Ibotta (NYSE:IBTA) Stock Price Down 2.5% - What's Next?

Ibotta, Inc. (NYSE:IBTA - Get Free Report)'s stock price traded down 2.5% during trading on Monday . The stock traded as low as $48.41 and last traded at $48.94. 689,160 shares changed hands during trading, an increase of 59% from the average session volume of 432,198 shares. The stock had previously closed at $50.19.

Wall Street Analysts Forecast Growth

Separately, The Goldman Sachs Group dropped their price objective on shares of Ibotta from $56.00 to $50.00 and set a "buy" rating on the stock in a research note on Monday, April 14th.

Ibotta Price Performance

The firm's 50 day moving average price is $44.20 and its 200-day moving average price is $59.92. The stock has a market cap of $1.49 billion and a P/E ratio of 26.92.

Ibotta declared that its Board of Directors has initiated a stock repurchase program on Wednesday, March 12th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 5.3% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's board believes its stock is undervalued.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in IBTA. GAMMA Investing LLC lifted its stake in shares of Ibotta by 2,859.7% in the first quarter. GAMMA Investing LLC now owns 1,983 shares of the company's stock worth $840,000 after buying an additional 1,916 shares in the last quarter. Rhumbline Advisers lifted its stake in shares of Ibotta by 6.6% in the first quarter. Rhumbline Advisers now owns 20,221 shares of the company's stock worth $853,000 after buying an additional 1,252 shares in the last quarter. AMI Asset Management Corp bought a new position in shares of Ibotta in the first quarter worth approximately $488,000. Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of 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 buying an additional 419,516 shares in the last quarter. Finally, New York State Common Retirement Fund lifted its stake in shares of Ibotta by 58.1% in 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 in the last quarter.

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.