale, the insider directly owned 3,841,308 shares of the company's stock, valued at approximately $134,445,780. The trade was a 29.12% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 2,191,852 shares of company stock valued at $78,632,031. 16.08% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on IBTA. The Goldman Sachs Group lowered shares of Ibotta from a "buy" rating to a "neutral" rating and reduced their price target for the stock from $58.00 to $30.00 in a research report on Thursday, August 14th. JMP Securities reissued a "market perform" rating on shares of Ibotta in a research report on Thursday, August 14th. Wells Fargo & Company reissued an "equal weight" rating and set a $30.00 price target (down from $60.00) on shares of Ibotta in a research report on Thursday, August 14th. Evercore ISI reissued an "in-line" rating and set a $38.00 price target (down from $65.00) on shares of Ibotta in a research report on Thursday, August 14th. Finally, Citizens Jmp reaffirmed a "market perform" rating on shares of Ibotta in a report on Thursday, August 14th. One investment analyst has rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $34.71.

Ibotta Price Performance

NYSE IBTA traded up $1.05 on Tuesday, hitting $27.20. The company had a trading volume of 390,360 shares, compared to its average volume of 454,520. The company has a market capitalization of $687.07 million, a PE ratio of 9.44, a PEG ratio of 3.48 and a beta of -1.27. The company's fifty day moving average price is $36.78 and its 200-day moving average price is $48.26. Ibotta, Inc. has a 12-month low of $22.50 and a 12-month high of $79.80.

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

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.