Ibotta (NYSE:IBTA) Shares Up 3.3% - Here's Why

Key Points

• Ibotta shares rose 3.3% to $41.99 in mid-day trading, despite trading volume falling 84% below its average. The stock remains above its 50-day and 200-day moving averages.
• Analyst sentiment remains cautious: Ibotta has an average “Reduce” rating and a consensus price target of $36.50, below the current share price. Ratings include one Buy, four Holds and three Sells.
• Insiders sold 616,068 shares worth approximately $19.3 million over the past three months, while several institutional investors increased their positions during the first and second quarters.

Ibotta, Inc. (NYSE:IBTA - Get Free Report)'s stock price traded up 3.3% during mid-day trading on Wednesday . The company traded as high as $42.29 and last traded at $41.99. 39,303 shares changed hands during trading, a decline of 84% from the average session volume of 251,975 shares. The stock had previously closed at $40.64.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. The Goldman Sachs Group boosted their price objective on shares of Ibotta from $28.00 to $32.00 and gave the company a "sell" rating in a research report on Tuesday, August 4th. UBS Group boosted their target price on shares of Ibotta from $30.00 to $38.00 and gave the stock a "neutral" rating in a report on Wednesday, August 5th. Weiss Ratings reissued a "sell (d)" rating on shares of Ibotta in a research note on Monday. Needham & Company LLC reissued a "buy" rating and set a $45.00 target price on shares of Ibotta in a research note on Tuesday, August 4th. Finally, Zacks Research upgraded Ibotta from a "strong sell" rating to a "hold" rating in a research report on Monday, June 8th. One equities research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Reduce" and an average target price of $36.50.

Ibotta Price Performance

The business's fifty day moving average price is $35.45 and its 200-day moving average price is $33.03. The stock has a market capitalization of $845.57 million, a price-to-earnings ratio of -89.06 and a beta of -0.25.

Insider Activity at Ibotta

In other Ibotta news, CTO Luke Swanson sold 20,100 shares of the stock in a transaction dated Thursday, September 10th. The shares were sold at an average price of $40.04, for a total value of $804,804.00. Following the completion of the sale, the chief technology officer owned 446,032 shares in the company, valued at approximately $17,859,121.28. This trade represents a 4.31% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Thomas D. Lehrman sold 14,347 shares of Ibotta stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $37.28, for a total value of $534,856.16. Following the sale, the director owned 16,490 shares in the company, valued at $614,747.20. This trade represents a 46.53% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 616,068 shares of company stock valued at $19,319,255. 20.92% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Hsbc Holdings PLC grew its stake in shares of Ibotta by 1.5% during the 1st quarter. Hsbc Holdings PLC now owns 1,009,287 shares of the company's stock worth $30,581,000 after acquiring an additional 15,310 shares during the period. Renaissance Technologies LLC boosted its stake in Ibotta by 17.7% during the first quarter. Renaissance Technologies LLC now owns 239,300 shares of the company's stock valued at $7,172,000 after buying an additional 35,992 shares during the period. Bank of America Corp DE grew its holdings in shares of Ibotta by 17.8% during the first quarter. Bank of America Corp DE now owns 239,167 shares of the company's stock worth $7,168,000 after purchasing an additional 36,223 shares in the last quarter. Sei Investments Co. purchased a new position in Ibotta in the first quarter worth $344,000. Finally, Engineers Gate Manager LP bought a new position in shares of Ibotta during the 2nd quarter valued at about $328,000.

Ibotta Company Profile

Ibotta, Inc is a technology company that operates a digital promotions and rewards platform. Its services connect consumers with cash-back offers on groceries, household products, apparel, electronics and other categories, while helping brands and retailers deliver targeted promotions and measure consumer engagement.

Consumers can access Ibotta offers through the company's mobile application and website, as well as through integrations with participating retailers and loyalty programs.

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