Ibotta, Inc. $IBTA Shares Acquired by Hsbc Holdings PLC

Key Points

• HSBC Holdings PLC boosted its stake in Ibotta by 29.4% in the fourth quarter, ending with 993,977 shares worth about $22.2 million and representing 4.69% ownership.
• Ibotta’s latest quarter showed a better-than-expected result, with EPS of $0.24 versus the consensus loss estimate, though revenue fell 2.5% year over year to $82.48 million.
• The company’s board authorized a $100 million share repurchase plan, while analysts remain cautious overall with a consensus rating of “Reduce” and a target price of $33.

Hsbc Holdings PLC lifted its position in shares of Ibotta, Inc. (NYSE:IBTA - Free Report) by 29.4% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 993,977 shares of the company's stock after buying an additional 226,021 shares during the period. Hsbc Holdings PLC owned 4.69% of Ibotta worth $22,210,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Ibotta by 5.8% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,394 shares of the company's stock valued at $396,000 after acquiring an additional 515 shares during the last quarter. Quantbot Technologies LP grew its position in shares of Ibotta by 34.6% in the third quarter. Quantbot Technologies LP now owns 2,420 shares of the company's stock valued at $67,000 after purchasing an additional 622 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Ibotta by 5.1% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 17,769 shares of the company's stock valued at $404,000 after purchasing an additional 855 shares during the period. Legal & General Group Plc increased its stake in Ibotta by 9.0% in the third quarter. Legal & General Group Plc now owns 13,461 shares of the company's stock valued at $375,000 after purchasing an additional 1,112 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd increased its stake in Ibotta by 187.5% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,817 shares of the company's stock valued at $41,000 after purchasing an additional 1,185 shares during the last quarter.

Analyst Upgrades and Downgrades

IBTA has been the topic of a number of research analyst reports. Zacks Research raised Ibotta from a "strong sell" rating to a "hold" rating in a research note on Monday, June 8th. Evercore set a $40.00 price objective on shares of Ibotta in a research note on Thursday, May 7th. Wall Street Zen upgraded shares of Ibotta from a "sell" rating to a "hold" rating in a report on Saturday, May 9th. Wells Fargo & Company raised their target price on shares of Ibotta from $34.00 to $38.00 and gave the stock an "equal weight" rating in a research report on Thursday, May 7th. Finally, Needham & Company LLC boosted their target price on shares of Ibotta from $33.00 to $45.00 and gave the company a "buy" rating in a report on Thursday, May 7th. One investment analyst has rated the stock with a Buy rating, six have issued a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat.com, Ibotta has a consensus rating of "Reduce" and a consensus target price of $33.00.

Ibotta Price Performance

NYSE IBTA opened at $33.37 on Wednesday. Ibotta, Inc. has a 1-year low of $19.10 and a 1-year high of $41.14. The firm has a market capitalization of $674.07 million, a P/E ratio of -98.15 and a beta of -0.59. The business's 50-day simple moving average is $33.22 and its 200-day simple moving average is $28.04.

Ibotta (NYSE:IBTA - Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.21) by $0.45. Ibotta had a negative net margin of 2.15% and a negative return on equity of 2.39%. The company had revenue of $82.48 million during the quarter. During the same quarter in the prior year, the firm earned $0.02 earnings per share. Ibotta's quarterly revenue was down 2.5% compared to the same quarter last year. On average, equities research analysts expect that Ibotta, Inc. will post 0.24 EPS for the current fiscal year.

Ibotta announced that its Board of Directors has initiated a share repurchase plan on Wednesday, March 11th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 21.1% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board believes its stock is undervalued.

Insider Transactions at Ibotta

In related news, Director Thomas D. Lehrman sold 19,788 shares of Ibotta stock in a transaction on Monday, May 18th. The shares were sold at an average price of $32.11, for a total transaction of $635,392.68. Following the sale, the director owned 32,981 shares of the company's stock, valued at $1,059,019.91. The trade was a 37.50% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CTO Luke Roy Swanson sold 5,940 shares of the company's stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $35.14, for a total value of $208,731.60. Following the completion of the transaction, the chief technology officer directly owned 489,904 shares in the company, valued at approximately $17,215,226.56. The trade was a 1.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 113,641 shares of company stock valued at $3,627,987. Insiders own 20.92% of the company's stock.

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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