Fermata Advisors LLC Invests $381,000 in Ibotta, Inc. $IBTA

Key Points

• Fermata Advisors LLC has purchased a new stake of 10,410 shares in Ibotta, Inc., valued at approximately $381,000, highlighting growing institutional interest in the company.
• Ibotta's Board of Directors has authorized a $100 million stock buyback program, indicating confidence in the company's share value despite a recent decline in stock prices.
• Recent analyst ratings for Ibotta have seen downgrades, with Bank of America setting a new price objective of $24.00, down from $57.00, while the consensus price target is $34.71.

Fermata Advisors LLC bought a new position in shares of Ibotta, Inc. (NYSE:IBTA - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 10,410 shares of the company's stock, valued at approximately $381,000.

A number of other institutional investors and hedge funds also recently modified their holdings of IBTA. GAMMA Investing LLC raised its position 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 buying an additional 1,916 shares in the last quarter. Rhumbline Advisers increased its position in shares of Ibotta by 6.6% in the first quarter. Rhumbline Advisers now owns 20,221 shares of the company's stock worth $853,000 after acquiring an additional 1,252 shares in the last quarter. AMI Asset Management Corp purchased a new position in shares of Ibotta in the first quarter worth approximately $488,000. Sumitomo Mitsui Trust Group Inc. increased its position in shares of Ibotta by 67.2% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,043,758 shares of the company's stock worth $44,047,000 after acquiring an additional 419,516 shares in the last quarter. Finally, New York State Common Retirement Fund increased its position in shares of Ibotta by 58.1% in the first quarter. New York State Common Retirement Fund now owns 4,900 shares of the company's stock worth $207,000 after acquiring an additional 1,800 shares in the last quarter.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Wells Fargo & Company reissued an "equal weight" rating and issued a $30.00 target price (down from $60.00) on shares of Ibotta in a research report on Thursday, August 14th. JMP Securities reaffirmed a "market perform" rating on shares of Ibotta in a research report on Thursday, August 14th. Bank of America reaffirmed an "underperform" rating and set a $24.00 price objective (down from $57.00) on shares of Ibotta in a research report on Thursday, August 14th. UBS Group reduced their target price on shares of Ibotta from $55.00 to $30.00 and set a "neutral" rating for the company in a research note on Thursday, August 14th. Finally, Evercore ISI restated an "in-line" rating and issued a $38.00 price objective (down from $65.00) on shares of Ibotta in a research note on Thursday, August 14th. One analyst has rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Ibotta currently has an average rating of "Hold" and a consensus target price of $34.71.

Insider Transactions at Ibotta

In related news, major shareholder Jermoluk Founders Fund I. Clark sold 423,878 shares of the stock in a transaction that occurred on Thursday, June 26th. The stock was sold at an average price of $35.02, for a total transaction of $14,844,207.56. Following the completion of the sale, the insider directly owned 11,363 shares of the company's stock, valued at approximately $397,932.26. This represents a 97.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Over the last three months, insiders sold 2,012,380 shares of company stock worth $70,472,378. 16.08% of the stock is currently owned by corporate insiders.

Ibotta Trading Down 2.0%

Shares of NYSE:IBTA traded down $0.54 during mid-day trading on Friday, reaching $26.05. The stock had a trading volume of 1,029,423 shares, compared to its average volume of 433,370. The firm has a 50 day simple moving average of $31.08 and a two-hundred day simple moving average of $39.76. Ibotta, Inc. has a twelve month low of $22.50 and a twelve month high of $79.80. The firm has a market cap of $658.02 million, a PE ratio of 9.05, a price-to-earnings-growth ratio of 20.86 and a beta of -1.31.

Ibotta declared that its Board of Directors has authorized a stock repurchase program on Monday, June 9th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to purchase up to 8.5% of its shares through open market purchases. Shares buyback programs are often a sign that the company's leadership believes its shares are undervalued.

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.