EFG Asset Management North America Corp. Sells 19,760 Shares of Ibotta, Inc. $IBTA

Key Points

• EFG Asset Management North America Corp. reduced its holdings in Ibotta, Inc. by 35.3% during the first quarter, selling nearly 20,000 shares and holding a total of 36,255 shares worth approximately $1.53 million.
• Several hedge funds have been active in Ibotta, with Southpoint Capital Advisors increasing its position by 48.2%, reaching 1.54 million shares valued at approximately $64.84 million.
• Wall Street analysts have downgraded Ibotta’s stock rating, with Citigroup and Goldman Sachs both lowering their ratings from "buy" to "neutral," and most analysts currently have a consensus "Hold" rating.

EFG Asset Management North America Corp. trimmed its stake in shares of Ibotta, Inc. (NYSE:IBTA - Free Report) by 35.3% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 36,255 shares of the company's stock after selling 19,760 shares during the period. EFG Asset Management North America Corp. owned approximately 0.12% of Ibotta worth $1,529,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of Ibotta in the first quarter worth $25,000. New York State Common Retirement Fund raised its position 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 buying an additional 1,800 shares during the last quarter. Federated Hermes Inc. increased its holdings in shares of Ibotta by 883.9% during the 1st quarter. Federated Hermes Inc. now owns 6,740 shares of the company's stock valued at $284,000 after purchasing an additional 6,055 shares in the last quarter. Invesco Ltd. grew its stake in Ibotta by 53.6% in the 1st quarter. Invesco Ltd. now owns 7,962 shares of the company's stock valued at $336,000 after acquiring an additional 2,780 shares during the period. Finally, Meeder Asset Management Inc. acquired a new position in shares of Ibotta during the 1st quarter valued at about $388,000.

Ibotta Trading Down 4.1%

IBTA traded down $1.12 during midday trading on Wednesday, reaching $25.87. The company's stock had a trading volume of 205,910 shares, compared to its average volume of 462,395. Ibotta, Inc. has a twelve month low of $22.50 and a twelve month high of $79.80. The stock has a market cap of $653.50 million, a P/E ratio of 8.98, a PEG ratio of 22.95 and a beta of -1.31. The company has a fifty day simple moving average of $32.66 and a 200 day simple moving average of $42.64.

Ibotta announced that its Board of Directors has approved a share repurchase program on Monday, June 9th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to repurchase up to 8.5% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's leadership believes its shares are undervalued.

Insider Activity at Ibotta

In other Ibotta news, major shareholder Jermoluk Founders Fund I. Clark sold 1,578,502 shares of Ibotta stock in a transaction on Thursday, June 26th. The stock was sold at an average price of $35.00, for a total value of $55,247,570.00. Following the completion of the transaction, the insider owned 3,841,308 shares in the company, valued at approximately $134,445,780. The trade was a 29.12% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CMO Richard I. Donahue sold 85,289 shares of Ibotta stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $43.09, for a total value of $3,675,103.01. Following the completion of the sale, the chief marketing officer directly owned 199,773 shares of the company's stock, valued at $8,608,218.57. This trade represents a 29.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,117,669 shares of company stock valued at $74,949,431 in the last 90 days. 16.08% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have recently issued reports on IBTA shares. Citizens Jmp cut shares of Ibotta from an "outperform" rating to a "market perform" rating in a research report on Thursday, August 14th. JMP Securities reaffirmed a "market perform" rating on shares of Ibotta in a research note on Thursday, August 14th. Needham & Company LLC lowered their price target on Ibotta from $70.00 to $33.00 and set a "buy" rating for the company in a report on Thursday, August 14th. Wall Street Zen cut Ibotta from a "hold" rating to a "sell" rating in a report on Saturday, August 30th. Finally, Citigroup lowered Ibotta from a "buy" rating to a "market perform" rating in a research report on Thursday, August 14th. One investment 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 data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $34.71.

About Ibotta

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.