Goldman Sachs Group Inc. Has $5.17 Million Holdings in Ibotta, Inc. $IBTA

Key Points

• Goldman Sachs Group Inc. increased its holdings in Ibotta, Inc. by 16.6% in the 1st quarter, acquiring a total of 122,514 shares valued at approximately $5.17 million.
• Insider Jermoluk Founders Fund I sold over 1.5 million shares of Ibotta on June 26th, resulting in a significant 29.12% decrease in ownership.
• Recent analyst ratings for Ibotta have been cautious, with Goldman Sachs downgrading the stock to "neutral" and lowering the target price from $58.00 to $30.00.

Goldman Sachs Group Inc. grew its position in shares of Ibotta, Inc. (NYSE:IBTA - Free Report) by 16.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 122,514 shares of the company's stock after purchasing an additional 17,421 shares during the quarter. Goldman Sachs Group Inc. owned approximately 0.48% of Ibotta worth $5,170,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of Ibotta during the 1st quarter valued at about $25,000. GAMMA Investing LLC increased its stake in shares of Ibotta by 2,859.7% during the first quarter. GAMMA Investing LLC now owns 1,983 shares of the company's stock worth $840,000 after buying an additional 1,916 shares during the period. Jones Financial Companies Lllp acquired a new position in Ibotta in the first quarter valued at approximately $161,000. New York State Common Retirement Fund boosted its holdings 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 valued at $207,000 after acquiring an additional 1,800 shares during the period. Finally, Federated Hermes Inc. lifted its holdings in shares of Ibotta by 883.9% during the first quarter. Federated Hermes Inc. now owns 6,740 shares of the company's stock worth $284,000 after purchasing an additional 6,055 shares during the period.

Ibotta Stock Performance

Shares of NYSE:IBTA traded down $0.54 on Friday, hitting $26.05. The company's stock had a trading volume of 1,029,423 shares, compared to its average volume of 433,370. Ibotta, Inc. has a 12 month low of $22.50 and a 12 month high of $79.80. The company has a market capitalization of $658.02 million, a price-to-earnings ratio of 9.05, a price-to-earnings-growth ratio of 21.27 and a beta of -1.31. The stock's 50-day moving average is $31.08 and its two-hundred day moving average is $39.93.

Ibotta declared that its Board of Directors has approved a share buyback plan on Monday, June 9th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 8.5% of its shares through open market purchases. Shares buyback plans are often an indication that the company's board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on IBTA shares. UBS Group cut their price objective on Ibotta from $55.00 to $30.00 and set a "neutral" rating for the company in a research report on Thursday, August 14th. Bank of America reissued an "underperform" rating and issued a $24.00 price target (down from $57.00) on shares of Ibotta in a research note on Thursday, August 14th. Evercore ISI reaffirmed 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. Citizens Jmp lowered Ibotta from an "outperform" rating to a "market perform" rating in a research note on Thursday, August 14th. Finally, Citigroup lowered Ibotta from a "buy" rating to a "market perform" rating 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 assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $34.71.

Insiders Place Their Bets

In related news, major shareholder Jermoluk Founders Fund I. Clark sold 1,578,502 shares of the firm's stock in a transaction dated 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 transaction, the insider owned 3,841,308 shares of the company's stock, valued at $134,445,780. This trade represents a 29.12% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders sold a total of 2,012,380 shares of company stock worth $70,472,378 over the last ninety days. Company insiders own 16.08% of the company's stock.

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.