Ibotta, Inc. $IBTA Shares Sold by Amova Asset Management Americas Inc.

Key Points

• Amova Asset Management Americas cut its Ibotta stake by 73.3% in the fourth quarter, selling 938,387 shares and leaving it with 341,265 shares valued at about $7.74 million.
• Ibotta reported stronger-than-expected quarterly results, posting EPS of $0.24 versus the expected loss, on revenue of $82.48 million, though revenue still declined 2.5% year over year.
• The company’s board approved a $100 million share repurchase program, while analysts remain cautious with a consensus rating of “Reduce” and an average price target of $33.00.

Amova Asset Management Americas Inc. trimmed its position in shares of Ibotta, Inc. (NYSE:IBTA - Free Report) by 73.3% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 341,265 shares of the company's stock after selling 938,387 shares during the period. Amova Asset Management Americas Inc. owned 1.46% of Ibotta worth $7,740,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of IBTA. Deutsche Bank AG boosted its stake in Ibotta by 3,449.8% during the 4th quarter. Deutsche Bank AG now owns 369,890 shares of the company's stock valued at $8,408,000 after purchasing an additional 359,470 shares during the period. Citigroup Inc. lifted its stake in shares of Ibotta by 90.2% in the 3rd quarter. Citigroup Inc. now owns 641,337 shares of the company's stock worth $17,861,000 after acquiring an additional 304,183 shares during the period. ARK Investment Management LLC lifted its stake in shares of Ibotta by 39.3% in the 3rd quarter. ARK Investment Management LLC now owns 907,386 shares of the company's stock worth $25,271,000 after acquiring an additional 255,899 shares during the period. Vanguard Group Inc. lifted its stake in shares of Ibotta by 17.3% in the 3rd quarter. Vanguard Group Inc. now owns 1,570,896 shares of the company's stock worth $43,749,000 after acquiring an additional 232,027 shares during the period. Finally, Marshall Wace LLP acquired a new stake in shares of Ibotta in the 2nd quarter worth approximately $8,397,000.

Ibotta Stock Performance

Ibotta stock opened at $33.27 on Wednesday. The firm has a market cap of $672.05 million, a PE ratio of -97.85 and a beta of -0.59. The firm's 50 day moving average price is $33.51 and its two-hundred day moving average price is $26.67. Ibotta, Inc. has a twelve month low of $19.10 and a twelve month high of $49.99.

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

Ibotta announced that its Board of Directors has authorized a share repurchase plan on Wednesday, March 11th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the company to purchase up to 21.2% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's board of directors believes its shares are undervalued.

Insider Buying and Selling at Ibotta

In related news, CTO Luke Roy Swanson sold 5,940 shares of the company's stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $32.98, for a total transaction of $195,901.20. Following the completion of the sale, the chief technology officer directly owned 495,844 shares of the company's stock, valued at approximately $16,352,935.12. This represents a 1.18% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Thomas D. Lehrman sold 19,788 shares of the 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 completion of the sale, the director directly owned 32,981 shares of the company's stock, valued at approximately $1,059,019.91. This trade represents a 37.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 107,701 shares of company stock valued at $3,419,255. 20.92% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Wells Fargo & Company upped their price target on shares of Ibotta from $34.00 to $38.00 and gave the stock an "equal weight" rating in a research note on Thursday, May 7th. Weiss Ratings reiterated a "sell (d)" rating on shares of Ibotta in a report on Friday, March 27th. Evercore set a $40.00 target price on shares of Ibotta in a report on Thursday, May 7th. Zacks Research downgraded shares of Ibotta from a "hold" rating to a "strong sell" rating in a report on Friday, May 8th. Finally, Wall Street Zen upgraded shares of Ibotta from a "sell" rating to a "hold" rating in a report on Saturday, May 9th. One investment analyst has rated the stock with a Buy rating, five have assigned a Hold rating and four have given a Sell rating to the stock. According to MarketBeat, Ibotta currently has a consensus rating of "Reduce" and an average target price of $33.00.

About Ibotta

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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