Ibotta (NYSE:IBTA) Stock: Insider Christopher Riedy Sells 12,259 Shares

Key Points

• Ibotta CRO Christopher Riedy sold 12,259 shares at an average price of $60, for $735,540; he retained 351,128 shares after the sale, a 3.37% reduction in his holdings.
• Ibotta reported quarterly EPS of $0.62, beating the $0.13 consensus, while revenue rose 17.4% year over year to $97.83 million.
• Analysts’ consensus rating is “Reduce,” with a $50 average price target; shares recently traded at $59.61, above that target.

Ibotta, Inc. (NYSE:IBTA - Get Free Report) CRO Christopher Riedy sold 12,259 shares of the stock in a transaction on Thursday, November 5th. The shares were sold at an average price of $60.00, for a total value of $735,540.00. Following the transaction, the executive directly owned 351,128 shares of the company's stock, valued at approximately $21,067,680. This trade represents a 3.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

Ibotta Stock Performance

NYSE:IBTA traded up $1.50 during trading hours on Monday, reaching $59.61. The stock had a trading volume of 737,611 shares, compared to its average volume of 272,784. The stock has a 50 day simple moving average of $44.25 and a 200 day simple moving average of $33.59. Ibotta, Inc. has a 12-month low of $19.10 and a 12-month high of $66.39. The stock has a market cap of $1.22 billion, a P/E ratio of -88.97 and a beta of -0.46.

Ibotta (NYSE:IBTA - Get Free Report) last issued its quarterly earnings results on Monday, November 2nd. The company reported $0.62 EPS for the quarter, beating analysts' consensus estimates of $0.13 by $0.49. The firm had revenue of $97.83 million for the quarter. Ibotta had a negative return on equity of 5.51% and a negative net margin of 4.49%. The firm's quarterly revenue was up 17.4% on a year-over-year basis. During the same period in the prior year, the company earned $0.56 EPS. On average, equities analysts expect that Ibotta, Inc. will post 0.25 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Ibotta

A number of large investors have recently modified their holdings of IBTA. Essential Partners LLC increased its holdings in Ibotta by 40,800.0% during the 1st quarter. Essential Partners LLC now owns 818 shares of the company's stock worth $25,000 after acquiring an additional 816 shares during the period. Meeder Asset Management Inc. purchased a new position in shares of Ibotta during the 1st quarter valued at $39,000. New York State Teachers Retirement System purchased a new position in shares of Ibotta during the 1st quarter valued at $39,000. State of Alaska Department of Revenue increased its holdings in shares of Ibotta by 32.9% in the third quarter. State of Alaska Department of Revenue now owns 1,083 shares of the company's stock worth $42,000 after purchasing an additional 268 shares during the period. Finally, Squarepoint Ops LLC bought a new position in shares of Ibotta in the second quarter worth $290,000.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on IBTA shares. Weiss Ratings upgraded shares of Ibotta from a "sell (d)" rating to a "sell (d+)" rating in a research note on Wednesday. The Goldman Sachs Group upgraded shares of Ibotta from a "sell" rating to a "neutral" rating and upped their price target for the company from $35.00 to $58.00 in a research note on Tuesday, November 3rd. Wells Fargo & Company raised their price objective on shares of Ibotta from $40.00 to $49.00 and gave the stock an "equal weight" rating in a report on Tuesday, November 3rd. UBS Group lifted their price objective on shares of Ibotta from $30.00 to $38.00 and gave the company a "neutral" rating in a research note on Wednesday, August 5th. Finally, Evercore set a $58.00 price objective on Ibotta in a research note on Tuesday, November 3rd. One investment analyst has rated the stock with a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Reduce" and a consensus target price of $50.00.

Ibotta Company Profile

Ibotta, Inc is a technology company that operates a digital promotions and rewards platform. Through its Ibotta app and website, consumers can earn cash back and other rewards by purchasing eligible products from participating retailers. The company's offerings are designed to help brands and retailers deliver targeted promotions, measure consumer engagement and encourage purchases.

Ibotta also provides its technology to retailers, publishers and other business partners through the Ibotta Performance Network.

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