Ibotta (NYSE:IBTA) Shares Down 8.7% - Here's Why

Key Points

• Ibotta shares fell 8.7% to $35.07 in Monday trading, on volume that was about 90% below the stock’s average daily volume.
• Analyst sentiment remains mixed: Needham maintained a Buy rating with a $45 target, while Wells Fargo rated the stock Equal Weight and the overall consensus was “Reduce” with a $36.50 average target.
• Insiders sold 609,581 shares worth approximately $18.5 million during the last quarter, including a 500,000-share sale by a major shareholder; insiders retain a 20.92% ownership stake.

Ibotta, Inc. (NYSE:IBTA - Get Free Report) traded down 8.7% on Monday . The stock traded as low as $35.07 and last traded at $35.07. 25,752 shares changed hands during mid-day trading, a decline of 90% from the average daily volume of 261,175 shares. The stock had previously closed at $38.42.

Wall Street Analyst Weigh In

IBTA has been the subject of a number of analyst reports. Needham & Company LLC reaffirmed a "buy" rating and set a $45.00 target price on shares of Ibotta in a report on Tuesday, August 4th. Wells Fargo & Company increased their price target on Ibotta from $38.00 to $40.00 and gave the company an "equal weight" rating in a research note on Tuesday, August 4th. Evercore set a $42.00 price target on Ibotta in a research report on Tuesday, August 4th. Weiss Ratings reiterated a "sell (d)" rating on shares of Ibotta in a report on Wednesday, June 24th. Finally, Wall Street Zen raised Ibotta from a "sell" rating to a "hold" rating in a research note on Saturday, May 9th. One equities research analyst has rated the stock with a Buy rating, six have given a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Reduce" and an average target price of $36.50.

Ibotta Price Performance

The stock has a market cap of $713.46 million, a P/E ratio of -75.15 and a beta of -0.43. The company's 50 day simple moving average is $31.57 and its 200 day simple moving average is $29.29.

Insider Activity

In related news, major shareholder Jermoluk Founders Fund I. Clark sold 500,000 shares of the company's stock in a transaction on Monday, July 6th. The shares were sold at an average price of $30.15, for a total value of $15,075,000.00. Following the completion of the sale, the insider owned 3,341,308 shares in the company, valued at $100,740,436.20. This represents a 13.02% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Thomas D. Lehrman sold 30,119 shares of the firm's stock in a transaction on Friday, May 15th. The stock was sold at an average price of $30.78, for a total value of $927,062.82. Following the sale, the director directly owned 40,744 shares in the company, valued at $1,254,100.32. The trade was a 42.50% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 609,581 shares of company stock valued at $18,513,139 in the last quarter. Company insiders own 20.92% of the company's stock.

Institutional Investors Weigh In On Ibotta

A number of hedge funds have recently modified their holdings of the business. Essential Partners LLC grew its position in shares of Ibotta by 40,800.0% in the 1st quarter. Essential Partners LLC now owns 818 shares of the company's stock valued at $25,000 after purchasing an additional 816 shares during the period. Meeder Asset Management Inc. bought a new position in Ibotta in the first quarter valued at approximately $39,000. New York State Teachers Retirement System acquired a new position in shares of Ibotta in the first quarter valued at approximately $39,000. Caitong International Asset Management Co. Ltd boosted its holdings in shares of Ibotta by 187.5% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,817 shares of the company's stock valued at $41,000 after buying an additional 1,185 shares during the period. Finally, Farther Finance Advisors LLC increased its position in shares of Ibotta by 47,920.0% during the fourth quarter. Farther Finance Advisors LLC now owns 2,401 shares of the company's stock worth $55,000 after acquiring an additional 2,396 shares in the last quarter.

Ibotta Company Profile

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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