Hsbc Holdings PLC Makes New $1.95 Million Investment in Ibotta, Inc. $IBTA

Key Points

• Hsbc Holdings PLC has made a new investment of approximately $1.95 million in Ibotta, Inc., acquiring 46,335 shares, which represents about 0.15% of the company's total stock.
• Ibotta's Board of Directors has initiated a $100 million share buyback program, indicating confidence that the company's shares are currently undervalued.
• Analysts have recently downgraded their price targets for Ibotta, reflecting a cautious outlook, with most now set around $30.00, suggesting a consensus rating of "Hold" for the stock.

Hsbc Holdings PLC bought a new position in shares of Ibotta, Inc. (NYSE:IBTA - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund bought 46,335 shares of the company's stock, valued at approximately $1,946,000. Hsbc Holdings PLC owned about 0.15% of Ibotta 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 stake in Ibotta during the 1st quarter worth $25,000. Deutsche Bank AG boosted its stake in Ibotta by 6.9% during the 1st quarter. Deutsche Bank AG now owns 11,030 shares of the company's stock worth $465,000 after purchasing an additional 713 shares during the last quarter. Rhumbline Advisers boosted its stake in Ibotta by 6.6% during the 1st quarter. Rhumbline Advisers now owns 20,221 shares of the company's stock worth $853,000 after purchasing an additional 1,252 shares during the last quarter. New York State Common Retirement Fund boosted its stake in Ibotta by 58.1% during the 1st quarter. New York State Common Retirement Fund now owns 4,900 shares of the company's stock worth $207,000 after purchasing an additional 1,800 shares during the last quarter. Finally, GAMMA Investing LLC boosted its stake in 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 purchasing an additional 1,916 shares during the last quarter.

Ibotta Price Performance

NYSE IBTA opened at $25.63 on Thursday. The firm's 50-day moving average is $34.60 and its two-hundred day moving average is $46.04. Ibotta, Inc. has a 12 month low of $22.50 and a 12 month high of $79.80. The stock has a market capitalization of $647.41 million, a P/E ratio of 8.90, a PEG ratio of 20.37 and a beta of -1.27.

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

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on IBTA shares. UBS Group lowered their price target on shares of Ibotta from $55.00 to $30.00 and set a "neutral" rating on the stock in a research report on Thursday, August 14th. Wells Fargo & Company reissued an "equal weight" rating and set a $30.00 price target (down previously from $60.00) on shares of Ibotta 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. Evercore ISI reissued an "in-line" rating and set a $38.00 price target (down previously from $65.00) on shares of Ibotta in a research report on Thursday, August 14th. Finally, Bank of America reissued an "underperform" rating and set a $24.00 price target (down previously from $57.00) on shares of Ibotta in a research report on Thursday, August 14th. One research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Ibotta presently has a consensus rating of "Hold" and an average price target of $34.71.

Insider Transactions at Ibotta

In other Ibotta news, major shareholder Jermoluk Founders Fund I. Clark sold 1,578,502 shares of the company's stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $35.00, for a total value of $55,247,570.00. Following the transaction, the insider owned 3,841,308 shares of the company's stock, valued at $134,445,780. This represents a 29.12% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CMO Richard I. Donahue sold 85,289 shares of the company's stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $43.09, for a total transaction of $3,675,103.01. Following the completion of the transaction, the chief marketing officer directly owned 199,773 shares in the company, valued at $8,608,218.57. The trade was a 29.92% decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,168,309 shares of company stock worth $77,451,721 in the last ninety days. 16.08% of the stock is currently owned by corporate insiders.

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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