Southpoint Capital Advisors LP Has $64.84 Million Stock Holdings in Ibotta, Inc. $IBTA

Key Points

• Southpoint Capital Advisors LP increased its stake in Ibotta, Inc. by 48.2%, now owning 1,536,500 shares worth approximately $64.8 million, making it the firm's 25th largest holding.
• Insider trading reports indicate that significant shares were sold, with CMO Richard I. Donahue selling 85,289 shares and major shareholder Jermoluk Founders Fund I. Clark selling over 1.57 million shares.
• Several analysts have downgraded Ibotta's stock ratings recently, with price targets dropping significantly, indicating potential concerns about the company's future performance.

Southpoint Capital Advisors LP increased its holdings in Ibotta, Inc. (NYSE:IBTA - Free Report) by 48.2% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,536,500 shares of the company's stock after purchasing an additional 499,556 shares during the period. Ibotta makes up about 1.5% of Southpoint Capital Advisors LP's holdings, making the stock its 25th biggest holding. Southpoint Capital Advisors LP owned approximately 4.95% of Ibotta worth $64,840,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. ARK Investment Management LLC boosted its holdings in shares of Ibotta by 299.8% during the 1st quarter. ARK Investment Management LLC now owns 704,308 shares of the company's stock valued at $29,722,000 after acquiring an additional 528,147 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its position in Ibotta by 67.2% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,043,758 shares of the company's stock worth $44,047,000 after purchasing an additional 419,516 shares during the last quarter. XTX Topco Ltd increased its position in Ibotta by 237.9% during the first quarter. XTX Topco Ltd now owns 24,068 shares of the company's stock valued at $1,016,000 after acquiring an additional 16,945 shares during the last quarter. AMI Asset Management Corp bought a new position in Ibotta during the first quarter valued at $488,000. Finally, Nuveen LLC bought a new position in shares of Ibotta in the first quarter worth about $2,340,000.

Ibotta Trading Up 4.4%

NYSE:IBTA traded up $1.16 during trading hours on Friday, hitting $27.61. The stock had a trading volume of 394,126 shares, compared to its average volume of 872,010. The business has a 50 day simple moving average of $33.00 and a two-hundred day simple moving average of $43.21. The company has a market cap of $697.43 million, a PE ratio of 9.59, a price-to-earnings-growth ratio of 22.01 and a beta of -1.30. Ibotta, Inc. has a 1-year low of $22.50 and a 1-year high of $79.80.

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

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on IBTA. 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 report on Thursday, August 14th. Evercore ISI reaffirmed an "in-line" rating and set a $38.00 price objective (down previously from $65.00) on shares of Ibotta in a research note on Thursday, August 14th. Citizens Jmp cut shares of Ibotta from an "outperform" rating to a "market perform" rating in a research note on Thursday, August 14th. Wall Street Zen lowered shares of Ibotta from a "hold" rating to a "sell" rating in a report on Saturday, August 30th. Finally, JMP Securities reiterated a "market perform" rating on shares of Ibotta in a research note on Thursday, August 14th. One equities research analyst has rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $34.71.

Insider Buying and Selling

In other Ibotta news, major shareholder Jermoluk Founders Fund I. Clark sold 1,578,502 shares of the business'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 sale, the insider directly owned 3,841,308 shares in the company, valued at approximately $134,445,780. The trade was a 29.12% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CMO Richard I. Donahue sold 85,289 shares of the business's stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $43.09, for a total value of $3,675,103.01. Following the sale, the chief marketing officer owned 199,773 shares in the company, valued at approximately $8,608,218.57. The trade was a 29.92% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,122,669 shares of company stock worth $75,183,931 in the last quarter. Company insiders own 16.08% of the company's stock.

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.