55,454 Shares in Ibotta, Inc. $IBTA Acquired by Nuveen LLC

Key Points

• Nuveen LLC has acquired a new stake in Ibotta, Inc. by purchasing 55,454 shares valued at approximately $2.34 million, representing a 0.18% ownership in the company.
• Recent analyst reports have downgraded Ibotta's stock price targets significantly, with Wells Fargo setting a target of $30.00, which has decreased from $60.00.
• Ibotta's Board of Directors has authorized a $100 million share repurchase plan, indicating a belief that the company’s stock is undervalued.

Nuveen LLC bought a new position in shares of Ibotta, Inc. (NYSE:IBTA - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund bought 55,454 shares of the company's stock, valued at approximately $2,340,000. Nuveen LLC owned 0.18% of Ibotta as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of IBTA. GAMMA Investing LLC boosted its holdings in shares of 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 buying an additional 1,916 shares during the period. Rhumbline Advisers boosted its holdings in shares of Ibotta by 6.6% during the 1st quarter. Rhumbline Advisers now owns 20,221 shares of the company's stock worth $853,000 after buying an additional 1,252 shares during the period. AMI Asset Management Corp bought a new stake in shares of Ibotta during the 1st quarter worth about $488,000. Sumitomo Mitsui Trust Group Inc. boosted its holdings in shares of Ibotta by 67.2% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,043,758 shares of the company's stock worth $44,047,000 after buying an additional 419,516 shares during the period. Finally, New York State Common Retirement Fund boosted its holdings in shares of 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 period.

Wall Street Analysts Forecast Growth

IBTA has been the subject of several research analyst reports. Citigroup downgraded shares of Ibotta from a "buy" rating to a "market perform" rating in a report on Thursday, August 14th. Citizens Jmp downgraded shares of Ibotta from an "outperform" rating to a "market perform" rating in a report on Thursday, August 14th. Wall Street Zen downgraded shares of Ibotta from a "hold" rating to a "sell" rating in a report on Saturday, August 30th. JMP Securities reissued a "market perform" rating on shares of Ibotta in a report on Thursday, August 14th. Finally, Bank of America reissued an "underperform" rating and issued a $24.00 price objective (down previously from $57.00) on shares of Ibotta in a report on Thursday, August 14th. One equities research analyst has rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $34.71.

Insider Buying and Selling

In other news, major shareholder Jermoluk Founders Fund I. Clark sold 423,878 shares of the company's stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $35.02, for a total transaction of $14,844,207.56. Following the completion of the sale, the insider owned 11,363 shares of the company's stock, valued at approximately $397,932.26. This represents a 97.39% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CMO Richard I. Donahue sold 85,289 shares of the company's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $43.09, for a total transaction of $3,675,103.01. Following the sale, the chief marketing officer directly owned 199,773 shares of the company's stock, valued at approximately $8,608,218.57. This trade represents a 29.92% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 2,122,669 shares of company stock valued at $75,183,931. 16.08% of the stock is currently owned by insiders.

Ibotta Stock Performance

Shares of Ibotta stock traded down $0.11 on Thursday, reaching $25.99. 36,856 shares of the stock were exchanged, compared to its average volume of 462,019. The firm's 50 day moving average is $33.42 and its 200-day moving average is $44.15. Ibotta, Inc. has a one year low of $22.50 and a one year high of $79.80. The firm has a market cap of $656.53 million, a PE ratio of 9.02, a P/E/G ratio of 21.55 and a beta of -1.31.

Ibotta declared that its board has initiated a share buyback 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 stock through open market purchases. Stock buyback programs are often an indication that the company's board of directors believes its shares are undervalued.

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.