Vanguard Group Inc. Decreases Position in Ibotta, Inc. $IBTA

Key Points

• Vanguard Group Inc. reduced its stake in Ibotta, Inc. by 4.5%, now holding 1,485,827 shares valued at approximately $62.7 million.
• Ibotta's board has authorized a $100 million share buyback program, indicating management's belief that the stock may be undervalued.
• Brokerages have recently downgraded their price targets for Ibotta, with Bank of America setting a new objective of $24.00, significantly lower than previous estimates.

Vanguard Group Inc. cut its position in shares of Ibotta, Inc. (NYSE:IBTA - Free Report) by 4.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,485,827 shares of the company's stock after selling 70,138 shares during the quarter. Vanguard Group Inc. owned approximately 4.79% of Ibotta worth $62,702,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of Ibotta during the 1st quarter worth $25,000. New York State Common Retirement Fund increased its holdings in Ibotta by 58.1% during the first 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 Ibotta by 883.9% during the first quarter. Federated Hermes Inc. now owns 6,740 shares of the company's stock worth $284,000 after buying an additional 6,055 shares during the last quarter. Meeder Asset Management Inc. purchased a new stake in Ibotta during the first quarter valued at about $388,000. Finally, AMI Asset Management Corp purchased a new stake in Ibotta during the first quarter valued at about $488,000.

Ibotta Price Performance

Shares of NYSE:IBTA traded up $1.40 on Friday, hitting $26.87. The company's stock had a trading volume of 420,626 shares, compared to its average volume of 871,413. The company has a 50-day simple moving average of $34.12 and a 200 day simple moving average of $45.45. Ibotta, Inc. has a 1 year low of $22.50 and a 1 year high of $79.80. The company has a market capitalization of $678.74 million, a PE ratio of 9.33, a PEG ratio of 20.38 and a beta of -1.27.

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

Insider Transactions at Ibotta

In other Ibotta news, major shareholder Jermoluk Founders Fund I. Clark sold 1,578,502 shares of the business's stock in a transaction that occurred 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 sale, 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 ownership of the stock. 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 the business's stock in a transaction that occurred 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 owned 199,773 shares of the company's stock, valued at $8,608,218.57. The trade was a 29.92% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,163,309 shares of company stock worth $77,202,771. 16.08% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have commented on IBTA. JMP Securities reaffirmed a "market perform" rating on shares of Ibotta in a report on Thursday, August 14th. Evercore ISI reaffirmed an "in-line" rating and set a $38.00 target price (down previously from $65.00) on shares of Ibotta in a report on Thursday, August 14th. The Goldman Sachs Group lowered Ibotta from a "buy" rating to a "neutral" rating and reduced their target price for the company from $58.00 to $30.00 in a report on Thursday, August 14th. Needham & Company LLC reduced their target price on Ibotta from $70.00 to $33.00 and set a "buy" rating for the company in a report on Thursday, August 14th. Finally, UBS Group reduced their target price on Ibotta from $55.00 to $30.00 and set a "neutral" rating for the company in a 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 assigned a Sell rating to the company. Based on data from MarketBeat.com, Ibotta 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.