Sumitomo Mitsui Trust Group Inc. Sells 891,756 Shares of Ibotta, Inc. $IBTA

Key Points

• Sumitomo Mitsui Trust Group cut its Ibotta stake by 69.6%, selling 891,756 shares and retaining 389,463 shares (about 1.66% of the company) valued at roughly $8.85 million.
• Ibotta's board authorized a $100 million share buyback (up to 21.2% of outstanding shares); the company also beat Q4 EPS expectations with $0.29 versus a ($0.01) consensus while reporting $88.53 million in revenue, down 10% year-over-year.
• Market sentiment is mixed to negative — consensus rating is "Reduce" with an average target of $33.14 — and insider activity includes a recent sale by Marisa Daspit, while insiders collectively own about 16.08% of the stock.

Sumitomo Mitsui Trust Group Inc. cut its holdings in shares of Ibotta, Inc. (NYSE:IBTA - Free Report) by 69.6% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 389,463 shares of the company's stock after selling 891,756 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 1.66% of Ibotta worth $8,852,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. CWM LLC lifted its stake in Ibotta by 50.8% in the third quarter. CWM LLC now owns 1,422 shares of the company's stock worth $40,000 after acquiring an additional 479 shares during the period. Quantbot Technologies LP purchased a new position in Ibotta during the 2nd quarter valued at $66,000. Jones Financial Companies Lllp bought a new position in Ibotta in the 1st quarter worth $161,000. Tower Research Capital LLC TRC raised its holdings in Ibotta by 144.2% in the 2nd quarter. Tower Research Capital LLC TRC now owns 3,851 shares of the company's stock worth $141,000 after purchasing an additional 2,274 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Ibotta by 61.9% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,800 shares of the company's stock worth $189,000 after purchasing an additional 2,600 shares during the period.

Ibotta Trading Down 0.1%

IBTA opened at $35.43 on Friday. The company has a market cap of $735.88 million, a price-to-earnings ratio of 322.12 and a beta of -1.68. The stock has a fifty day simple moving average of $26.46 and a two-hundred day simple moving average of $25.84. Ibotta, Inc. has a 12-month low of $19.10 and a 12-month high of $62.74.

Ibotta (NYSE:IBTA - Get Free Report) last announced its earnings results on Wednesday, February 25th. The company reported $0.29 EPS for the quarter, beating analysts' consensus estimates of ($0.01) by $0.30. The firm had revenue of $88.53 million for the quarter. Ibotta had a net margin of 1.04% and a return on equity of 1.04%. The business's quarterly revenue was down 10.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.67 EPS.

Ibotta declared that its board has initiated a stock buyback plan on Wednesday, March 11th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to purchase up to 21.2% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's board believes its shares are undervalued.

Insider Buying and Selling

In related news, insider Marisa Daspit sold 2,956 shares of the business's stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $24.06, for a total transaction of $71,121.36. Following the sale, the insider owned 127,597 shares of the company's stock, valued at $3,069,983.82. The trade was a 2.26% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 16.08% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. Wells Fargo & Company boosted their price target on shares of Ibotta from $30.00 to $34.00 and gave the company an "equal weight" rating in a research report on Thursday, February 26th. Wall Street Zen lowered shares of Ibotta from a "hold" rating to a "sell" rating in a report on Saturday, February 28th. Finally, Weiss Ratings reaffirmed a "sell (d)" rating on shares of Ibotta in a research report on Friday, March 27th. One investment analyst has rated the stock with a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Reduce" and an average target price of $33.14.

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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